If you’re at a point in your journey where you’re more than ready to buy property, you’re most likely faced with this dilemma:

“What type of property should I buy?”  

Today, we’re going to address the age old question - should I buy a house or an apartment? We’ll be listing down the pros and cons for each and explain why they may or may not be beneficial as a first-time purchase.

There are a lot of misconceptions about apartments and strata property in general, and we want to clear a lot of these up for you so you can make better decisions!

If you enjoy the show, do give us a like, share it with others who you know will benefit from the show and subscribe to the podcast! We have loads of resources available and if you’d like to talk with us directly, send us an email at [email protected]!

See you on the inside!

 

Episode Highlights:

1. Meighan’s featured house for the episode (The Flintstone House) [02:17]
2. Why this question needs to be tackled & clarified [04:07]
3. What are some apartment pros? [06:15]
1. Apartments have a lower price point [07:56]
2. The potential to keep the property as an investment [08:46]
3. There’s more flexibility with owning a house than an apartment [12:37]
4. Apartments are easier to renovate (with a few constraints) [13:08]
5. Costs are shared between you and other tenants in the complex [15:17]


4. Apartment cons [16:49]
1. The tendency to outgrow the space quicker [16:54]
2. There’s a danger of having an oversupply [18:45]
3. Strata fees [20:03]
4. A complex’s special rules for pets, air-conditioning, and others [21:51]
5. They typically have a slower capital growth [25:11]


5. Let’s talk about house pros! [26:11]
1. The potential to extend and build on your property [27:17]
2. There’s more freedom to do what you want, when you want [28:12]
3. You can choose what renovations to do depending on your budget [30:03]


6. A house is more expensive than an apartment [31:45]
7. If anything goes wrong, 100% of it is your problem! [32:13]
8. Houses are generally further away from the CBD, for the same price [33:10]
9. Neighbours aren’t governed by the same rules as strata neighbours [34:22]

 

Link/s from the show:

• Check out the Stepping Stone Tutorial
• Get fully prepared to buy property through Your First Home Buyer Guide!
• Our episode on Building & Pest Inspections with Peter Masia

 

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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