6 Things That Make Up The Ideal Location When Buying A House For The First Time
Choosing your first home in Sydney with a location that suits your needs the best can be a tedious task. Your research for real estate investment should go beyond just the location, like the neighbourhood, budget, lot location, and size and safety.
Real estate investment for first time home buyers is a very crucial stage considering their financial budgets, and maintaining a lifestyle is not easy to achieve. Here are 6 factors that can affect your property.
1. The Lay Of The Land
The location of the land can affect its worth. A House located in the heart or centre of the city could get more expensive than the one found on the outskirts of the city.
In fact, experts in the real estate business often place emphasis on location. You should always consider this while planning your budget. You can also apply for a First Home Owner Grant (FHOG).
This scheme could grant you $10,000, but for property buyers who are either a couple or a person, buying a house for the first time. Here are some basic eligibility requirements:
- Your age should be 18 years or more.
- One of the applicants should be a citizen of Australia.
- You must not have received any previous FHOG.
Property buyers should also take into account many forgotten costs.
- Stamp Duty
It is one of the most expensive things when it comes to buying a house. It can easily go up to thousands of dollars.
- Insurances
You should always have insurance on your property and items attached to it. But some banks ask for insurance beforehand, so it may cost up to double.
- Inspections
A heavy inspection of your house could save you from a lot of damage that may come later on. It can be expensive if you get a serious inspection.
- Council Rates
If the previous owner has paid an annual council rate counting on when you start residing over the property, you will have to pay a fraction of it.
Location is a demanding factor, but there is a lot more besides location one should keep in mind while selecting their desirable property.
2. Availability Of Markets And Amenities
One of the important factors to consider while looking for a property are home necessity supplies. Amenities like grocery stores, drug stores, restaurants, and shopping malls should not be too far from the property.
There’s a reason for this. An apartment owner like yourself wouldn’t want to travel from one end of the city to another end, just for groceries.
3. Desirability Of The Neighbourhood
Property buyers must also ensure that the neighbourhood matches their lifestyles and needs. You should ask these questions before buying a first home in Sydney.
Appearance
You should check how long the houses have been there in the real estate market. This will help you decide if the neighbourhood is a popular one or not. You can also check for nearby parks, local gyms, public spaces, and any nearby scenery, but this also results in a hike in price ranges.
Development
After checking the present proximity, you should further research on the future developments of the area, such as hospitals or building infrastructures, it helps to determine the price of the property.
But proceed with caution: a house too close to the fire station, a railway station, or church can result in a drastic decrease in the value of property due to noise and traffic.
4. Nearby Local Public Schools
A school close to the property helps to step up in real estate investment opportunities. Many property buyers look for schools nearby, not because they have kids but to sell the property easily in the future if they want to.
5. Local Security And Safety
Safety always comes first while searching for your potential property. You must ensure if there are any residential welfare associations. If not, check for how inclined local security is for the location.
Recent research from the 2018 UK House Price Index and data from police, shows that a neighbourhood with a low crime rate is a very ideal property for buyers to invest in.
6. Transportation And Work
When it comes to property investment opportunities, accessibility should be taken into account when commuting to work is your daily routine. You must select your standard location based on the accessibility of public transport such as city rails or highways, which are both time and cost-effective options.
Conclusion
There are many real estate investment opportunities available in the market for first time home buyers, but you should always research the factors like cost, future prospects, and risks revolving around it.
One should always be a step ahead when getting into property investment opportunities. You could always reach out to experts at Quarter Acre who’ll be happy to help you.
