Purchasing a property is generally something all adults consider, whether it be as an investment or to reside in. Selecting a property is no easy task, especially when the financial stakes are so high. When purchasing your property, exactly what factors are absolutely crucial you consider?
Every major city in Australia is accompanied by a plethora of suburbs with varying dwellings and social hierarchies. As an interested buyer, this gives you a fantastic range of opportunity, you just have to make sure you purchase smart. Blend this with all the large selection of land types, whether it be apartments, flats, units, houses or developmental projects, it may be confusing to know which factors you need to prioritize.
Realtors often advise their customers to purchase withered properties that require a lot of attention, but often so on prospective land. Why? Since restoring a house in a fantastic area provides yourself the very best return on your investment. Quite simply, it’ll be a lot easier to sell in the future and can add substantial value to the property. Conversely, you can purchase a gorgeous house that does not require any work. However, when the block is sketchy or just plain awful, you may have difficulty selling the house at a nice cost. When considering location, you need take into account the demographic and local services. If you are unfamiliar with an area, compare it to commercial properties in neighbouring suburbs. Seek out your local commercial property agent for professional advice.
If “location, location, location” is so important, what makes a place good? Here are five attributes to look for when purchasing a house. If the property aligns with the following criteria, then you might be onto something!
1. A secure neighborhood
People are naturally drawn to areas with a low crime rate. If you were to raise a family, you would want them and yourself to feel safe when walking the streets. Naturally, they wish to feel secure in their houses and will pay extra because of it. A secure neighborhood means individuals will not be fearful of home invasions occurring, willingness to go outside and also socialize with their neighbors. A strong sense of community encourages creates a sense of unity and faith in the area.
2. Excellent Education
Being within a fantastic school district opens a new window. Even if you do not have children of schooling age or don’t plan to have children at all, it adds great value to your property. Truth is, young households constantly will be purchasing their first or second houses. They’ll perform their house search based on place generally and decent school districts specifically. The greater the college district, the greater the values of the surrounding houses can be. It implies that local services will be available and should you decide to sell, it will be in demand.
Have you located a home you enjoy but the college district is subpar? Be conscious of this issue for resale in the future. A terrible school can decrease the value of your home.
3. Convenient access to favorite areas, stores, and restaurants
Everybody wants to be close to the very best commercial districts. So many people gravitate towards the central business district of a city or the inner suburbs. This is due to a range of factors – public transport, shopping, entertainment, education, and convenience. Another popular location to purchase a property should you have the funds, is close to the beach. These properties continue to rise in price and are considered desirable by many.
4. Vibrant and fun lifestyle
Is the area located near any festivals, or near a public transport route that gets you there? There could be music festivals, comic expos and technology conferences for example. Lets say you were living in Brisbane, some Queensland festivals you could attend are Myriad (tech conference) or Laneway Festival (music festival).
5. Accessibility to public transit and/or freeways
In Australian major cities, the further you live from a train station, tram route or bus station, the less valuable the house. A fantastic place means being quite close and using easy access, to public transport. Being close to a bus or train can get you everywhere in a brief quantity of time. In certain cities, where a commute by car is unavoidable, simple access to the freeway makes for a fantastic site. Adding 20 minutes into a sail simply to get into the freeway never helps a place.
What makes for a negative location?
When looking at poor properties, you will start to pick up mutual traits between them. What factors are weighing it down and contributing to its value detrimentally?
Ever find a house with a backyard which faces the freeway, or a house with a driveway in the center of an intersection? Whether the house is in Perth, Canberra or Brisbane, these traits are likely to lead your proper
ty to be considered undesirable. Is the house a concealed driveway, or a one-story loft eclipsed by a three-story flat next door? Again, it is probably considered a lousy place.
Additional factors that can bring down the value of the location include the following:
- Hospital: Regular sirens, having to be highly aware of ambulances speeding through.
- Fire station: Regular sirens, having to be highly aware of fire trucks speeding through.
- Airport: Plane jets are very loud.
- Schools: If you are too close to a school, you can sometimes be affected by the drop-off and pick up times by falling victim to congested traffic.
A few “good” and “bad” qualities only vary by neighborhood. If you know the regional neighborhood, you understand which parts of town are more desired. It is always wise to lease in a brand new community prior to committing to a home purchase. Leasing allows you time to get knowledgeable about the location.
These things matter when you are taking into consideration the place of a house for sale. But not eliminate sight of what matters most to you concerning the place. If you are a Melbournian mad about cricket, for example, you may want to live near a park with cricket cage facilities or near a train station that gets you to the Melbourne Cricket Ground. Location is incredibly important. Do your research and cover all your bases. Its an investment for the long term! Take precaution and use a capital growth calculator too see if the value of the property is expected to increase over time. Seeking first time property investment advice is an excellent investment.