How to Choose a Suburb to Call Home
The market is moving and now is one of the best times to buy in quite some time! Here are some tips on how to assess if a suburb is right for you!
- Decide what’s important for you? Do you enjoy eating out, are you into exercise, fond of the odd night out or do you have a young family and are thinking about their schooling options in the future?
- Identify your top 5 “essential” items. These are your non-negotiables which you absolutely can’t live without. Make a list of suburbs which can provide these for you, within your budget and focus your search in these areas.
- Thinking about your lifestyle, what facilities do you need to make this suburb your home for the foreseeable future? Do you need tram or train access for your daily commute to the city? Do you need access to a particular chain of gyms? Do you have specific eating habits only available in certain suburbs? Think about your lifestyle and what you need access to within 5 minutes of your home? This will help you determine if a suburb is going to make your list.
- Demographic of a suburb might also play a factor in making the best decision. If you’re looking to make friends or become an active member of your local community, you might want to consider looking in suburbs where you will find a similar demographic. This type of information is readily available online and demographic will also affect the facilities available in your area. People watching is also a possible action if you want to get a “feel” for an area. Visit a couple of cafe’s over a period of a month or so in the area you are considering and observe those who reside in this community to see if it’s a fit for you.
- When purchasing a home, it does pay to consider resale value. You may live in it for the next 5 years but want to trade up if you decide to start a family or decide that your lifestyle has changed sufficiently to warrant a move. If that’s the case, it might be worthwhile researching the sale prices of similar homes in that area and to look into potential growth through future infrastructure upgrades which are scheduled to occur. Those with infrastructure scheduled will have their value pushed up significantly through the improvement in facilities. You might also want to introduce yourself to a local real estate agent and find out from an expert what their thoughts are in terms of resale value.
- Price points and budget are also likely to play a significant factor in choosing a suburb. Financial advisors recommend not overspending and even erring on the cautious side of the amount a bank will lend you. If you have your heart set on a particular suburb but it’s outside your budget, look for an adjoining suburb which is within your price point.
Understanding the difference between your “essentials” and “nice to have’s” is key to finding the right place for you, your budget and your lifestyle.