Buying a home is a significant investment, so it’s important you find the right location.
So you’ve decided that low interest rates and softer prices make it the perfect time to purchase your first home or upgrade to something a little bigger.
Before you embark on your house search it’s essential that you take the time to consider where you want to live. Why? Because your home is a big investment and location can make all the difference between finding a dream home that will give you years of enjoyment or a lemon.
Here are some key considerations to help you determine the right neighbourhood for you:
• Pace of life: If you’re young and looking for proximity to entertainment you may want to choose inner city. If the quieter life is more your cup of tea, look for city fringe suburbs or find out where some quieter pockets can be found in the city. Don’t be tempted into believing an acre block or inner city apartment will work for you if you know it does not suit the lifestyle you lead.
• Family plans: If you’ve got family, or are expecting to soon, it’s important to think about proximity to schools, child care and sporting facilities as well as transportation.
• Employment: Find out what job opportunities exist in different locations and be sure to choose a location where the economy is growing and employment won’t be a problem. If you’re currently in work, make sure the commute in each day is not too draining or time consuming.
• To stay or sell: If you’re buying with intentions of settling in be sure to choose an area you really like that fits your lifestyle for the here and now but will also cater in the years ahead as your circumstances change. If on the other hand capital growth and re-sell are part of your plan you may be better off going head over heart and choosing a location that offers strong growth potential.
Remember, no neighbourhood selection should come without a lot of research. Look into crime rates and be sure to find out if any big developments are in the pipeline in your area.