When you can't buy in the location you want

When you’re looking for that perfect place, it can be an exhausting process – especially if you want it to meet all of your expectations. If you’re hoping for a place to call home for a long time to come, you’ll need to consider your requirements now and how these may change in the future.

How to choose where to live

1. Affordability

Arguably the biggest question is where you are looking to live? You’ll need to take into consideration your income and being able to live within your means. It includes more than just being able to repay the mortgage but also living expenses, travel and more combined.

2. Opportunities

Think of this broken down into two main areas:

Employment: will you need to consider changing your current job for a new opportunity closer to where you’re looking to buy? If so, are there many opportunities for your line of work? You might need to consider how long it will take to get to your work and change your lifestyle accordingly.

Education: whether you currently have children or planning to do so, you’ll need to consider educational opportunities for them in the location you choose.

3. Value

You’ll need to consider more than just the price you will initially pay for the place. To understand the value of your future home, you’ll need to research the current home prices around those areas, the possible resale value, as well as the long-term value estimate.

4. Convenience

Does the area provide access to shops, public transport and hospitals? Will you need to travel for your basic needs?

5. Culture

An important consideration is whether the place you’re looking at will suit you and your lifestyle needs. After all, if you’re planning on staying for a while, does it have what you need, whether this means the possibility to join the local sporting team or potential restaurants to visit if you’re a foodie?

Think of whether you’ll be able to continue living your life the way you want to in the new location.

If you’ve considered all of these points and there are a few suburbs that tick most of the boxes, then you’ve found the areas you should consider purchasing your home.

What if you can’t afford to buy in your ideal suburb?

Depending how close you want to live to city areas, it might come down to just being too expensive. This doesn’t mean all hope is lost though – it might mean it’s time to expand your search.

You may still be able to find some hidden gems that tick most (if not all) of the boxes when it comes to your dream home.

What to consider when buying in a different location

1. Stay close

Start close to where you were initially looking. From here, you’ll need to ask yourself if anything dramatic could change. Would you still be able to go to work in this location? This might mean changing your method of transport when heading to and from work, such as needing to drive to the train station rather than walking.

2. Does much change?

It’s also worthwhile making any important trips that you would make in any given week, from the new location you’re considering. Is it a manageable increase of time? Also, consider how long you would want to cap your travel times and create a radius of what this would look like from your important locations.

3. Big or small?

Also consider if you’re wanting to move to a big city, small town or a mix of both. If you’re still wanting the big city life – but it’s coming down to affordability – consider a smaller town just outside of the city which still gives you access to what the city has to offer.

Overall, you’ll need to be able to answer ‘Does it feel like home?’

If you’re ready to make a move into the property market, give your local Mortgage Choice broker a call today. They can help you find a home loan that suits you, so you can focus on feeling confident that you’re buying your dream home in a location that fits you and your lifestyle.

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• The top 4 first home buyer mistakes