Buying a home in Port Moresby can be a truly rewarding experience. It means saying goodbye to rentals and moving from house to house. Instead, you finally have your very own place to live.
If you are considering buying your first home in Port Moresby, you should know there are many different types of properties. Some of the most common ones are houses and apartments. Every housing option has its own benefits and drawbacks, and can affect your insurance policy.
Houses in Port Moresby
Living in a stand-alone house is great for large families and Papua New Guineans looking for total independence. Many PNG locals prefer to own a house.
Houses come on a block of land, often giving you some outdoor space for gardening or to let your children play. They are typically bigger than other kinds of homes, so you might have a lot of space for all your loved ones and even room for extended family members to come and stay.
Because you will own the house and land, you also have the opportunity to develop the property in any way you wish, so long as your improvements are permitted by law.
Houses are typically more expensive. Being bigger and more flexible, they come at both a higher upfront and ongoing price. You will have more to look after with a house, so it is possible maintenance will be too time-consuming for you.
You are responsible for insuring your house and its contents against damage or theft. Having the freedom to develop or renovate your house is great, but doing so may change the premiums of your insurance.
Apartments in Port Moresby
The apartment lifestyle is perfect for people living alone or as a small family in Papua New Guinea.
Being in a larger complex, Port Moresby apartments are sometimes harder for people to break into, so may be safer. You might also enjoy amenities like a swimming pool or gym in some apartment buildings.
You will also have fewer maintenance responsibilities, as apartments are smaller and some issues may be handled by a body corporate – a committee of apartment owners in the complex who work together to manage problems. The body corporate often also organises power and water services.
In an apartment building, you are much closer to your neighbours. This means you might have problems with their noise or behaviour. It is a good idea to talk to your potential neighbours before buying an apartment to ensure you'd like to live next to them.
You will also be required to pay a body corporate fee – this helps to pay for maintenance throughout the building and may also include some services or insurance.
Depending on the apartment building, home insurance may be covered by the body corporate. However, you will still need to protect the contents of your home against risks. Being so close your neighbours, a fire in another apartment could put your contents in greater danger.
Don't leave anything to chance when you buy your first Port Moresby home. Protect your home and contents with Trans Pacific Assurance today.