If you are in the market to buy a home, you will undoubtedly be extremely excited about the process – to the point where you may be impatient enough to sign the deed for the first property you see. However, it is crucial that you purchase a home in a suburb that is right for you and your family (if applicable). These handy tips will help ensure that you purchase the right home in the right suburb.
Know what you can Afford
Before even going out to look at homes, you need to know how much you’ll be able to afford. The easiest way to find this out is to meet with a lender or mortgage broker so that you can obtain a pre-approval. This will assist with your search in that it will prevent you looking at homes that cost more than you will be able to afford.
Explore Local Amenities
Regardless of which suburb you would like to stay in, it’s always a good thing to have several amenities available – preferably within walking distance. If you have a family, you will want amenities such as schools, parks and other child-friendly entertainment venues nearby, whereas if you are a young couple, you will be keen to have restaurants and other forms of entertainment close to where you live.
Consider Neighbouring Suburbs
If you have your heart set on a particular suburb, but find that home prices are too high for you to afford, you may be able to find what you’re looking for in a neighbouring suburb. In many cases, you could find a property that is far more affordable, yet still has all of the items (or almost all) on your wish list. Purchasing in a neighbouring suburb will also enable you to be close to the amenities you desire.
Transport is Crucial
Although you may not currently need to use any of the public transport options in a particular suburb, the fact that they are available will render a property in the area more valuable as times goes on. Having easy access to major routes is a huge plus because it means that you will be able to spend less time in traffic travelling to and from work each day. If you happen to be without a vehicle at any point, knowing that there is public transport on hand will also be a tremendous stress reliever.
Enquire about Potential or Planned Developments
Before buying a home, it’s essential that you enquire whether there are any potential or planned developments that will be taking place in the area in the near future. For example, if the city has plans to erect new parks or a suburban shopping hub, you could find the value of your new home skyrocketing in the future.
Another tip to keep in mind when house hunting is that it is always better to purchase the cheapest home in a more upmarket suburb than the most expensive home in what is considered to be a ‘bad’ suburb.
