How To Buy A Townhouse The No-Regrets Way– (Part One)

Townhouses are becoming very popular in Melbourne these days. For most couples, buying a townhouse is a neat downsizing option, especially after the children have grown up and are starting to leave the family nest to buy their own apartment and house.

Used to be that townhouses were just for a few wealthy people, European and English aristocracy and the ‘nouveau riche’. Now, real estate agents don't have to be surprised when young ordinary newly-wed couples approach them with the interest of buying a townhouse. And in light of the real estate climate in Victoria, more and more people are indeed discovering the cost-effectiveness of townhouses in terms of investment.

People's initial reservations about buying a townhouse is that now they will have to sell their house, their ‘old’ family home, where countless memories have been nurtured. No doubt this is a frightening concept, that, of course, applies to any real estate venture. But the real estate bubble hasn't been able to curb the rising cost of free-standing’ houses, which is why people are readier now more than ever to give up their old houses and move to a gorgeous townhouse.

What to Look for When Buying a Townhouse?

1. Space

Space is a consistent troubling factor for most residents of Melbourne. Apartments don't just have to be nice and affordable; they have to be spacious too. This, sadly is not usually possible, and so townhouses then offer a nice alternative to either the restrictions of an apartment or the continuing maintenance headache of a smaller home.

2. Convenience

Is your prospective townhouse near your workplace, the kids' school, commercial areas, or other places that matter to your life? How's the climate? How's the environment? How's traffic during rush hours? What's the cultural atmosphere like? How's the people in the neighborhood? You're going to be living in your townhouse for a long time, so make sure every second of it is all worth it.

3. Aesthetics

Of course, you'll want a gorgeous townhouse. A nice interior and exterior you can show off to your family and friends, and whoever cares to drop by your new humble abode. And a breathtaking view outside wouldn't hurt too. But remember it isn't just all about aesthetics; consider functionality and common-sense too.

4. Availability

The widespread popularity of townhouses has had them mushrooming all over the place, but this doesn't necessarily mean every townhouse for sale is a good buy. Do some research on current real estate prices, and how they vary from one locale to another, or according to season.

Buying real estate online is becoming popular too, and this is one of the most cost-effective ways in landing a good deal. Not only do you escape steep commission rates from real estate agents, you also get to feel the rewarding feeling of having bought own townhouse on your own, without any help from a third-party.

5. Professional Real Estate

Then again if you think you'd be more comfortable entering into a transaction with a trusted real estate agent, by all means do so. Commissions are secondary, compared to the peace of mind you'll be getting from a reliable agent. Real estate agents can spare you a lot of unnecessary headaches.

6. Affordability

Because a townhouse is more affordable than a freestanding house, it is attractive to first-home buyers, particularly if it is bought “off the plan.” Check your budget. Don't splurge it all on just the townhouse, because after all, after you move in, comes the next financial hurdles in your life. Yes, things are just starting to get exciting. And it's all worth it.