Finding a new home is an important and emotional decision to make and one that involves varying factors. Many start by identifying the suburb or suburbs they want to live in first as this helps to narrow down your search criteria. It’s key to try and choose the best location possible for your budget to ensure that your investment pays off.
So, what things do you need to consider when it comes to choosing the right suburb?
Understand your price range
The budget you have available will dictate which areas you can afford to live in or invest. If you haven’t already done so – meet with a mortgage broker. You could even take it a step further than that and get pre-approval for the home loan too. That way you can act faster when the time comes to make an offer. It is pointless searching for a new home when you don’t have a realistic view of how much you can afford to borrow.
Choose your suburb
If you have managed to narrow your search down to a suburb or two well done. Next, you need to really get a feel for your chosen suburbs and a good way of doing this is to speak to a local Real Estate Agent and ask for advice on the best areas to look for within your chosen suburb(s). If your budget doesn’t quite stretch to the best pockets within the suburb have no fear because less popular pockets will still increase in value over time and give you capital growth.
Explore neighbouring suburbs
Neighbouring suburbs offer great options for homebuyers and investors. For example, if you go to your shortlisted suburb and find that you can’t get the type of property you want within your budget, consider looking into suburbs either side of where you want until you find a property that suits your budget and offers the qualities and features you’re after.
Look for lifestyle activities close by
If your chosen area offers lifestyle activities then this is more attractive than another suburb with fewer amenities. Whether it’s a local park nearby, creeks, a beach or a walking track for example – these all make the area more desirable both to you and to potential buyers when the time comes to sell your home.
Think about transport
Being close to transport links is something to think about too. How far away is the nearest train station or bus stop for example? How far are you from the City? Are you near any freeways or main roads? The more transport options available in a suburb, the more that suburb will increase in value over time.