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Loft life: Benefits of buying a unit

Looking to buy property? Depending on your lifestyle, an apartment could be just the ticket
– here are some of the financial benefits.

While the traditional dream of owning a property is the big
house with the red door and two and a half kids, times and
attitudes are changing. Many people want to live in the city
where the action is, but getting a house near the CBD can
be difficult.
This is where units can be a great option once you find the
right home loan. If your taste is more for a New York loft
than a family home, then you’ll definitely want to know
about the financial benefits of living in an apartment!

The magic of maintenance

When you own a home, you’ll have to take care of fixers
and leakages yourself. This can be really costly, especially if
you haven’t been scrubbing up on your handiwork or Tim
Allen grunts. But when you buy a unit, you will pay body
corporate fees that will have everything organised for you.

Insurance? Taken care of.

Buying an apartment also means paying strata levies. This
covers a great deal of things, including building insurance.
That means in the unlikely event that your building burns
down or is struck by some other unfortunate act of God,
you will be covered.

Cheap as chips

Compared to buying a home, units are a much cheaper
option. RP Data research showed recently that houses are
19.6 per cent more expensive than units. And with prices
rising across the board, it can be simpler to put money together
for a new apartment.
Of course, there are a lot of benefits to buying a home. But
that’s a story for another blog! If buying an apartment
sounds like it’s up your alley, make sure to check your finances,
call Peninsula Home Loans today and see what kind of home loan
you can get.

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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