Whether you are buying a property as an investor or as an owner occupier, it will always be one of the biggest investments you will ever make, so it’s crucial you get it right.
We have always been told, the most important decision to make is Location, Location, Location. What constitutes the right location will vary from person to person.
Is your ideal location based on lifestyle considerations, amenities, schools, work or relatives? Or are you an investor who bases your decisions on locations that are forecasting the highest capital growth, or those where you can get a positive cashflow?
Whatever your drivers; there is one thing that remains a constant and that is the need to do your homework.
Below are some things to think about when deciding what the right location is for you.
What type of property are you looking for? How many bedrooms, bathrooms etc. Do you want a stand alone, semi or an apartment? Are you looking for a new property or a renovation project?
Know your budget – shop around and explore your options so you can find the best deals out there! Most lenders have online mortgage calculators so you can get an idea of how much you can borrow. Then you can see which locations you can afford given the type of property you have identified in point 1. If you can’t find the type of property for the budget you have, you have three choices.
- Change the type of property you are looking for (do you need three bedrooms etc?)
- Change the location (what suburbs are either side of your ideal locations. Can they meet your needs?)
- Change the budget (can you borrow more?)
Speak to the experts - Before you make any big decisions speak to the professionals. Buyers agents, estate agents, financial advisers, lenders and property investors will be able to share their experience and specialist knowledge with you. Listen and absorb their advice! Here at HomeSource we offer a specialised lawyer service which is very affordable and you can ask any questions about the whole buying process. We also have accredited financial planners who can offer you their expertise with money matters.
Go to the council – ask about future infrastructure and developments in the areas where you are looking. This is a great way of sourcing up-and-coming hotspots.
Become an investigator – when looking in new areas, hang out where the locals do. Go to the local bar, café and hotspots and get talking to the locals. Ask them why they like living there. You’ll be able to get a good indication of the pros and cons of the area.
Forget prejudices – there are suburbs that people will advise you not to buy into. However looking around these suburbs with fresh eyes and not having any preconceptions can sometimes work in your favour! Prejudices can be forgotten over time and you will be grateful that you bought into the suburb while it was still cheap.
So now you are armed with all the top tips, finding your right location should be a little less stressful and hopefully more enjoyable! And remember if you have any questions about the whole buying process join us at www.homesource.com.au or call us to sign up for 60 minutes of legal advice over the phone.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan