Living in the inner city affords you more than just a fantastic lifestyle with easy access to cafes, shops, entertainment and the river.
It could also afford you extra holidays, a better wardrobe, more nights out, and really good concert and festival tickets.
How? Because living in the inner city can actually save you money — lots of money. And that’s money you can spend on other things.
Depending on what you’re looking for, you can buy an apartment in Perth’s inner city for about the same price as a house and land package in the very outer reaches of Perth’s urban sprawl.
There are huge lifestyle advantages to moving into the city, but let’s look at the dollars instead.
As we’ve shown before in a post about your daily commute, experts at the Committee for Perth released a report showing a 25 kilometre daily commute from Joondalup to Perth, will cost you up to $22,306 a year. Many new home-and-land package releases, especially the cheaper ones, are even further than 25km from the city.
That’s a lot of time on the freeway each day, thousands of gallons of petrol and a huge amount of wear-and-tear on your car. And that’s $22,306 you could be pumping straight into your mortgage each year.
Apartment living also saves you gardening costs and precious time — from the water usage to paying the lawnmower man. You can still grow vegetables, herbs and plants on a balcony but not incur a lot of expense for the benefit. To find out more about creating your own balcony garden from Indira Naidoo, Author of the Edible Balcony and The Edible City, click here.
Most apartment developments also have communal gardens which are maintained by strata. And, of course, just a stone’s throw away are stunning local parks like Hyde Park, which the local council looks after but you can enjoy.
Then there’s the saving you see from being “green” in the inner city — walking, taking public transport, using solar power in your apartment.
Obviously, you can also install solar power and hot water systems into your new home in the outer suburbs, too. Sometimes developers throw solar hot water in for free as an incentive. But often this sort of technology is not considered “standard” so you need to pay extra for a custom build to have it included. Each developer has their own model, so it’s always best to check.
Certainly, at Psaros, sustainability has been incorporated into all our developments since 2013. Our apartments use solar energy and have solar hot water systems, include energy and water efficient devices, and come with energy monitoring so you can see how much electricity you’re using.
Ultimately, it leads to lower energy costs and you can relax knowing that you are future-proofed against rising energy costs. A sustainable apartment also makes it more desirable and easier to sell - that means higher resale value! Investors can also enjoy lower vacancy rates and higher rental yields on an apartment that has built in sustainability initiatives. Think about it this way - Why would someone rent an old and out of date apartment when they can rent a new apartment with sustainability features built in that can save them money?