Are you thinking about investing? Let’s talk familiar markets and where to buy.
We’ve all heard it; “location, location, location”, is the most important aspect of home purchasing. It truly is significant, as the location affects your return on the investment. Consider buying an investment property in an area you’re familiar with as it’ll take you less time to research. Check recent sale prices in the area to give you an idea of what you can expect to pay for local properties. You might be familiar with the area, but the location you can purchase in will depend on its affordability. Which is why we’ve listed some tips below to help you along the way:
Know your budget
As mentioned above, affordability will affect the location you can purchase in. The best way to determine your budget is to meet with a lender or mortgage broker (hint: Legal Lome Loans!). This way you can obtain a pre-approved loan, before you begin your search!
Short list your options
With your budget you can then short list a number of suburbs you wish to purchase in which are within your price range. It’s also helpful to give an agent in the area a call and find out if there are properties within your range, if not ask suburbs nearby.
Map the suburb
A great way to understand the dynamics of the suburb is to ask your estate agent to map out the different areas in order of popularity in the suburb. This will help you understand where the less sought-after areas are (great to invest in), as the suburb as a whole will increase in value over time.
Explore the suburb! – Hang out where locals hang out
If you’re not familiar with the area, then get to know the suburb and neighbouring suburbs! This way you can understand the features and qualities you’re seeking. Another great question to ask your agent is “why do people like living here?”. Head down to the popular spots; cafes, picnic spots, local shops to understand the type of atmosphere and people in the suburb. Keep in mind transport is extremely important to consider, know the options available. The suburb becomes more valuable over time if there are a variety of public transport options in the area (or pending transport options!).
When you’re ready to purchase we would love to have an obligation-free meeting about your home loan options! Call us on (02) 9030 0420 or email us at email@example.com