Pros and Cons of buying a Luxury unit
- Thread starter MarkA
- Start date
Possibly, but not on a unit.
Why wouldn't you spend a million bucks on a PPOR, it's the median price these days.
Pros:
Nice and clean, no maintenance or building issues to take care of.
Easy living, convenient living.
Cons:
Not much if any outdoor private areas, can't modify like a house and can't do much to add value or personalise the exterior.
Likely noise issues, of all sorts, from neighbor, (biggest issue IMO)
Not much free space if you want to do a hobby or something that needs a bit of space.
Pros:
Nice and clean, no maintenance or building issues to take care of.
Easy living, convenient living.
Cons:
Not much if any outdoor private areas, can't modify like a house and can't do much to add value or personalise the exterior.
Likely noise issues, of all sorts, from neighbor, (biggest issue IMO)
Not much free space if you want to do a hobby or something that needs a bit of space.
The amount you spend will be proportionate to the lifestyle you want. Some people may spend more than 1mil for certain luxuries.
But the question about if people would spend that much will vary for each person so only you can decide if spending that much and buying there will be the right lifestyle and location you want.
But the question about if people would spend that much will vary for each person so only you can decide if spending that much and buying there will be the right lifestyle and location you want.
It doesn't matter whether it is a unit, house or townhouse, etc..., whether it is PPOR or investment. To me the question would be is it a lifestyle choice or investment first?
Thus even if it was PPOR or investment, I would like to know I am buying at median price for the area, so that in down turn, I am less exposed to risk with my purchase........ This is just in case I had to sell for unforseen circumstances!!!!
Now if the median Unit price currently is $570K, and the median House price currently is $812K, that's what I would be prepared to pay, paying around the median price for each! Unless there was an exceptional feature, I may be prepared to pay for the view, extra garage, etc...something unique and special, but again I would do my research on how much such properties sell for!
Seems, you do not know why you are buying??? Even your PPOR can be perceived as an investment, especially if you had to quickly sell!
