Hello everyone, I would welcome thoughts and suggestions on issues I should be considering about buying options. I am looking in Canberra, but my question is really about choosing between newer and older stock. I'm looking buy a 3brm place for me and my two kids. My options seem to be: 1980s townhouse stock (about 110-120m2 of space with one bathroom and a single garage) - these sell for between $495K single level and $545K two storey, body corporate is about $2500 pa; 1990s or 2000s apartments (about 95-105m@ of space with maybe 2 bathrooms and 1-2 carspaces) - these sell for between $535K and 580K, body corporate is about $3500-$4000 pa; New/off the plan apartments closer into the city (about 95m2 of space with three bathrooms and up to 2 carspaces) - these sell for between $555K (lower levels, no balcony, 2 carspaces) and 575K (higher levels only one carspace), body corporate is about $2000 pa. My kids are likely to be at home well into their 20s so I am looking to buy with the longer term in mind. What I'd appreciate some help with is understanding how to weigh up these options, in terms of: Ongoing costs like maintenance, increases in body corporate fees; Value for money; Growth (or otherwise) in value over the mid- to long-term; Convenience of living closer to transport/city vs gains in space and storage. Is it better to get an apartment on a lower floor with no view/outlook/sun with two carspaces, or trade one carspace for a higher level and better aspect; Any other issues you think I should be considering. Any and all feedback and response welcome. Thank you in advance.
I didn't select an option. One type of stock can outperform the other due to better location, gentrification of a part of a suburb. Larger apartments especially 3 bedrooms are gaining popularity Value is in the eye of the beholder Would a ground floor apartment with a larger outdoor terrace be more useful for children than an additional car spot? To you If buying for a family and looking long term try to satisfy most of your needs . You will forgotten the purchase price but not if you made a decision that doesn't suit your family in terms of practicality or amenities.... Good luck
Why are the levies half those of established units? (these are generally underquoted for OTP considering the additional facilities in the building eg lifts, pools, gyms, defects rectification etc and will increase after the included warranties expire).
Thank you Illusivedreams, I'm glad you replied as I've read your comments in other threads and found them very helpful. This is all great advice - agree that thinking about what you actually need matters most. Appreciate it.
Are any of the apartments you are thinking about been built to suit any particular demographic? The townhouses where my adult kids live have been built about three years ago to cater for small groups like yours, but the quality is minimal and the sizing is something to consider. They have 3.5 bathrooms but the remaining space is tiny. I'd like the largest floor area possible. How many car parking spaces do you need now, how many will you need in ten years time? If your kids are still at home when they turn 17, will they be rushing out to buy a car each if they live close to Uni, work etc? Will they be more likely to rely on PT? How many bathrooms do you need now, how many will you need in ten years time? Are they boys or girls, one of each? Will you NEED three bathrooms, especially if the bedrooms are tiny to compensate for space. On the other hand, a bathroom each might be perfect for your household.
Newer apartments have inherently more risk for multiple reasons. I would personally go an older established townhouse with some value add opportunity but as with the first post, it really matters what you want. If you pick an older place with an established BC, make sure you check out recent expenditure and when the last time major maintenance items were conducted and whether or not there is enough money in the sinking fund. - Andrew
Townhouse over apartment any day. The body corp fee for OTP can be triple the estimate in real life (they give you a low figure to sucker you into buying). Many high rise BC are into the $15k per year mark. The Y-man
Honestly, chances are that the older townhouse will be the way to go. Like others have said you'll still need to work out what is right for you. Good luck!
From a lifestyle aspect - the great thing about townhouses is you will have some private outdoor space. A must have for me! A clothes line makes it easier to clean & dry things, you may be able to have a pet; it may come with some gardening needed, or you can make it lower maintenance.