Some buyers may prefer to find the perfect location for their property, no matter the type of property that sits on top. Other buyers are more interested in the size and the type of property and are willing to compromise on where it’s located.
Deciding what’s important to you
With both location and property type being extremely important factors, it’s worth considering your short and long-term property goals to help you figure out what you should prioritise.
Some questions to ponder include:
- Are you going to live in the property?
- Do you have a family to consider?
- How long do you plan to own the property for?
- What lifestyle are you after?
- Do you want to maximise capital gains?
Those who are looking for lots of land or want a new property are likely to prioritise property type, which may be located on the city outskirts.
For many others however, the location is a non-negotiable. When looking at an expensive suburb this might mean that buyers need to look at smaller property types such as apartments and townhouses, or look at buying a rundown house.
The best of both worlds
A lot of buyers try to decide on a location first and foremost, but the type of property you can afford in that location can be a deal breaker for many, so its worth looking at all of your options.
Try to get as close to your desired location as possible while still finding a property type you’re happy with, but keep in mind that you may need to compromise in one way or another.
Many buyers find themselves having to find a happy medium between property type and its location. Be clear on what is most important for you to help you decide what properties to search for.