Owning a home is arguably one of life’s biggest achievements. But given the amount involved in acquiring residential property, it’s also a really big investment.
Nevertheless, many Australians choose to be homeowners. Data published by Trading Economics in 2016 showed that more than half (65%) of Aussie households own their homes outright.
The dark clouds that hovered over Australia’s economy for years have also lifted, and GDP growth continues on an upward trend. Strong economic prospects can only serve to benefit vital sectors like real estate.
Home buying is likely to be the biggest financial risk you’ll ever take. That being said, you’ll want to invest in a property that won’t depreciate quickly. This makes choosing the right neighbourhood will be as important as what goes into the house itself.
With that, let’s get into what a ‘good’ home location should look like.
Suburb Research
Safety, proximity to work, good schools, and availability of public services are usually the top considerations for homebuyers. However, you’ll want to buy a house that not only fits but also looks good on your investment portfolio.
This is where suburb research comes in. The goal is to snap up a piece of residential property in a suburb that’s likely to grow and flourish over time.
How do you tell if you’ve found that ideal suburb? Here’s a 9-point checklist from Urban.
- Homes are selling as soon as they reach the market
- There are pending infrastructure upgrades
- Excellent public transport
- An abundance of new businesses and start-ups
- Many of the available amenities are within walking distance to many amenities
- The neighbourhood is home to many well-regarded schools
- Lower rental vacancy rate
- First-time homebuyers are flocking to the area
- Neighbouring suburbs are already in demand
Once you’ve landed on that ideal suburb, check out property developments in the area. Needless to say, you’ll want to go with a company with experience and a good track record. If you’re house hunting in Queensland or Victoria, AVID has quite the selection of residential developments that are well worth a look.
Property Type
After selecting the right suburb, the focus then moves on to the house itself. Homes come in different shapes and sizes so it is essential to pick one that will make a comfortable abode for all the intended residents.
Structural integrity is another important factor when looking at houses. Enquiries should always be made about plumbing, electrics, insulation, and materials in the structure. If it’s an established property, it may be good to have the house inspected to check if there are any existing damage.
Do you have a specific vision for how your dream home should look like? In that case, it may be best to build a home rather than spend your time looking for one. If so, your focus then shifts to finding a suitable plot of land for the structure you have in mind.
Head on over to Harmony Living If you’re planning to put down roots in Palmview on the Sunshine Coast.
At the end of the day, you want a home that ticks all your boxes while being a sound investment. Whether you’re buying or building one, remember that a ‘good’ location is always a must!