The costs of maintaining a house versus an apartment
For many of us, the Australian dream is to eventually buy our first home. In 2022, the myriad of property types on the market can make your property search a particularly complex one. When evaluating your search criteria, one of the most important decisions is whether to opt for a house or an apartment. Here’s some things to consider when purchasing your next property.
Have you considered property maintenance?Owning a house involves significant ongoing maintenance and is one of the higher costs you’ll have to pay when owning a home. According to a recent review conducted by Nelson Alexander*, the average cost of maintaining a house can be broken down into a few categories to consider:
- Yard maintenance up to $120 per month
- Exterior repairs accumulating to $160 per month
- Trash disposal around $33 per month
- Routine interior maintenance and cleaning, costing on average $65 per month
So, ditch the lawn mower and get more time back to do the things you love.
Access to luxury amenities
For many people, having a pool or spa at home is unattainable because of land size restrictions, as well as the upfront and ongoing costs. It could cost you on average $190 per month just to upkeep a pool. Plus, due to spatial reasons, most homes will not be large enough to fit out an adequate gym, so you’ll need to consider the average gym membership costing around $190 per month.
And, let’s not forget the entertainment spaces. Available as part of the array of amenities in Caydon apartments, these could be perfect for your next function at home.
Apartment living allows you to enjoy these premium amenities, alongside many more luxurious amenities that are all factored into your OC fees.
With security becoming more important to homeowners, the cost to ensure an adequate security system comes into play. An average system can cost around $75 per month to maintain, on top of the upfront set up costs.
Apartment living offers you the opportunity to enjoy state-of-the-art security and concierge services, so you can lock up and leave at any time and know that your home is secure.
The costs of running a home can be quite unknown and can fluctuate depending on how old the house is, the quality of the build or the care taken by previous owners.
Caydon has a proven reputation of accurately quoting your Owners Corporation fees, ensuring multiple quotes are compared by different potential Owners Corporations. This means that not only are you likely to receive an accurate quote, protecting you from second year price hikes due to underquoting, but also to get the most out of your money.
What are the benefits of Apartment Living with Caydon?
In apartment living, your OC is responsible for much more than upkeep of amenities, common areas and security. Here are some other areas they cover:
- Financial management
- Reporting requirements and record keeping
- Determining who does what and when for the building
- How often windows are cleaned
- When fees are paid and how interest is applied to late payments
- Ensuring there is a building manager rostered
For the average house, as per the review conducted by Nelson Alexander, it could cost roughly $10,000 annually to maintain your home. Whereas the average two-bedroom apartment at HOME by Caydon will cost between $5,200 - $5,900 annually in OC fees.
Learn more about the features of apartment living you can’t typically get in a house or explore our available properties here and get ready to enjoy the benefits of your new Caydon home.
Plus, as an added incentive for a limited time you can unlock our Live Fee Free offer at Rise and HOME by Caydon . Enjoy easy and affordable apartment living for the first 5 years, when you purchase a 2 or 3 bed before 30 June 2022.
*The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. Caydon recommends that you seek independent legal, financial before acting on any information in this article. All prices quoted are estimates only.