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Why apartments are a better choice for first home buyers

For first time homebuyers, buying an apartment could be a great choice to enter the property market. Apartments offer the appeal of low maintenance living and make a great place to call home. Here are a few reasons why an apartment is a good choice for your first property:

For first time homebuyers, buying an apartment could be a great choice to enter the property market. Apartments offer the appeal of low maintenance living and make a great place to call home. Here are a few reasons why an apartment is a good choice for your first property:

  1. Apartments make inner city living affordable  If you want to be close to the heart of the city, an apartment is by far the more affordable first home option. In Subiaco, the median house price is $1,100,000 while the median apartment price is median unit price is $488,000.Similarly in Leederville, the median house provide is $880,000 compared to the median unit price $488,000.
  2. It’s low maintenance. Mowing the lawn? Pruning hedges? Washing the gutters? These are just some of the tasks that become a regular staple in your life if you own a house. Your property may increase in value over the years, but with that comes all the hours of labour you’ll invest in maintaining it while you could be having fun.
  3. Investment property potential. The reality is your first home probably won’t be your dream home or the last property purchase you will make. With that in mind, when you’re buying your first home it’s important to consider its possible value in the future. Not only are apartments more affordable, but buying one in an inner-city suburb can be a long-term investment, either as a source of rental income or as a property that will go up in value.
  4. Lock and leave. If you want to go on a holiday, it’s easy if you live in an apartment – just lock the front door!
  5. Renovation – more for less. If you would like to renovate or make a few changes to your apartment in a few months or years, then you won’t need to spend a fortune doing so. With a smaller area, renovation funds can go much further and make more of an impact.