We’ve all heard the saying “Location, Location, Location” but what the real suburb features you need to look out for when purchasing property. Regardless of whether you are buying a home or an investment property, it is essential you get to know the neighbourhood before moving in. Here are some key factors to consider prior to taking the plunge.
ACCESS TO AMENITIES
Make sure you will have access to the lifestyle amenities you deep important, such as parks, green spaces, walking tracks, beaches, biking trails, fitness centres and gyms etc. No matter whether you are buying a home to live in or a property to rent, understanding the local amenities is very important. If you are purchasing a family home, consider the local school catchment area and access to good schools, both public and private. Are there public transport links such as a train station or bus routes? No matter where you live, access to transport is important, particularly for those commuting to and from work. If you are planning on buying in the outer suburbs, make sure the property is well connected to major roads and freeways.
LIVE LIKE A LOCAL
After finding the suburb you want to purchase in, it is time to check it out. Spend a day driving through its main streets, visiting the local shops and cafes, and getting the feel for the local community. Don’t be afraid to have a chat with your potential neighbours, after all they know the area best, is the suburb safe, peaceful, and quiet in the evenings. Visit the property at different times of the day, and even different days of the week to get a better idea of the surrounds and what is going on.
ZONING AND PROPOSED PLANNING
During your research, be sure to find out if there are any major projects such as infrastructure, commercial or large-scale residential developments happening in the area. Any proposed development could greatly affect the quality of living in the short and long term and property prices down the track. As a rule, a strong track record of population growth, not simply one that’s undergoing mass development.
FUTURE PRICE GROWTH
Take the time to consider the suburbs potential future price growth. There are some key trends to know if you’re purchasing in a rising suburb, such as low rental vacancy rates, sought after neighbouring suburbs and homes selling as soon as they hit the market. If you are purchasing an investment property, chose a suburb with a high proportion of renters, no less than 30 percent, as this will help maximise your returns down the track. Consider a suburbs gentrification and changing demographics of an area to better understand the market and its renters. Regardless of whether you are purchasing a property to live in or to rent, it’s always worth knowing how much you could lease it out for in the future.
OTHER THINGS TO CONSIDER
There are several other things to consider when choosing a suburb to live or invest in. For example, is the suburb well connected with mobile and internet coverage and does it have access to NBN, Is it close to hospitals or medical centres. Suburbs that are home to large employers can be highly appealing to prospective tenants, as people want to live close to work. Another factor to keep in mind in the general attractiveness of the suburb. Tree lined streets and pretty architecture can add real value to your property over time, along with clean footpaths and good street lighting.
