10 Smart Tips for Choosing the Perfect Location to Buy a House

10 Smart Tips for Choosing the Perfect Location to Buy a House

Choosing where to buy is just as important as deciding what type of home you want to buy.

As one of the biggest decisions you’ll have to make, deciding on a location is worth mulling over many times.

Working with a real estate professional or expert, such as a buyer’s agent in Sydney, will surely ease the pressure on your part, but there are some things that you need to decide for yourself.

Define your goals and priorities first

Unless you know exactly what you want from a property, your hunt for the right location could end up without direction.

• Are you looking for an investment property, a family home, or the right house for downsizing?
• Are you making a decision based on your budget, lifestyle, or a property’s potential returns?
• Are you buying a property for short-term or long-term gains?
• What features matter to you most, and those that you can live without?

Centrality

It’s a fact that the closer you are to major developments, the higher the property prices.

1. Understand that properties in highly developed areas are more expensive than those in places that still have room for growth.

2. City outskirts, especially those that have experienced a population exodus, may have uninhabited properties that are inexpensive but may require extensive repairs.

3. Look into a location’s desirability and future changes that will affect your residency, should you decide to buy a property there.

Property prices

Making investment decisions is no joke, requiring you to consider several factors before you reach a definitive decision. You want to get the most out of your investment and preferably continue to profit in the future.

4. Think of your budget in deciding which location or neighbourhood you can afford, taking into account other costs such as council rates, stamp duty, land tax, and strata fees if applicable.

5. Thoroughly compare property values and expand research beyond your target area. Who knows? The next best property may be in the neighbouring community and not in your target location.

6. While affordability is a major deciding factor, look into a location’s perks and future yield.

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Property taxes

There are several types of property taxes that owners have to pay, the amount of which varies between states and territories. When it comes to council taxes, local governments or councils also set their own rates.

7. Make sure to check the specific rates and rules imposed in a specific location or neighbourhood. Property taxes are categorised as land tax, vacant residential land tax, short stay levy, commercial and industry property tax, and windfall gains tax.

8. Payment schedules vary, depending on the property in question. Land tax and council rates, for example, need to be paid annually, but some councils may allow quarterly or monthly payments.

9. If you’re a foreign property owner in Australia, you may need to pay additional taxes, such as application fees and capital gains tax, if you sell the property.

10. Most locations with high property tax rates may provide benefits that you can enjoy in the long run, such as quality local services, but the amount could affect your finances and monthly budget.

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Conclusion

Location matters when it comes to property hunting, especially if you’re looking for a home in a highly developed area such as Sydney.

By defining your priorities and careful research, your real estate journey will be successful.

If you need professional assistance to buy, sell, lease, or manage a property, Sydney Wide Property is your partner for life.