When entering the property market, you’ll need to deal with “the three W’s”:
- What kind of property are you in the market for?
- Why are you buying the property?
- Where are you buying the property?
In this article, we will focus on the last of these questions; where will your new property be located? Where you decide to purchase will have a significant effect on how you enjoy the property and its future potential. The three general areas where most people buy property are the city, the suburbs and the country. But which is right for you?
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Your current situation
The situation that you are in right now will help you to decide where to buy next. If you currently live in the city, surrounded by all your friends and family, are you prepared to give this up and the move to the suburbs? Or to relocate even further afield to an isolated property in the country. Also, if you currently rely on services provided by hospitals, then you may be restricted to buying property in the city.
Your future situation
Are you and your partner planning on starting or growing your family? If so, where do you see yourselves doing this? Most couples move to the suburbs as their family begins to grow as it offers a more open and safe environment for their young children to grow up in. It is very important to think about your future before deciding where to buy property. If you make the wrong decision and decide to sell your home soon after buying, you could find yourself selling at a loss.
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The purpose of the property
Perhaps you are looking for an investment property. If so, you should conduct plenty of research into housing markets before deciding where to purchase. Websites such as housingpredictor.com can help you work out what areas have excellent future potential. Alternatively, you may be in the market for a holiday home. As well as looking for a stunning location for your holiday property, you’ll also need to make sure the area is safe. It is important that you feel comfortable leaving the home unoccupied for months at a time.
The transport options in the area you plan to purchase are very important, even if you don’t plan to live there yourself. If you are buying a property to rent, it’s important that it appeals to your target market. A property that would suit a young professional, but is not well connected to the central business district, could be potentially difficult to let. If you are buying a home, you’ll want to be sure that you can easily commute to and from work.
Once you’ve established your answers to “the three W’s” the next stage is to find a good real estate agent to help you find the right property. Make sure you provide them with details on the locations where you would be happy to buy properties so that you don’t waste any time looking at unsuitable areas. Happy house hunting!
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