Hello I am new to PropertyChat and I have looked at a few old threads on Townhouse vs house. However I am not investing, I am buying a place to live in. I have some questions and I would appreciate some advice. Background: Currently I own and live in a 2 bedroom unit in Sydney's upper North Shore, it is a 40+ year old block. The market has come down in the last 18 months and now it is going back up so I am using this opportunity to upgrade. Initially I wanted to buy a freestanding house but after 10 months search I haven't found a suitable home. Now the price is rebounding quickly and I am getting priced out again, because even though I am upgrading but the prices of houses are gaining more than my unit. This is why I began to consider townhouses, in the same suburb to where I am living. Where I am at: This week I put in an offer for a townhouse and it was accepted. I haven't signed the contract yet. The townhouse is freestanding, 3 bedrooms, full brick, 25 years old. It has 140sqm building area allocated with 320sqm land. 1.5k from the shopping centre and 2k from train station. It is not easy to find a freestanding townhouse on 300+sqm land. It is almost like a house anyway. The location is also good. There are about 30 townhouses in the complex. It is in the same suburb to where I am currently living and the price is about 80k lower than a 3 bedroom fibro/timber/500sqm house in the same area. However the strata for this townhouse is 1100pq (including water), and they are currently taking special levy so it is 1400pq because they are doing a project to paint the exteriors for every townhouse in the block, it is a very large block, the total land area is almost 20,000 sqm. They have a common playground and barbeque area (no swimming pool). I am not a property investor, my plan is buying a home to live in for long term, for decades to come. I understand that if I buy a house then while there is no strata but I will have to pay for building insurance and any maintenance/repair myself. I found the below web article, and I worked out even after I removed several repair items such as damp repair and gardening, to live in a house the maintenance/repair is still around 4000 per year (on 5 year total). From my research, building insurance for a 3 bed house is about 1000 per year. So the total upkeep will be approximately $5000, per year, for owning a house. Will you say this a good estimate? The web article is here (Retirement Community News — Melbourne Retirement Communities). So my questions are: 1) Should I pull the trigger and buy this townhouse? Or should I wait for new listings of houses to come on the market? My concern is we are already mid October and this Spring hasn't seen many new listings and the prices in Sydney are rebounding very quickly, it went up 4.6% in 4 months. And in the area I am looking to buy the prices are reflecting the recovery trend. Right now I can spend an additional 80k to buy a house, but my concern is if I wait another 2 or 3 months the prices might go up further and move beyond my reach. So the alternative is buying this townhouse, but the strata is pretty expensive. 2) The estimate for house maintenance/repair/insurance (yearly average based on 5 years total), is $5000 per year. Based on this estimate, then if my plan is to live in the property for 20 years then the upkeep cost for a house is almost the same as the strata fees! I never owned a house before and most of my friends who own houses don't keep records, but they did tell me once a few years they have to fork out tens and thousands of dollars for major repairs. Do you think an estimate of 5000 dollars yearly average for upkeep + insurance for a house is a good estimate? Thank you.