Buying a new property is a big undertaking. Before signing on the dotted line you will go through countless inspections, viewings and weigh up all sorts of factors on your property. But whether looking at luxury apartments in Melbourne or Parramatta apartments for sale, one key thing many people overlook is the surrounding neighbourhood.
Researching the local area is extremely important not only for your own enjoyment of the property but also for the convenience of any potential future tenants should you wish to rent it out.
So what should you look for in a neighbourhood before investing in a property?
The first thing you need to know before committing to a property is how safe the area is. You can of course get a general feel for the area by walking around but checking out local crime statistics will give you a more accurate portrayal.
In NSW, you can do so via the Bureau of Crime and Statistics Research and in Victoria you can find it via the Victoria Police Crime Statistics website. These will give you statistics regarding the number of murders, assaults, robberies, sexual assaults, break and enters and incidents of theft that occur in the area.
Not only is finding this information key to your safety and the safety of any potential tenants, but it can also have an impact on your mortgage rate, your insurance and the future value of your property.
The property’s location in relation to train stations or bus routes is also important to factor in. Of course, close proximity to handy transport links will make your life easier if you choose to live in the property but it will also help attracts tenants if you’e buying to let. Easy access to one or more modes of public transport and a reasonable commute to the city is also likely to increase the value of your property if you ever wish to sell.
Entertainment, Education & Convenience
The same goes for entertainment options as well as stores and other conveniences. Whether you’ll be living in it yourself or renting it out to others, close proximity to good schools, supermarkets and plenty of nice eateries will make the world of difference.
It also increases the value of the property overall. In fact, studies in the UK have shown that close proximity to a high-end supermarket like Waitrose can increase a property up to 12% and that neighbouring an Aldi can decrease the value by 3%.
Finding out about any imminent or future development plans in the area is key. Whether that’s work on your neighbour’s top floor extension or major construction to improve transport links or build a local shopping centre, being fully aware of all plans in the area will help you evaluate your investment accurately.
Major improvements and developments, whilst potentially causing disruptions in the short term, will offer significant value to your property once complete and is worth factoring in to your investment. An area like Eastlakes is a prime example. With the nearby light rail terminal in Kingsford and other major developments happening in the area, apartments for sale in Eastlakes are a fantastic investment and are likely to offer a significant increase in value in the next few years.
Another important thing to research is the local council’s policy on residential extensions and developments. Should you wish to develop your property in some way to increase capacity or value, are there any local regulations in place that would prohibit that?
Researching the local area is extremely important when considering whether to buy a property. Ensuring that the property is safe and conveniently located within easy reach of stores and public transport will help attract tenants, whilst being aware of any future developments in the area will help you get a better return on investment.
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