Buying 1/2 a Duplex as a First Home Purchase

Hi All,

I have been on the hunt for a place to purchase in the northern suburbs of melbourne. I would like some land and be on the ground so apartments are out of the question.

I have approx. 150k In savings and a max purchase price of 575 or so

I came across a place that is a new build. Its two separate units with a shared wall inbetween. Its got a small backyard and a undercover spot for my car. Local shops/train station is in walking distance which is great also. Its advertised as a "townhouse". its 104m² in size, upstairs is the bathroom/two bedrooms, downstairs is the kitchen/lounge area

I guess its better than shared 4 walls with other units in an apartment block and as theres land, the capital gains will be better

If I buy, I would plan to live in it for an extended period of time and move back in with my parents and rent it out at some stage if I feel like it

I have had the contract looked over and most likely will put an offer in this week.

Has anyone ever purchased/lived in a duplex before? Any advice on this type of property would be great

Thanks!

 

When you say townhouse, is it in fact a lot townhouses in one complex, but built pair by pair? Is there body corp? Because 104sqm sounds very small for an actual duplex.

 

There are 4 units on the block in total.
One 1 Bdr
Two 2 Bdr (This is the other 2 bedroom place on the other side of the wall which sold for 545 in april this year)
One 3 Bdr

The price listed online is 525 - 550 Its a sealed bid sale

Body Corporate is 180 per year.

 

Per year or per quarter?

 

The contract states per year. Is this interestingly low?

 

Sure it's not 1,800 per year?

 

it definitely says "$174.60 payable annually" Ill clarify with the agent when I talk to them on monday