Time spent on any endeavour need to be rewarding in some way. Any time you are not working can be looked at as lost income. Some things, like time with relatives and children are rewarding in their own right; other things should be best looked at as an investment for a future payoff. People can spend considerable time looking for a property to live in, but the importance of the decision justifies the time spent. A property is probably the single most expensive item an individual or family ever purchase; and they will spend a considerable amount of their time there. Even if they don’t live there for the rest of their life they would at least like to have a property with respectable resale value. Don’t hurry any decision with property hunting. At worst somebody might grab a bargain before you have a chance, but the majority of the time patience will pay off with a decision you should be happy with.
Questions to ask before you start looking
1 Price range- Talk to banks, lending groups, financial planners and others for advice on what you can borrow and afford. Basic, but this needs to be done upfront. Will you be reducing you lifestyle expenses? Do the calculations.
2 Are economic conditions going to change soon? Nobody even knows this for sure, but if you buy when interest rates are high you will be paying a fortune for something that is not worth all that much. It is a nightmare to own more money that your house is worth.
3 Can you live elsewhere and use this as an investment house for a few years? The rent you collect from somebody else living in your property goes a long way to paying it off, and the tax benefits can be good. The main problem is that you have to live somewhere in the meantime. And you might find that you don’t move into the house until you are starting to feel rather old.
Also ask yourself would you be better off buying an apartment instead of a suburban home. Ask yourself how permanent the move is; will you upgrade in a few years’ time? Will the banks accommodate this? If the move definitely is permanent then find if local schools are appropriate for (future) children. What are other facilities like?
Walk around any prospective neighbourhood. Consider:
- Local transport- Is this something you need?
- Local film theatres and pubs. Do you frequent these?
- Traffic conditions. Is there peak hour noise and traffic at some point; can you live with this.
- Council rates. This does vary per area. Expensive rates might be insignificant if the house is a great buy, but they are a factor to consider.
- How much parking and storage space do you need?
Unconventional thinkers can be even more radical in their approach. If you have a job that requires you to be constantly away from home, if you have military service or work on a cruise ship, you can do well to buy an investment property and rent it out. You will find that a couple of years of this and you will have paid a sizable portion of the loan.
With Local Reading cinemas, a train station, several older hotels and moderate rates Lidcombe is a housing area worth considering. Talk to One Realty, the best Lidcombe Real estate agent.