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There are many things you could consider when looking for a home. The first thing could be finding the right home loan that matches your budget by comparing it. You might also have a number of features that you want it to come with, like accommodating a growing family and having easy access to transport. However, have you considered the type of neighbourhood you would like to find your desired home in? Here are five things you need to consider when choosing a new neighbourhood.
Access to facilities
Your house is an investment, and when choosing it you will have to factor how it will affect your long-term goals. You will have to look around to see what facilities surround the house. Are there any shopping centres close by? If you are planning to have children in future you might want to find a home that’s close to good schools. This will also be a perfect opportunity for you to do your research by touring the place and speaking to the locals to get a feel of the place.
Is there easy access to transport?
If you must find long alternative routes to beat the traffic, then you are wasting funds that can be used towards the house that you are planning to buy. Check to see if the roads are maintained or you could see this spiking your car insurance because of the hazardous conditions you will have to constantly drive in. Once more, if you have children you will have to take into consideration how they will get to and from school.
Protect your own sanity
Noise levels within a neighbourhood can make a huge difference in getting a good night’s rest and maintaining your sanity. By not doing your research you could find yourself caught between hell during the day with the sound of traffic and the constant noise of planes flying in, and a nightmare when Friday swings by and people are trying to have a good time. To keep the peace check for things such as busy roads, airports, and bars. Before deciding on buying the house you can stop by the neighbourhood it is at different times of the day to get a feel of what the noise levels are like. You might even get to scope out the level of noise your neighbours make too.
Location is a big deal
If the price of the property that you are interested in is very good, you need to be aware. Neighbourhoods that have signs of vandalism or a lot of for sale signs could show that there is a problem within the area.
Getting your hands on the local newspaper and doing research will save you the trauma of buying a house in a neighbourhood that most of its residents want to leave. Another factor to consider is how the location will affect the value of your property when it comes to reselling. A neighbourhood that is not well maintained could decrease the sale price of your house by 10%.
Compare as much as you can
Whether choosing a home loan or a house you will have to make sure that you always compare before settling. There are various online tools that you can use that will help you cut out the footwork and make it easier for you.
However, we understand that life gets busy and you might need a second pair of eyes that will be able to assist you. Enlist the help of an accredited estate agent or a financial advisor who will help you in your quest to find the best neighbourhood for your next home.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.
The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.
