Monday 18 Jun 2018
Then you might want to consider renting first!
When we are looking to buy our new home in a new location, the last thing we may want to do is think about renting – it seems like a step backward, or at least sideways, as we eye our first or next dream home in that suburb we have been keeping an eye on for so long.
However, there are no 30-day obligation-free trials when it comes to house buying. If you move in only to find out that your dream neighbourhood is more of a nightmare, you could be in for a big (and expensive) heartache as you either stick with it or try and get out.
This is where renting can really help. Of course, you won’t be ‘trialling’ your exact location, but you can get a pretty accurate idea of exactly what it is like to live in your suburb of choice when it comes down to the cold hard reality of day to day life.
It may take you some time to find the right property, but renting can really provide some assurance and insurance that you are buying in the right area for you.
So, what do you want to do to ‘test out’ during your renting period?
Make sure you like the feel of the neighbourhood once you come to live there – live as a local, use the local amenities, visit the community events – both day and night – come to understand how traffic and public transport works in the area at all times of the week….really immerse yourself in the way your possible new suburb really lives and breathes
If you have or are planning to have children, their schooling is another big ticket item you want to suss out while you have the chance. Catchment areas are something to keep in mind, as is the suitability of the neighbourhood for your little ones as a whole.
Of course, there are some downsides with this trial before you buy approach – leases lock you in for specified amounts of time and if you find your dream home mid-way, you may end up stuck with some time still owing on your rental or an expensive break lease fee. If you have children and you decide you want to move at the end of the trail lease, you also have to consider the impact on them of moving on so soon.
The suitability of this approach will depend on your personal situation, but even if it isn’t for you, making sure you do your research and really understand the location you are looking to buy in is key. Immerse yourself in the area whenever and however you can so you can be in the know on all the little perks and quirks of your new community well before the ink dries on your new home contract.
Mint Property Agents is committed to providing outstanding services encompassing all matters involving real estate to the inner West community. For an obligation-free chat as to how we can help you, contact us today.