7 Tips For Finding Your Perfect Suburb
Whether you’re looking to buy a new home for yourself or an investment property, moving to an unfamiliar suburb can be intimidating. With some strategic research, though, it’s easy to make the right choice.
If you’re trying to decide which suburb is the best fit for your next property purchase, this guide will help. Read on as we break down 7 research tips for every buyer to keep in mind.
1. Build A Budget
Before you can figure out where you want to live, take a step back and ask yourself where you can afford to live.
Some suburbs will always be more expensive than others. Don’t fall in love with a particular area until you’re confident you can buy a property there.
Start by calculating the amount you can afford to pay for a deposit.
Most lenders in Australia expect you to put down at least 5 per cent of the property’s list price. If a property cost $500,000, for instance, you’ll need to put down $25,000.
From here, calculate how much you can afford to pay per month for the mortgage. Then, factor in additional costs like utilities and insurance to give yourself a more realistic budget.
2. Figure Out The Fundamentals
Once you know what you can afford, get clear on the type of property you want to buy. Ask yourself some fundamental questions, including the following:
Is there a specific part of the city in which you want to live?
Is it important to you to be close to certain schools?
Is it important to you to be close to other amenities, such as shopping centres?
How far are you willing to commute to work each day?
When you have a general idea of where you want to live, get familiar with the different suburbs on offer.
For example, what are the average age and income levels of the residents? What is the breakdown of different dwelling types and the number of owner-occupied vs rented properties?
3. Survey The Sales Data
Looking into sales data in a particular suburb can provide more insight into how much a property will sell for, as well as how much property values in the area have increased over time.
Take a look at the suburb’s sold listings and auction results from the last few months. This helps you gauge what you’re likely to pay if you try to buy a home in this area.
For the most accurate information, make sure you’re looking at properties that are comparable to the kind you want to buy. After all, it doesn’t make sense to look at sales data from studio apartments if you want to buy a 3-bedroom home.
4. Plan An In-Person Visit
Photos published online can only tell you so much about a property and the suburb in which it’s located. If you’re able to, plan an in-person visit.
Once you arrive, don’t just look at one specific property, either. Park your car and take a walk around.
Exploring the suburb on foot gives lets you see the kinds of people who call this place home. You’ll also get a sense of how safe the area is and the kinds of amenities you’ll have access to if you buy a property there.
Pay attention to factors that might diminish people’s quality of life while living here, too.
For example, if a property is close to a busy, main road, it might be a little unsafe for families with young children.
5. Know Your Neighbours
In addition to getting to know the people who live in a specific suburb, it’s also a good idea to drive around and explore the neighbouring suburbs.
This helps you get a better sense of the area as a whole.
Does it seem like an area that’s in a growth phase? This is a good sign that property values are likely to increase in the coming years.
Are the surrounding suburbs less-than-appealing? If so, there might be potential risks in buying a property nearby.
Exploring the neighbouring suburbs might also expand your view of the area and open you up to other properties that might not have been on your radar otherwise.
6. Crunch The Numbers
A lot of math goes into buying a new property, whether it’s a house for you and your family to live in or an investment property you plan to rent out.
Unless you’re confident this property will be your forever home, you need to crunch the numbers and think about how property price values will increase over time. This helps you ensure you’ll be able to sell the property at a profit in the future.
If you plan on renting out the property, look into the rental prospects for the particular suburb as well.
For example, what is the ratio of owner-occupied properties vs rental properties? What are the vacancy rates and average rental returns?
The answers to these questions can help you decide if buying in this suburb will be a profitable decision for you as a real estate investor.
7. Time Poor? Find A Buyer's Agent
Don’t be afraid to call in a professional, especially important if you’re short on time and need to buy a property fast.
A buyer’s agent will do all the heavy lifting for you, from researching different suburbs to negotiating the final sales price. Plus, here at Hot Property our services extend beyond settlement day. Our expert team also provides renovation consultation and management services to help you get the best returns possible.
Find The Perfect Suburb With Hot Property Buyers Agency Today
After reading through these research tips, we hope you feel a bit more confident in your ability to find the right suburb for your next property. You might also be questioning when you’ll find the time to take all those steps.
If you fall into the second group, don’t panic. Hot Property Buyer’s Agency is here to help.
If you’re looking for a reputable buyers agent in Brisbane, our team will not disappoint.
Get in touch today to learn more!