Townhomes \u2013 what do you need to know?
\nOnce upon a time owning your own traditional freestanding house was the great Australian dream.\u00a0 Today, however, with house prices in some capital cities out of reach for many buyers \u2013 particularly first home buyers, an increasing number of Australians are considering alternative ways of living to achieve their homeownership goals.
\nOne such option is the townhome.
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\nSo, what is a townhome?
\nA townhome is a house that shares at least one wall with a neighbouring property. Typically, In terms of design, they\u2019re multi-floor homes that are attached by one or two walls to neighbouring homes but might still have some architectural differences. They also generally sit on a small parcel of land with a front and back courtyard and a garage or carport for parking.
\nThe popularity of townhome living has soared in recent years and it\u2019s not hard to see why. Townhomes are an attractive and affordable way to get into the housing market as they\u2019re usually cheaper than houses, but bigger than most apartments. They\u2019re also an appealing option for people who want to live in a close-knit community setting without being in a busy metro area and serve as a nice middle ground between urban and suburban living.
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\nIs a Townhome right for you?
\nIf you\u2019re thinking about buying a townhome, whether it\u2019s to downsize or to get into the property market, here\u2019s our checklist of key things you might want to consider.
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\nValue for Money
\nThere are many advantages to owning a townhouse, not least of which is that they represent excellent value for money.
\nTypically sitting on smaller lots and with less outside space than a traditional detached home, townhomes are generally more affordable than most traditional detached houses. By maximising the built form across a smaller parcel of land, purchasers can obtain the same living area as a much larger block by building a townhome, without the significant financial burden of escalating land prices. Reducing the land footprint and maximising the living area on each lot also equates to significant stamp duty savings for purchasers.
\nThe option to purchase a full turnkey house and land package solution at a fixed price up front can also give peace of mind to home buyers looking to structure their savings plans and budgets. Even better, many builders now offer a high level of specification as well as structural guarantees and warranties for a certain period of time.
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\nSpace
\nWhile they may sit on smaller parcels of land, townhomes generally don’t compromise on space or architectural design. Typically townhomes have two levels, sometimes three, which means there\u2019s more room to spread out. Additionally, increasingly clever and innovative designs from townhome specialists like SOHO Living might offer 2, 3 and 4 bedrooms, multiple living areas, open plan layouts and clever storage spaces, making them ideal for first home buyers and those with young families. Designs with at least one bedroom and bathroom located downstairs are also great for families looking for multi-generational living options.
\nOutside, townhomes offer the best of both worlds. Smaller front yard and courtyard areas mean low-maintenance living, while still accommodating plenty of spaces for alfresco dining and entertaining friends and family, as well as innovative gardening solutions like vertical gardens for green thumbs.
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\nAccess to amenities
\nAnother important feature to review when contemplating buying a townhome is amenity.
\nIncreasingly, many townhomes are being built in communities that come with shared amenities. Even in outer city circles, they also tend to be placed in close convenience to bustling communities, shops and accessible forms of public transport.
\nAt Ashbury for example, these include over 30 hectares of parkland and open space and 18km of shared paths and outdoor walking trails, as well as playgrounds, sports and recreational facilities. This, in combination with its coveted location right next to the future Town Centre at Armstrong Creek, plus plenty of schools, cafes and shops close by, not to mention its proximity to both Geelong and the surf coast, all add to the appeal of a townhome at Ashbury for first home buyers, downsizers and investors who value convenience and amenities.
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\nCommunity
\nLast, but by no means least, because a townhome is in close proximity to neighbours, living in one also provides the perfect environment in which to meet new friends, foster a sense of belonging and is a great way to feel part of a thriving community.
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\nConcluding Comments
\nTownhomes in residential developments like Ashbury are experiencing a lot of growth and for good reason. They provide value-for-money, low-maintenance, ample amenities, a sense of community and a range of modern design and inclusions\u00a0 \u2013 making them a great choice for first home buyers, downsizers, and investors alike.
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