There are many different types of properties available to buyers. Townhouse living has grown in popularity over the last decade. In this market insight we discuss 5 reasons to consider buying a townhouse.
1: Townhouses feature a full turn-key solution
When buying a new townhouse, the developer will offer a full turn-key solution. This means you’re buying a fully completed home that features an array of inclusions such as site costs, landscaping, fencing, window furnishings, driveway just to name a few. This make the purchase a hassle free transaction. Once you have paid and settled, all you need are the keys.
2: The buying process is simple
Comparing the process to buying a house and land package, where you need to assess your land and home separately, you won’t have the complexities of site costs, easements or build permits. When buying a townhouse, its a simple process of selecting the floor plan and facade based of availability. With fixed prices and designs, the only other item you need to choose is the colour scheme (if offered).
3. A deposit paid and nothing until settlement
When looking at your cash flow, one of the benefits to buying an off the plan townhouse is the fact you only pay a 10% deposit upfront. The remaining 90% is only payable at settlement. This means you don’t need to commit to further payments. You can continue saving during the construction phase.
When comparing this to a house and land package, you must pay a deposit for both the house and the land separately. The build will not commence until you own the land. Once owed, you will be required to pay a construction loan to complete the build.
4: Townhouses can be more affordable
Townhouses are often cheaper than house and land packages. The price variance can be hundreds of thousands of dollars in certain blue chip suburbs in metropolitan Melbourne, but they offer many buyers an opportunity to own their own home. Certain townhouses can feature some high-end luxury fitouts. These are obviously more expensive, but in general terms, you can source a townhouse nearly as large as a house but with a smaller parcel of land. The land is often the expensive component to buying a house and land package.
5: Lower maintenance
Not everyone wants a large block of land. The personal commitment to maintain it can be time consuming. Many younger adults are retirees wanting to place more attention on their external lifestyle needs, love the idea of owning a property with low maintenance. Many townhouses feature a balcony and/or landscaped courtyard that invites you to entertain outside, but at a fraction of the effort to clean and maintain it.
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Before buying a property, we recommend seeking professional property advice. At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. We also do not charge fees to buyers! If you’d like to learn more, please feel free to contact us. We welcome the opportunity to help you make the best property decision.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
April 2022
