There’s something refreshing and rewarding about having a piece of land with four walls and a roof on it that you can call your own. Rooms for visitors to stay in, decking for a summer bbq and even a long garden for the kids and pets to play in.
Despite the obvious benefits of a standalone property, apartments are continually growing in popularity. Although one isn’t necessarily better than the other, they do each hold their separate benefits. In this article, we’re going to take a look at some of the pros and cons of making your first property a detached house.
More space to breathe
With a detached property, you’re likely going to find yourself with more room to breathe. Numbers from the Australian Bureau of Statistics show that detached properties average in size at around 248sqm, also stating that they consistently come in at over 100sqm larger than units and apartments.
As a result, the odds are on your side that, with a detached property, you’ll get more space. Even if you don’t necessarily think that you need it, it’ll come in handy in the future when you’re looking to upsize. Clue – you might not actually need to.
Reap the rewards of those capital gains
Once you’ve pulled together your mortgage deposit, capital gains from property are easy equity for you. Detached homes also show better capital growth than other types of property such as units or apartments.
Data from CoreLogic agrees with this, displaying that houses in the 3 largest cities in Australia grew in value between 2-8% more than units. The downside is that detached houses are typically more expensive than units, meaning more saving beforehand.
Make your property your own
With an apartment, all you get is everything within the walls. With a detached house, on the other hand, you truly have the ability to renovate and put your mark on it. This can also remove the need to upsize as, if your local council allow it, you might even be able to build an extension.
By doing this, you’ll also be able to add value to your property. When the time comes to sell, you could have significantly increased its market value.
If you’re unsure of your options, get in touch with an experienced local real estate agent. They’ll be able to help you to make the decision that’s right for you.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.