The saying “location, location, location” applies to whether a particular area meets your personal needs as well as whether a property is a good long-term investment. First home buyers tend to be less aware of the importance of location than experienced investors, often overlooking that the location of a home will influence:
- Zoning for schools, which can determine where your children will be educated;
- Whether public transport can get you from home to where you work (and play) and back;
- The amount of sunlight your home will get, which in turn will influence your ongoing costs of heating the property;
- The lifestyle of the area – if you enjoy the city nightlife, a suburban option may not be your best option;
- The overall desirability of the area, which will influence your ability to sell in the future. This means more than being able to sell at a particular price, it also determines how long it takes to sell.
These are just a few examples of how the location of a property can be more important than the price of a home. It can also dramatically affect the options you have in the future in respect of where your children can go to school, whether you need to adjust your lifestyle to live in a particular home and the overall cost of living there. Keeping an eye out for location is an excellent starting point for buying a home, and once you have some areas earmarked you’re on your way to shortlisting some properties.
First Home Buyers – finding a house that meets your needs
It can take some time to find a place that fills all of your requirements within your budget. It is important to prioritise your property needs so you know which factors you are willing to compromise on. It is a good idea to make a list like the one above, and number the priorities in order of importance. This will help you decide which properties are ones that you would seriously consider buying, and which ones would be nice but do not quite meet your current and future needs.