Should I buy a house or a unit?

If we take budget out of the equation, the decision between a house and a unit should ultimately come down to the lifestyle you want to live.

I once had a friend who was set on avoiding body corporate fees. Based on her budget, that meant buying 45 minutes to an hour away from where she worked, where her friends and family lived, and where she spent most of her time. I encouraged her to consider a few things, she’d be adding an extra two hours to her daily commute. She’d be spending more on fuel, vehicle wear and tear, and servicing. Instead of unwinding on weekends and taking her dog for a beach walk, she’d be mowing the lawn and maintaining a larger property.

When we broke down the numbers, she realized that paying body corporate fees was going to be saving her money while giving her more time to enjoy the lifestyle she truly wanted. She ended up purchasing a beautiful unit by the beach, and to this day, she still thanks me for that advice.

So, I pose the same question: What lifestyle do you want to live? Time is our most valuable asset. Consider how much of it you’re willing to trade to be closer to the life you envision. If the answer is not much, then that’s when the budget will determine what’s possible.

Both houses and units come with ongoing costs—it’s just more transparent with a unit. A well-managed body corporate will have a 10-year plan for maintenance and improvements, funded by sinking fees. House owners, on the other hand, will need to set aside a structured budget for future repairs, upgrades and insurance.  

At the end of the day, the right choice is the one that best aligns with your lifestyle priorities.

If you’d like to know more, pick up the phone or send me an email and I’d love to have a chat and help you talk through your specific options.