Getting into the housing market can be extremely difficult, which has resulted in an uptick in townhouse and unit purchases. They are an ideal choice for first-home buyers or people downsizing, they have little to no lawn maintenance and are often close to facilities like schools and shopping centres. They are a more affordable choice, as compared to full-sized houses, which means a smaller deposit and a more achievable financial goal.
Savvy real estate agents are aware of this growing market and are capitalising on the boom in buyer interest, but what are they not telling you?
For those who are completely unfamiliar with living in a townhouse or unit, it is most important to note body corporate rules and fees. These can vary depending upon the body corporate, but will impact your lifestyle and finances directly.
Before signing anything, read through the body corporate by-laws and consider the following:
- How much are the fees? Are they monthly/bi-monthly? Have they increased in the last few years?
- What do the fees cover? Insurance/maintenance/utilities/emergencies?
- What are the rules? Do they restrict pets/visitors/parking/smoking/noise?
Once you have a firm grasp on what would be expected of you as a townhouse or unit owner, look deeper at the property itself and ask yourself:
- Will I have adequate privacy?
- Will I share any walls with my neighbours?
- Do the neighbours seem nice/quiet/considerate?
- If the property has a balcony, will it be secure? Is the view acceptable? Can any neighbours see in?
- Is the property well-ventilated? Can you see any mould?
- Are the nearby roads and amenities too close? Will their noise become irritating?
But what is most important to consider before purchasing a townhouse or unit is its structural quality. Consider the structural health of the property, and whether you notice any water damage or mould. Is there termite damage or broken pipes? What condition is the roof in?
These are difficult questions to answer with absolute certainty, which is why you should not sign anything until you have had a professional building and pest inspection conducted on the property.
Pulse Building & Pest Services are leaders in pre-sale inspections and are able to give your potential investment a thorough check-up. Pulse Building & Pest Services take the stress and nerves out of first-home buying by informing you of any damage, defects or potential dangers before you invest your finances. Whether you are a seasoned investor or you are about to jump in, call Pulse Building & Pest Services on 1300 697 857 to book you pre-purchase inspection now.