Look for These When Making a Real Estate Purchase

Couple consulting a real estate agent

With real estate prices continuing to be impossibly high, you’d want to spend your money wisely. Sure, you have the funds and the financial aid to afford a home purchase, but does it mean choosing the location hastily?

Even if you can afford the mortgage, you still need to look at your home purchase as an investment into your future. Here are some considerations when picking a location:

Future Developments

The value of the potential location might change in the future. It’s recommended that you look outside overpopulated and oversaturated markets in favour of up-and-coming developments when looking to make a real estate purchase in North Melbourne.

You will want to find places where schools, malls, and other commercial establishments are within a good distance from your doorstep. It doesn’t matter that they’re not there yet, as long as they are part of the developer’s plans.

The closer they are to completion, the more expensive the price of surrounding real estate will be, so time is of the essence when you’re making a purchase. If you caught wind of a new development underway, it’s time to look at the prices they are offering before more people show interest and drive prices higher.

Proximity to Work

Real estate and client on a site visit

You are not just expected to play hard in your new neighbourhood. You also need to work hard without having to commute hard. Residential areas may not exactly be within walking distance to work, but you should have a straightforward route to follow to save time on the road.

Part of the reason you can afford the mortgage is your salary, but if a huge portion of it goes to transportation costs, you may be short on your budget. On top of that, if you are stuck in traffic for hours each day, it may affect your productivity.

Consider these costs when weighing your real estate options near work or planning to move to a different job closer to where you want to live.

Opportunities to Socialise

You want a quiet neighbourhood, especially if you are raising children. However, you do not want it to be too quiet that it stifles interaction and socialisation. A good neighbourhood should be one that encourages socialisation and fosters a good relationship among neighbours.

You want your children to grow up with children their age so that they will know how to socialise in school. You also want to feel like a welcome part of the community. When looking to settle down with your family, the investment that the community puts into its members is one of the things to consider.

Of course, you’ll want to look at the quality of the neighbours you have, as well. Interaction with them is encouraged, but you should still be able to keep your privacy without feeling alienated or feeling unsafe in the neighbourhood.

A home purchase is not just about buying real estate that is within budget. What qualities do you look for in a neighbourhood? Consider how they will improve your quality of living now and in the future.