u/DestinyHunter3

We are looking into a 4 bedroom 400m2 house, on a land that was previously 1 lot subdivided into 6 lots, and developed in a community development project. The agents states each house is a stand alone house, but there is a shared driveway with a sinking fund and a body corporate. The actual body corporate rules state you need body corp approval for any works on your lot, but then the developer has said they can pass a resolution to waive that, as they insist it is a house.

The property itself doesnt open out to the street, and can only be accessed by the shared driveway.

Does anyone have any experience with this kind of thing?

My wife and I (both 28), have been approved for a home loan of up to $1.45million and so have been looking at 3-4 bedroom houses in the northern suburbs around chermside, kedron, stafford. We have a combined house hold income of approximately 250k, and at that level would be paying close to 40 percent of post tax monthly income on mortgage. No plans for children, and no major expenses coming up.

Now part of me is thinking if it makes more sense to but an apartment. Pros: cheaper mortgage, aiming around 1 million. We can live in the city itself. Less maintenance and upkeep.

Cons: societal, family and reddit pressure saying that buying an apartment is throwing money down the drain, along with real concerns that an apartment could depreciate compared to a house.

Was hoping for advice from people if we would be crazy to settle for an apartment even though we could afford more?