Mum looking to downsize in Canberra.

Discussion in 'What to buy' started by Tim Kavanagh, 8th Jan, 2020.

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  1. Tim Kavanagh

    Tim Kavanagh Member

    Joined:
    22nd Mar, 2018
    Posts:
    16
    Location:
    Canberra ACT
    Hi guys,

    A quick one on downsizing for my mother in Canberra. She's about to sell her rz2 zoned corner block in Florey with a nicely renovated 4 bedroom home on it.


    She's a healthy 67 year old. Ive been struggling to find something for her that is single storey, no body corporate, brand new, 2-3 bedroom in a inner Belconnen or inner north suburb for a reasonable price.

    Oakwood - Type C and C2, Watson ACT 2602 - Other for Sale

    This is the townhouse we liked (it's down the road from my partner and I house that is about to be built). It's situated in the mt Majura estate area. I'm probably overthinking it.. but my concerns are that we are paying $700k for a townhouse that is still going to cost her $2000 p.a. in body corporate. Yes it's single storey and it's really nice.. but are we paying too much? To compare.. my partner and I are spending around $780k for a nice inclusions, big 3 bedroom house on a much bigger block (no body corporate obviously) and with all the perks of owning a seperate house (no common walls etc.)

    I understand it's not about investment purposes and that it's about her being comfortable, but I also don't want her to overpay and/or buy a bad investment.

    Please anybody that's familiar with the Canberra market and inner north in particular, please share some insight!!

    Thank you
     
  2. Nemo30

    Nemo30 Well-Known Member

    Joined:
    31st Dec, 2015
    Posts:
    576
    Location:
    Somewhere
    Looks over priced to me.

    You can get single level townhouse in same area much cheaper, however they aren't brand new.

    8 Phillipa Weeks Street, Watson ACT 2602 - House for Sale

    There are cheaper areas such as West Belco and Gunghalin where I'm sure you could get cheaper band new single storey house/townhouse.

    You just need to decide what is more important - location, age of building or price.
     
  3. Tim Kavanagh

    Tim Kavanagh Member

    Joined:
    22nd Mar, 2018
    Posts:
    16
    Location:
    Canberra ACT
  4. Tonibell

    Tonibell Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    927
    Location:
    Sydney
    Any thoughts of adding a secondary dwelling (eg granny flat) in your build ?

    Just a thought - lots of reason why it wouldn't work.
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    16,631
    Location:
    Sydney or NSW or Australia
    I'd be looking at the following considerations:
    • Single storey, that's a given
    • Accessible shower (ie no hob & possibly no shower screen/just a shower curtain), doesn't need to be full disable compliant but you just want to be able to be able to put a chair in the shower recess
    • Low maintenance
    • Low running costs (air-con/solar HWS/solar battery/high nabers rating/fully insulated/double glazing)
    • Internal door from garage
    Remember that the strata levy includes the building insurance so this is payable whether it's free standing or strata (but you don't have an option not to insure with strata)