Making an informed decision about your dream property
When it comes to real estate, there’s no one-size-fits-all answer. Whether you’re a first-time buyer or looking to upgrade your current home, it can be challenging to determine which property is the right fit for you.
In this article, we’ll explore the different factors to consider when kicking off on your property-buying journey. From location and budget, to lifestyle and future plans, we’ll help you weigh up the pros and cons and figure out what property is right for you.
Think through your future plans
Buying property is a long-term game, so it’s important to think carefully about what you want from your future. Don’t just think about what you want right now, but what you might need in the time you’d be living there – whether that’s 5, 10 or 20 years.
And if you’re investing, consider what you want to get out of a property. Those goals will make a big difference in the choices you make down the line, no matter where you are in your home buying journey.
Here are some questions to help give you more clarity:
- How long are you planning on staying or holding onto the property?
- How will your needs and lifestyle change?
- Is this your forever home, or a step along the way?
- What does a property need to satisfy your investment strategy?
Consider the type of property
Every type of property comes with its own list of pros and cons. Buying off the plan gives you the excitement of watching your property come to life, while buying an established home gives you the confidence of a build that has the ability to last. And while apartments come with strata fees, they also require less work to maintain.
You’ll need to think about what kind of property will suit your needs – now and in the future – before you decide on the specific place you’d like to buy.
Some questions to ask yourself:
- Are you looking for a house, unit or apartment?
- Do you want a place no one else has lived in?
- Would you like the confidence of an established property?
- Are you willing and able to do renovations if needed?
- Would you like to build a home yourself?
Don’t forget about location
If there’s one thing you can’t change about a property, it’s location. Make sure to do your homework and figure out what areas are going to best suit your needs.
Whether you’re buying to live in or rent out, the closeness of amenities like shops and schools is something to consider. As is the availability of parking and public transport. But don’t discount the ‘vibe’ of a place and how it makes you feel – especially if you’re buying a place to call home.
As a guide, try thinking about the following:
- Where do you want to live?
- Can you afford to buy there right now?
- What infrastructure and services do you want nearby?
- How important is parking or public transport?
Remember, if you find that you can’t quite afford to live in the area you’d like, rentvesting is always an option. That’s when you buy an investment property in an affordable area while you rent a place to live in a more expensive area.
Make a list of the specifics
Once you’ve got the basics down, it’s a good idea to get clear on some of the specifics as well. Try making a list of ‘must-haves’ and ‘nice-to-haves’ when it comes to the features you’d like in your ideal property. This will help you compare all the different options you see, and make sure you don’t get caught up in the romance of a place that won’t actually fit your needs.
As a start, here are some things to consider:
- What kind of kitchen are you looking for?
- How much storage do you want?
- Would you prefer sun in the morning or afternoon?
- Is air conditioning important to you?
- Do you want a garden to maintain?
Some final words
It’s always a good idea to take your time when making a decision as big as choosing the right property. By considering your financial position, your life goals, and what you need in a home, you’ll be able to make a well-informed decision that will best suit your needs.
Whether you’re looking to invest, settle down, or start a family, there’s a property out there that’s right for you. Just remember to do your research, take your time, and don’t be afraid to ask for help along the way.