In buying a property, location is the first and foremost consideration. But no matter how many times it’s mentioned, it’s still a bit confusing as to why it is a major part of consideration. However, describing a good location could bring up different meanings to different people. In this blog, we will highlight why location matters especially if you are considering your property’s surrounding suburbs.
Related: As a first-time owner, should I buy now or wait?
Development Potential
It’s important to consider the future development potential of a suburb because it gives you a glimpse of the kind of life you will possibly have should you decide to progress with the purchase. It helps to research about the following:
- what the council has proposed from a community perspective
- private developments that will most likely prosper
One good indicator that the location is a hot market is the number of people who are interested in buying properties. If others are investing into the suburb through purchasing knockdowns and developing the land into townhouses or brand new homes, it simply means that the suburb is growing. If you’re able to identify these signs early and purchase, you will be in a position to reap the benefits when you look to re-sell.
Accessibility (Public Transport)
In this context, accessibility could mean that your suburb, as well as its surrounding suburbs, are transportation-friendly. It is especially helpful if the area has methods (train, tram and bus) of entry. This is a clear indication for urban planners and potential businesses that the community is a ripe area to invest on. An accessible community is an area of endless possibilities. This could be a probable reason for your property’s increase of land value in the near future.
Amenities
This is the most important and now-centric reason on why you should consider the surrounding area of your property. The two things mentioned above are centered on your future plans. But actually what you should focus on is how the neighbourhood could add value to your current way of life. Do you have access to amenities that you need? Ask yourself these questions:
- How far is the hospital?
- Are there schools for your kids?
- Where can you go for shopping or dining on a Saturday evening?
The answers to these questions would help you visualize the kind of life that you will start in the property you’re eyeing.
Having a look at the location of the property could help you visualize your present and future life. Envisioning how things would look like could help you decide if the property is a good fit for your current and future plans.
To help you look for properties that fit your requirements, reach out to one of the highest-rated Victoria real estate agents: Collings Real Estate. Schedule an appointment with us through our contact form or give us a call: +61 3 9486 2000.
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