Whether you are moving or buying for the first time or the fifth time, one of the most important decisions you’ll make when selecting a property is which neighbourhood it’s in. Not only can a good neighbourhood make you feel at home, but it can also work to maintain the value of your home too.
What will your future suburb say about you?
As the saying goes, it’s all about ‘location, location, location’! So, when you’re on the hunt for a new home it’s often good to consider where the property of your dreams is located and what the neighbourhood is like.
Whether you are moving or buying for the first time or the fifth time, one of the most important decisions you’ll make when selecting a property is which neighbourhood it’s in. Not only can a good neighbourhood make you feel at home, but it can also work to maintain the value of your home too.
To get the best value, consider the neighbourhoods you really want to live in, then factor in the resale value of the home of your home - as the neighbourhood can play a big part in your home’s resale value. Even if you find the ideal house, it may be located in a neighbourhood that is not your style.
Make a list of all the things you enjoy or need access to - for example shopping and eating out may be a high priority for you, playing sports in the park or going to the gym, or perhaps a local school and church need to be close. Does the neighbourhood you’re looking at have your list requirements close by?
Government departments tend to keep a lot of valuable information about local communities, demographic trends, crime statistics, property values and other key information on schools and employment levels and opportunities.
It’s also good to consider:
- What your medium and long term housing needs are? Do you have a family or planning to start a family, or are you about to retire?
- Work out what is important to you in a neighbourhood? Access to public transport, schools, shopping and/or restaurants?
- Visit the suburb on a number or occasions at different times throughout the day to get a feel for what it would be like to live there.
- Get to know the community by talking to local residents, real estate agents and traders.
- Consider the move-out rate in the area. Do families often move and stay in the area, or are they gone within a few years.
- If you have children attending school, consider how close quality schools that offer a good education and keep children safe are.
- Last but not least, find out who your neighbours would be. Are the neighbours or residents in your street friendly and nice? After all, you’re going to be living right next door to them!
Some other key features to look for in a suburb are a low crime rate, quality schools, strong employment levels, consistent planning, residential stability, houseproud owners and well maintained amenities like local parks.
April 2011
