Finding the ideal location is one of the secrets of smart buying – you can renovate your property, landscape the garden and even install a swimming pool, but there’s little you can do about your suburb.
Factoring in your lifestyle needs is essential whether you’re buying your first property or dream home.
While your budget can restrict your choice of locations, it should still be a priority, especially for young families who need to be near schools, or downsizers who find comfort in having easy access to a medical centre or hospital. Whatever you need or desire, you must build all of them into your approach.
Selecting a location means creating a list of “must-have” and “nice-to-have” features and looking beyond the suburb to extras such as whether you want a quiet street or cul de sac, to be near public transport, close to shops and schools, and within a suitable commuting distance to work.
Below are some elements that will help you select an ideal area for your next home.
Good investment
Location is a crucial element in determining a property’s value. If you buy in an up-and-coming area, or one in the process of being gentrified, you’re likely to make an excellent investment over a five to 10-year period.
Premium price
If you’re targeting a sought-after suburb, expect to pay extra. That’s not necessarily a bad investment, but you should be aware that you’ll be trading the size or quality of your next home for the area where you wish to live.
Lifestyle needs
Prioritise areas that offer the amenities and services important to you. If you’re a young professional, you’ll likely want to be near cafes and restaurants and have easy access to transport. The proximity of schools often sways young families.
Future plans
Check out what’s happening in the local area before deciding on a purchase. Local development approvals may affect the value of your property, especially if you’ve bought a unit. The completion of a nearby apartment block may affect the value of your unit, at least in the short term. On the other hand, you could be on a winner if a train station is being built down the road.