#Buying #a #townhouse
Buying a townhouse
How to buy the right townhouse
Twenty years ago, townhouses had a reputation of being poorly built and in the wrong location, but over the last 10 years that perception has been turned around.
Townhouses are delighting owners nationwide. But if you’re buying with an eye to investment, the difference between a townhouse with great growth potential and a less impressive performer is not always apparent to the untrained eye.
To guide us in buying the right townhouse, realestate.com.au spoke to two experts: Michael Finger, Director at Ray White, Double Bay, smack in the middle of Sydney’s exclusive eastern suburbs; and Paul Osborne, founder of Secret Agent, a buyer’s agency specialising in inner Melbourne.
I started by asking our experts what accounted for townhouses’ image makeover in the last 10 years. Osborne told me that from around 2000: “There was a concerted push back into the inner city and what many buyers found were old terraces which were cramped, had rising damp and lacked natural light.”
“Putting up new townhouses on small blocks of inner city land was the developers’ response. These two and three level buildings created more accommodation and their elevation delivered natural light and a view over the rooftops that older houses lacked.”
And how is the townhouse market playing out now? Finger told me that in Sydney, townhouses are being snapped up.
“The older ones come at an attractive price point for younger couples entering the market. At the higher price level, what’s driving interest is downsizing empty nesters. With the uptick in the market, this older generation have been able to sell the family home and see a townhouse as a better alternative than an apartment.”
“Many downsizers look at high rise buildings, but the owner corporation levies are often lower for townhouses. Some strata apartments are charging two thousand dollars a quarter, even five or six thousand dollars a quarter, which is just ridiculous.”
Buyers should ensure they take a detailed look at the build quality of what they’re buying
Finger advises Sydney buyers to find a townhouse close to the CBD and with three bedrooms, as these will sell under any conditions.
“Purchasers should pay a lot of attention to finding properties with great interiors, plenty of natural light, a generous entertaining area and if possible, a spare TV room for the kids.”
“You should also consider how easy the stairs are to climb, as it’s an issue for older buyers – in fact I’ve noticed more townhouses featuring lifts recently.”
Osborne adds build quality to his checklist, telling me, “The effect of the last drought led to a change in the National Construction Code (NCC) for footing design and highlighted that it took some builders a few years to get the pre-fabricated construction process right in the early 1990s.”
“Most buyers can tell whether a townhouse has the right aesthetic appeal which won’t date, but they should ensure they take a detailed look at the build quality of what they’re buying.”
Follow us on Twitter for more news, tips and inspiration. Become our chum on Facebook and explore our Pinterest boards.
Found this article helpful? Share it!
SOURCE: SOURCE: REMMOMT.COM