How to decide which suburb you should buy property in
Aspiring property buyers usually have an idea on which side of their city they want to live in, be it the eastern suburbs, the west, south of the city or the north. Regardless of which side, the harder part is selecting which suburb you what to buy into.
To make your selection easier, create a suburb checklist and this will form the basis of your research and help you decide which areas to target. Consider the following items as part of your suburb selection checklist:
· Proximity to your work, social network and family
· Access to amenities such as shops, schools, medical services and transport
· Access to your favourite leisure spots including parks, beaches, cultural centres, cafés and other entertainment areas
· Future developments and potential infrastructure changes or rezoning.
· Research property prices to find out where you can afford to buy. Use industry data to assess an area’s median prices, by suburb, postcode, street or property type.
· Having an idea of your property requirements will also be a big help. This includes:
· Property type – house, unit, studio or townhouse
· Property style – off-the-plan, new, specific architectural period (e.g. Federation, Art Deco, Mid-Century or industrial) or fixer-upper
· Number of bedrooms, bathrooms and parking spots
Do your research to find out when an area was developed or experienced a resurgence in development, and its history of use – such as rural, industrial or residential – will determine the types of properties available.
Real estate research tools
A range of advanced property tools is now available to help you in your search, including mobile, online and print property listings and buying guides.
· Mobile apps: the very nature of hunting for property means getting out on the road. By downloading a property app, your resources will always be on hand.
· Online (web): the convenience of jumping online at any time of the day or night to review the latest property listings is invaluable. Tailor your searches, save search results, shortlist properties, and access the latest market data based upon city, suburb, postcode or street.
· Print: by reviewing printed listings and guides you can obtain an instant overview of a particular market and gain greater insight into featured properties.
· Real estate agents: along with perusing the local real estate agents’ windows, it is helpful to register your interest with a number of agents located in your target areas. They can search for properties on your behalf that fit your criteria, with the added benefit of being up on new properties coming onto the market. And the great news, unlike engaging a buyer’s agent, it will cost you nothing.
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When to compromise
As you progress along the real estate path your must-have property criteria will naturally evolve. The more inspections you undertake and the better you get to know an area, certain property and neighbourhood attributes will increase in importance, while others will fade into the background.
Buying a house in less than perfect condition on your dream street may be worth it in the long run. Alternatively, you may need to spend a little more than you first thought. Just make sure the compromises you make are not purely emotional, and when it comes to finances, always obtain sound professional advice.
If you are buying with anyone other than your spouse it is a good idea to research your joint legal obligations. This is not something to shy away from; it can take the awkwardness out of the financial and contractual negotiations when you find the ideal property.
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This article does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.