If you have a demanding job or spend a lot of time away from home participating in sport and social activities, then a low maintenance unit or townhouse may be suitable for you.

If you have a large family, pets or are a keen gardener, a larger house with a good-sized back yard may be the right property for you.

There are advantages and disadvantages with each type of property, for example, houses may require more maintenance (with you covering 100 percent of the cost), but may provide more privacy than a unit or townhouse. Units may offer you a great lifestyle at an affordable price, where common area maintenance costs are shared between the owners of the units in the complex. However, you must abide by the rules of a body corporate and consider issues such as noise and how to deal with your close neighbours.

Buying a house or investment property ‘off the plan’

Buying a house or investment property ‘off the plan’ means that you purchase a property (usually an apartment or townhouse) prior to completion of construction. You are required to put down a deposit and then have to wait until the property is finished. When buying off the plan make sure you have your solicitor or conveyancer thoroughly check all aspects of the contract.

Legal forms of ownership

There are many legal forms of ownership for residential properties, including:

- Common Law or Old System Title

- Torrens Title

- Company Title

- Strata Title

- Community Title

Note that these forms of ownership vary by state, so ask your solicitor or conveyancer for further information about them.