5 Best Tips for Location, Location, Location

Location, Location, Location is the real estate motto. Agents will tell you a home sale is based on the location. You can have an excellent, mediocre, or lousy location, which determines the value of your home or a home to purchase. One home down the street may be similar to yours, but be in an area that is undesirable causing it to have a lower value. Here are some ways to ensure your home is in the right location before you decide to buy.

School District

Top Rated School / University:

Being close to a school or university gives you two immediate demographic;

1) Families with Young Children

2) University Students

Both of these are great for either rental demand or resale, University students typically look for rentals where as families are looking to purchase a property close to schools.  Finding the better schools / universities in your area should also attract a better quality tenant who are looking to ensure their children are well educated and potentially have a higher disposable income.

Park

Close to Outdoor Recreation:

Australia is definitely a country of outdoor recreation and nature lovers, so a prime location near outdoor facilities is essential, whether it is a playground, park, or dog walking trail.  Look at some of the new developments that are popping up, all these new residential developments have outdoor facilities.

Although demograpically this may not change the type of tenant / purchase, it will ensure that your property is rented / sold before the property that is no where near these facilities.

View

It's all in the View:

Maybe, there is more than just a view to location, location, and location; however, it is on the top five of must haves for many homeowners in Australia. A view of similar houses, ugly buildings, or a line of cars is not appealing. A view of nearby nature parks, water elements, forests, or beaches will add thousands to your property. If you do not have a view when you purchase, consider extending by adding a deck or extra floor, this will add thousands to the value of your property.

Shopping Centre

Entertainment and Shopping is Close:

Not everyone wants noise near their home, but they want it economically close. A 15 minute shopping trip is better than a half hour or an hour to the best shops.  A complex that also includes a medical centre and a movie cinema is also an added feature to look for.

Good Neighbourhood

Economically Stable Neighbourhoods Wanted:

A stable neighbourhood that is not going to see a financial downfall ensures homes are kept in good condition. It also keeps foreclosures that damage the areas market values of property at bay.

If your create a checklist of these important points and do some research on other important things to look for you are more likely to ensure that when you make the final purchase of your property you are not going to get stuck with a lemon.

An excellent book to get started on when considering where to purchase is the book Top Australia Suburbs by Peter Koulizos, Peter is Australia's most respected and well known property academic and is the creater and currently the National Coordinator of the Property Investment courses at Tafe SA, Victoria University, Gold Coast TAFE and now, The Property School in Sydney.

Top Australian Suburbs


 

Jason PennaAbout Author

Jason Penna

Jason is director at Australia's leading property investment book website Propertybooks.com.au. He has worked as a financial adviser for over 10 years in institutions such as Suncorp Metway, Medfin and National Australia Bank. Jason has a passion for property and online investment and has a number of real estate property investments and online investments. He holds a Diploma of Financial Advising from the Securities Institute of Australia.

Google+ | Website | Twitter | LinkedIn | Products