(Photo not mine)
Buying a suburban property can be different from purchasing something in a high-density metropolitan area. It can also be a little more difficult to know what to look for, as different suburbs can have different features that change in value according to trends and directions in the property market. For example, real estate close to train stations may have added value due to their proximity to transport, but this may be slightly counteracted by the associated noise. In a built up city, most of the features and the proximity of shops, buses, trains, and such are pretty much the same, so there is little to differentiate areas apart from crime rates, views, and streetscape facades. Below are a few hints and tips on what to look for in a suburban property. It’s also a good idea to talk to agents; gather all the information you can about the suburbs you’re interested in, especially from property experts such as Templeton Property.
Know the Suburb You’re Looking to Invest InOnce you’ve narrowed your search and defined the suburb or suburbs in which you’re interested in investing in, take the time to take care of your due diligence. This means doing your homework. There are suburb-based reports you can access and these are well worth the money. You can usually get ones for specific postcodes so, once you know your areas, you can just purchase these specific reports. They will usually give you several sets of data, such as recent sales in the suburb and whether or not property in the area looks like trending up or down over the next decade or so. Average values and the profile of residents in the area are also worth knowing as this information will give you an idea as to the neighbourhood and whether or not the property will rent well if you’re considering renting out the property either straight away or in the future.
Insurance PremiumsHome, contents, and landlord’s insurance premiums for a specific suburb are worth researching as well. Not only will this give you an insight into your running costs for the potential property purchase, but it also gives you an idea as to crime rates and the safety of the suburb at which you’re looking. It’s usually the case that the higher the population density of a suburb, the higher the incidents of petty vandalism and minor thefts. A property’s proximity to venues such as pubs, sporting grounds, and even bowls clubs can also affect the likelihood of vandalism and therefore impact any insurance premiums for which you will have to pay.
As with any real restate purchase, it’s important to know what you’re looking for when buying a suburban property. You can get a lot of this information from local experts. It’s also worth speaking to insurance companies to find what they think of the area.
What are the first things you look for when buying a suburban property? Share your insights and suggestions in the comments below.