Choosing where to live has a major impact on your life and lifestyle. Do you want to be close to the city or somewhere quieter? Is it important to you to have plenty of services nearby, like public transport or supermarkets? Maybe you just want to be within walking distance of your favourite cafe. Whether you’re renting or, even more so, if you’re looking to buy, the locations you consider are almost as important as the home itself.
There are plenty of things to take into consideration when looking for your next home, and location has to be one of them. But don’t get too overwhelmed, there are a few simple questions you can ask yourself to distil your priorities down and pick the right place for you.
What Matters Most to Me?
By starting here, you can whittle down the options. Think about Melbourne, for instance. There are about 321 suburbs within its 31 local government areas in metro Melbourne alone, and every single one of them has its own benefits and personalities.
If short commutes are important and you work in the city, staying in the inner suburbs, probably close to a train or tram line, will probably be your priority. If you love spending your weekends by the beach, somewhere bay side will be better than somewhere in the northern suburbs. Maybe you’re planning on being there for a while and want to be close to good schools.
Taking the time to consider everything, maybe writing up a ‘must-haves’ list versus a ‘nice-to-have’ list, you can start narrowing down what is and isn’t realistic for your next home.
How Much Can I Afford?
This one can really be the make-or-break of choosing where to live. If you’ve been renting a two-bedroom house with off-street parking in somewhere like Carlton for a few years, but now you’re looking to buy, you may not be able to afford the $1.5-2 million price tag.
Before you get your heart set on any particular location, talk to some financial experts and work out a realistic budget. Take into account your current financial situation, think about putting in place a savings plan and consider the type of borrowing power you may have. The price of buying a house can vary widely from the inner city to the outer suburbs, and making the move a little further out may be the key to getting that first foot on the property ladder.
Speaking with a local expert, like a mortgage broker in Moonee Ponds or Essendon or even Reservoir, can help you understand your borrowing capacity, explore loan options, and even discover up-and-coming suburbs you may not have considered.
What Lifestyle do I Want?
So you’ve worked out what’s important to you, you have an idea of your budget, now is the time to start researching different suburbs and the types of lifestyles they offer. Your mortgage broker may be able to advise on suburb profiles and can also take into account the average prices of homes in the area to avoid selling you a dream that’s far out of your budget.
Jump on Google Maps and look at how many public transport options are nearby, and if there are any cafes or restaurants that look good. If you’re an active person or you have a dog, looking for walking or biking tracks could be a good idea. What are the types of people who live in the area? Is it a quieter family environment with schools, or does it attract a younger crowd with bars and take-away spots popping up? Keep the area’s infrastructure in mind when you’re looking to make the investment.
How Long am I Going to Live Here?
You don’t want to buy a house and get into masses of debt with the intention of living there for 10-20 years, only to realise that the area can’t grow with you. If you’re signing a new 12-month lease, it might not matter too much because you can always reassess in a year and give somewhere new a try (even though no one loves moving).
If you’re thinking of having kids in the place you’re moving, consider the school catchment you’re in or if your home is big enough to fit a new little person. Are there any planned infrastructure projects for the area that will make more services more easily accessible to residents? It’s also worthwhile talking to experts about the potential for property market trends and capital growth, so you’re aware of resale value if you decide to move later down the track.
But What if…?
Think about the person you’ll be in five or ten years. Now think about the location you’re considering. Does the area fit in with the lifestyle of your future self? Consider all the what-ifs and whether you’re making a good commitment.
What if I want to take some time off work to have a family? Can we still afford the mortgage repayments? What if I transition into a fully remote job? Will being this close to the city still matter to me? What if I finally decide to get really into hiking? Am I close enough to good trails to make that happen?
This can be a difficult but valuable exercise to help you distil what’s important to you before you buy. You don’t want to compromise too much at the beginning and regret it in 10 years.
Choosing the right place to live can be make-or-break. By asking yourself some important questions, talking to financial and property experts, and doing the research, you can make sure your next move is a good one. After all, what’s really important is location, location, location.
