What is it like to own a Townhouse in Melbourne?
If you are looking around to purchase a townhouse in Melbourne, then here are a few things you need to remember before you proceed further with your decision. The atypical townhouse is a type of terrace housing that is designed to be built at a multi-level. This traditional housing type is commonly found in Europe and the north of America. However, the census shows us that there is suddenly an outburst in the number of seekers who are interested in purchasing a townhouse in Australia right now. These houses are usually built with sharing of walls and the courtyard outside. Hence, you get to have a simple living space to dwell but would be sharing the land space with other people. With this increase in interest of townhouse property seekers, on or off the plan, the commonly observed points to consider are:
- Affordable Alternate: Townhouses are cheaper and affordable lands as it is a smaller living space than houses. These are cheap alternatives to purchasing when compared to individual single homes or when you plan to buy one house near the city or beach.
- Smaller size: The house, overall, is very small when compared to an apartment or a single home.
- Urban lifestyle: Townhouses built very close to cities can keep you close to the city lifestyle and thus put you far away from roadblocks and traffic as everything you need is in a walkable distance. Thus, you are not too far away from the urban areas and can easily reach entertainment centres, parks and public transports.
- Land Sharing: The land occupying the townhouse is a very small area and falls into the Strata scheme which is a shared title. Townhouses are mostly constructed in one same pattern and lack creativity and unique design.
- Financial reaps: The occupancy is dual so you get to reap financial benefits in the long term if you plan to rent the houses. As these are cheaper than single houses, townhouse developments easily attract more singles and couples and are beneficial over the long term. However, when you look to sell these houses, you would shockingly realize that capital growth is comparatively very less which is very similar to apartments.
- Close neighbours: The neighbours are easily known to you as you are living very close to each other, so you get to know them better and can also befriend them.
- Less Privacy: With these close residing occupants, there is no privacy as you both are separated by one common sharing wall and hence you are exposed to noises and sound distraction from your neighbours.
- Multi-storey houses: Townhouses are two to three-story houses with comfortable spacing. These houses are very closely situated to conveniences like markets, coffee shops and restaurants, which reduces your travel distance and cost. This also means there is no upkeep maintenance. However, these houses are not very suitable types for aged and disabled adults.
- Laws and rules: Every community has its own restrictions which usually include a pet, parking and noise restriction. So, you are bound by laws as you have a very close residing neighbourhood. It is very important that you read the community rule book well and adhere to them to avoid discrepancies.
To conclude, owning a townhouse in Australia is all about lower bills for rent, utility and travel. You also would be paying low taxes as you own a very small piece of land irrespective of the tax per square feet. However, you might often be stuck with a narrow staircase which might now suit aged couples. Finally, when you want to resell this property, you are stuck with a slow rising value.