When you're looking to buy or rent a property, there's a lot more to consider than the price alone.
Location, location, location! We’re constantly being told how important it is to buy or rent a property in just the right spot, but how can you determine which suburb is right for you?
Looking for an investment property?
If you’re buying an investment property, you really need to do some research and find suburbs that demand good rental prices. The last thing you want to do is spend money on a property in an area that no one wants to live in. Inner-city locations are always sought after, as are suburbs close to hospitals and tertiary institutions.
Before you start looking at properties, have a think about the type of lifestyle you enjoy. If you work and play close to the inner city, then it makes good sense to live nearby – you don’t want to worry about how you’re going to get home after Friday night drinks. If you have children and prefer a less congested and more family-oriented environment, your suburb choices should reflect that. Some people love the thought of home being a quiet sanctuary, so suburbs on the fringes of the city may work best.
We all have certain things we need to make our lives easier. Make a list of non-negotiable priorities you can tick off with each property you see. Many people like to be within walking distance of supermarkets, schools, public transport and parks. Or, if you’re a social butterfly, cafes, bars, restaurants and cinemas in close proximity are a must.
Get a feel for the area
Before you buy, get a real feel for the suburb. Check out the property at different times of the day. Is it difficult for visitors to get a park? How long does it take to walk to the station? Do you enjoy walking through the neighbourhood? You should feel comfortable with the suburb and its surrounds.
Don’t forget to look into other costs that may impact where you buy, such as local council rates and body corporate fees (if you’re looking to buy an apartment or unit). These will vary based on the area and property type. While you’re at it, you can use our online estimate tool to find out what you could pay for your gas and electricity based on your usage.
Wherever you choose to rent or buy, make your decision a well-informed one to avoid any regrets.