Have you ever heard the saying, “the narrower the lot the narrower the investment”? Probably not: because this statement is simply not true. In fact, getting yourself into a narrow lot home is actually one of the best long-term financial decisions you’ll ever make. Here’s why.
The financial benefits of a narrow lot home
1. It’s on trend
It’s official: Perth’s block sizes are getting smaller and smaller with no sign of slowing down anytime soon. Over the past decade, our average lot sizes have consistently decreased hitting a record low a few years ago. In 2015, we were the first Australian capital to have an average block below 400 sqm with lot sizes in Perth falling 7.7% to an average of 395 sqm.
As a result, building on smaller blocks of land has become the norm in Perth. With less space to build, the property market is trending towards narrower frontages which is lifting the demand for two storey homes. When you think about it, narrow lots are the perfect place to build a two storey design on. They maximise the space available and are built with future growth in mind, which is necessary since home buyers are now staying in their homes much longer over the last 15 years.
In fact, Perth homes are now getting even bigger on smaller blocks. Housing Industry Association figures show that in the last quarter of 2017 the average detached housing approved for construction in Perth was 327.2 sqm – the biggest in Australia. The increase in the size of Perth homes despite the influx of small and micro blocks in some parts of the city, indicates the trend towards two storey living on narrower lots.
Their increasing popularity also means there’s lower risk involved when buying, making it a safer investment opportunity. Not only that, the most obvious advantage of choosing a narrow lot is the increased savings. Logically, the smaller the lot, the smaller the price tag. So not only are you making a sound investment by jumping on the narrow lot bandwagon, but you’re also saving money in the process .
2. Your choice of location
Location, location, location. That’s right – it’s all about location when choosing a block of land. In fact, according to a recent report titled The Housing we’d Choose: a study for Perth and Peel, location was the most important factor driving housing choice. With 75% of respondents nominating this factor above house type and house features, it proves the importance the people of Perth place on where they live.
And thanks to the narrow lot trend, you can have your choice of location. For desirable suburbs with limited land available, building a two storey home on a narrow lot makes for a strong long term investment. By saving money on the block size it means you’ll be able to have your first pick of where you live. So if you prefer to live close to the city, whether it’s for work, nightlife or just the dreaded fear of the freeway, built-up areas close to the CBD and its surrounding suburbs are becoming popular.
Alternatively, you could choose to build a narrow lot home in a more affordable suburb and free up funds to spend on other luxuries. Having you been sizing up that plasma screen TV for some time now? Or perhaps you’re long overdue for a well-deserved holiday? Investing in a narrow lot home means you can afford to splurge a little, or if you prefer you can put away your tidy little nest egg for a rainy day.
3. Less upkeep and maintenance
Finally, building a 2 storey home on a narrow lot means you can enjoy a lock and leave lifestyle. Less square metrage means less upkeep and general maintenance for you, so you can switch gardening for golfing and cleaning for couching! At InVogue, all our outdoor areas are designed to use less space, grass and maintenance so you won’t have to spend money constantly trying to keep it neat and tidy.
Build a narrow lot home with InVogue
At InVogue, we want to change the way you think of narrow lots. When you build with us, you won’t have to choose between luxurious design or functionality. All our narrow lot homes are designed to make the most of every square metre of your block, no matter the size or shape.
We’re prepared to meet the increasing trend toward narrow lot homes in Perth, which is only set to continue. We have a range of narrow lot homes specifically designed to suit the changing landscape in Perth while exceeding your expectations in two storey home design.
We also understand that each home buyer will be looking for something different and sometimes a narrow lot design might not suit your needs perfectly. That’s why all of our narrow lot homes can be customised to suit your unique needs and preferences. So rest easy knowing your home is in good hands with the industry leader in new narrow lot homes when you decide to build with InVogue.
Let InVogue help get you into your very own two storey narrow lot home design. Contact us today for more information.