If you’re taking the step to buy property for yourself or rent out, you’re likely stuck between choosing to invest in a house or condominium unit. There are different pros and cons for each, depending on your needs, and choosing what best suits you will have its own nuances.
Nowadays, the pricing on the Australian market is so diverse that the budget isn’t necessarily what separates apartments from stand-alone homes anymore. There is land for sale around Geelong that could dance around the same price range as a single unit in Sydney.
To Build a Home
The primary consideration you would have to put in is whether you are buying the property for you to live in, planning to lease it out, or flipping and reselling it. From those plans that are more commercial, it would be best to stick with what you are more confident in as an investment for profit. If you are buying the place for personal use, the considerations you’d have to make would be if you can turn the space into a home.
Is it in a community that you see yourself interacting with and thriving in? Is it close to establishments that are important to you and your lifestyle? Can you envision how you are going to decorate it and live within it? These can apply to both types of properties, but the difference is how you, as an individual, would want your space to cater to your needs.
The layout of the space will determine a lot of how you can arrange your life around the place, and of course, the location will dictate how you can center your routine around the area. If you find that a lawn with foliage and a driveway are what makes you happier, then a house and lot would be preferable. If you lean more toward buildings with guards on duty who won’t let any guest in, then a condominium is the way to go. These types of things are the important things to think about when determining what priorities take precedence in your image of home living.
Practically Perfect in Every Way
In a practical sense, you would have to consider utilities and maintenance when purchasing your new home. An apartment likely has existing and centralized amenities with a super who you can call on whenever there is a problem. However, you may have more leeway and freedom to arrange your utilities to your own preferences when you have your own lot.
If you want a space that’s ready for you to move in, apartments are a bit easier with paperwork and such. On the flip side, having your own land gives you a lot more possibilities with renovation and assets in the future.
In the end, it falls to your specifications, and you will have to adjust as needed. If you’re going for a dream property, though, you may as well hold out for space that you want. This place could be the one where you spend most of your days and the rest of your life.
