In everything we do in life, we all have to start somewhere. Home ownership doesn’t happen until we are well over our twenties, and even that is a little too early for the average. The average first time buyer of apartments in Brisbane is around 30 years old, have a somewhat stable career and earning more than he or she is spending. Most first time home buyers are newly married couples or growing young families who decided to switch from renting to home-owning. Out flyers of the statistics include a young on-the-rise investor on his early 20’s, a 40 year old newly single mother, and a sixty year old suddenly on his own.
What is the best home for first time home buyers? They can opt for an apartment, townhouse, land and house package, land only then build their own home, and a lot more. The ultimate answer depends on the individual needs, financial status, and lifestyle of the buyer. Given all things are the same, the sensible choice is the apartment. Here’s why;
Condo apartments have the best locations. They are in downtowns, business centers, and university hubs. This is ideal for young people who value proximity to their workplace and entertainment centers. Living next door to all your needs can save you time and expense on commuting.
Young people, and first time home buyers in general, don’t know much about home maintenance. Owning a house calls for pro-active home maintenance and improvements. You have to clean your roof, prune the trees, mow the lawn, wash the deck, clean the windows, repaint the exterior of your home, and upgrade the furnace. These activities involve time and money. You can either learn to do these yourself, or hire somebody to do it for you. In apartments, all maintenance costs are managed and shared, so you save time and money.
Apartment building come with several amenities. Most common features include gyms, sauna, swimming pools, entertainment centers, and tennis courts. Fancier apartments in Brisbane have business centers, concierge, and rooftop gardens. These are luxury items that only few home owners can afford to install into their homes. Having the gym next door is convenient, and you also save on membership fees.
Apartments are generally more affordable than land and home packages. Thus, you will need lower loans and less deposit. First time home buyers don’t have any equity build up that can offset mortgage, or good enough credit ratings to secure advantageous loans with low interest rates. You also have lower monthly repay, so you’re more likely to keep up with the payments and less likely to go into foreclosure.
Safety should always be a priority. This is why we choose the best neighborhoods, install security devices into our homes, and pay extra for more secure locations. When buying an apartment, you don’t have to go the extra mile to secure your home. Most buildings have state-of-the-art security system installed and in-house security personnel. And you only have one door to lock. Ideal for people are mostly away at work or travel.
Apartments in Brisbane are more liquid than suburban homes. This is important as young people are more likely to relocate or simple change their mind. You can rent out or sell off an apartment more easily than a house. And as long as your apartment is in a reputable building in a good neighborhood, value is assured to be stable or in the upward trend.