Certain words are just meant to be said three times. Blah. Well. Ho. Beetlejuice. And of course location (location location).
Because guess what, whether you’re looking for a shiny inner-city vibe or a tranquil country idyll, where you live matters. You’ll usually have flexibility to change your house, but the spot you’re in is fixed.
When it comes time to sell up, this makes a huge difference. Here’s why the best house to buy is one in a great neighbourhood.
1. You’re likely to enjoy higher capital growth.
Although the initial outlay is often higher, good neighbourhoods usually top the capital growth league tables. These locations tend to outpace less desirable suburbs, so there’s a good chance your investment will grow faster than it would elsewhere.
2. The community is safer and more secure.
We all want to live in a safe neighbourhood, with low crime rates and nice dogs. A good neighbourhood is one where you’re free to walk around, explore, chat with locals and know your neighbours have got your back (and you’ve got theirs).
3. A choice of quality schools.
Even if you don’t have school-aged kids, a neighbourhood with great education options will work in your favour. Families always look at the calibre of local schools – zoned public schools and nearby independent options – as part of their buying decision. The better the school zone, the more value there will be in your home.
4. Easy access to shops, cafes, restaurants and playgrounds.
Like to grab a latte on your way to work? How about pancakes on a Sunday morning? Being surrounded by shops, cafes, restaurants, gyms and shadow puppet theatres won’t just make your life nicer, it may also give your home the edge in terms of future capital growth.
5. Access to transport links.
A good neighbourhood is one with easy access to public transport and decent road links. Choose a location that’s close to trains, trams or buses. Or, if you’re further out, being near major arterials can appeal to potential buyers commuting into town.
Never lose sight of what is important to you in a neighbourhood. If you’re a footy fan, you may love owning an apartment that overlooks the major sporting grounds. If you’re a nature lover, having access to bush reserves may top your wish list.
It’s all about what works for you while still being mindful of what’s attractive to other buyers. It can be hard to imagine moving on before you’ve even moved in, but some point you’re likely to upgrade to your next home. That’s when the value of a great neighbourhood translates into money in your pocket.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.