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Townhomes – what do you need to know?
Once upon a time owning your own traditional freestanding house was the great Australian dream. Today, however, with house prices in some capital cities out of reach for many buyers – particularly first home buyers, an increasing number of Australians are considering alternative ways of living to achieve their homeownership goals.
One such option is the townhome.
So, what is a townhome?
A townhome is a house that shares at least one wall with a neighbouring property. Typically, In terms of design, they’re 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.
The popularity of townhome living has soared in recent years and it’s not hard to see why. Townhomes are an attractive and affordable way to get into the housing market as they’re usually cheaper than houses, but bigger than most apartments. They’re 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.
Is a Townhome right for you?
If you’re thinking about buying a townhome, whether it’s to downsize or to get into the property market, here’s our checklist of key things you might want to consider.
Value for Money
There are many advantages to owning a townhouse, not least of which is that they represent excellent value for money.
Typically 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.
The 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.
While 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’s 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.
Outside, 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.
Access to amenities
Another important feature to review when contemplating buying a townhome is amenity.
Increasingly, 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.
At Peppercorn Hill for example, these include over 50 hectares of parkland, wetlands and open space and 25km of shared paths and outdoor walking trails, as well as playgrounds, sports and recreational facilities. Its location on Donnybrook Road also provides convenient access to the broader area’s existing and planned schools, shopping and employment precincts, including Craigieburn and Epping, and Melbourne’s CBD is easily accessed via the Hume Freeway or Donnybrook Railway Station just down the road. All of these factors in combination can add significantly to the appeal of a townhome at the estate for first home buyers, downsizers and investors who value convenience and amenities.
Last, 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.
Townhomes in residential developments like Peppercorn Hill 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 – making them a great choice for first home buyers, downsizers, and investors alike.