There are various types of property to buy in Australia. These include the traditional house and land, dual occupancy house and land, townhouse, detached villa, duplex or apartment. The type of property you should buy will largely depend on your current lifestyle, future plans, risk profile and financial capacity.
The traditional house and land is usually a fixed price house built on a specified block. Three or Four bedroom, two bathroom, double garage designs are very popular. Depending on the block size most cater for the young family with room for the trampoline and swing set in the backyard. Perfect for your family to live in or just what the young families wanting to rent are looking for.
The dual occupancy house and land are a little more expensive than the traditional house and land but does mean extra income! Dual Occupancies consist of many configurations. For example one side might be 2 bedroom, 2 bathroom, single garage, while the other side consists of 3 bedrooms, 2 bathrooms, double garage. Sometimes built on corner blocks and unlike most duplexes can appear from the street as one large single dwelling. Live in one side – rent the other side. Also perfect for your family to live in the larger side and have the grandparents live in the smaller side. Super handy for babysitting when the children are younger, but equally as handy for the grandparents when they are starting to need that extra little bit of help for you to be so close by.
Townhouses are generally 2 story dwellings which share external walls with one or more neighbours built as a complex. Again, can come in various bedroom, bathroom configurations. Can be as big as the traditional house and land (4 bedroom, 2 bathroom, double garage) but without the yard space to maintain. Perfect for the busy modern day family lifestyle! And unlike the Dual Occupancy House and Land you can just buy one townhouse in a complex. (Or more of course if you wish!!)
Detached villas are perfect for those downsizing or are on their own. They are very similar in size to duplexes but don’t share a wall with their neighbour. Detached villas are usually a part of a complex of others similar. Again can come in various configurations but 2 bedroom, 2 bathroom, single garage are increasing popular for our aging community.
A duplex usually has a wall right down the middle to create two residences. Generally they are fairly symmetrical and residence 1 is usually the same floor plan as residence 2 (just flipped in reverse). Again, can come in various configurations and handy to live in one and rent the other for extra income.
Apartments are very popular in the cities. They are large buildings consisting of many separate residences. A great option for those professional couples wanting to live in the city, close to where they work and play, without the maintenance of a yard. Some will have lovely balconies to entertain and relax on.
There are a number of different property options that can be found right around Australia, anytime of the year.
Contact us at Planning Property Wealth to decipher which type of property will suit your current investment plans and/or residency needs.