The importance of Location

Everyone tells you that the importance of location when it comes to property. In fact, people say it is so important that they are willing to say this word three times. They named a TV show after this word and then syndicated it. So yes, location is important. Buying a property for investment has its own set of guidelines to follow and the criteria may not budge but in finding a rental, these three things are the holy trinity in house hunting: Price/Budget, Location and Amenities. Though these three are the most important, these are the ones that take the brunt especially if your house hunting activities have gone past the average 21 days and you are just so desperate to have a place to call your own.

Most people will have a good idea on how much they are willing to spend per week on a rental. It is, after all, dependent on your income and most people know how much they earn per week. Rule of thumb that I have heard is that your rent should be around 25% of your net income. Recently, a friend told me that his partner was willing to forego fine dining and morning coffees at a local cafe to live in a more expensive area which was 40% of his gross income. My friend, on the other hand, prefers to be able to wine and dine and live in a smaller and less expensive flat.  It really depends on what you value most.

Being able to get to work and get home from work in minimal time or the least amount of hassle have always been a key factor in choosing where to live. One client wanted to be close to work because he wanted to spend more time with his kids and wife instead of being on public transport.  Some do not care about spending 45 minutes on a train because that is when they get to read their novels in relative peace. reading. Others wanted to make sure that there are nearby parks and places that have activities for young children.  Location also comes down to factors such as: proximity to public transport, being able to walk to shops or a park, or having a street full of restaurants that do take-aways.

Amenities are things like dishwasher, number of bedrooms, floorboards, carpets, backyard, garage, space and brightness, gym or pool. These are related to the house. Some people refuse to move into a house with a dishwasher. Some will just get one installed, with permission from the landlord, obviously. Two of the most common requirements that basically are deal breakers are flooring (carpet to floorboards) and electric or gas cooktops. Whatever it is, an amenity, for this particular reason is something that should be included in the house.

Depending on where you are in your life, these three will move up and down the scale. A family with young children may see a decent bathtub so important that they are willing to increase their rent budget by another $20 per week. Others may start looking at a different suburb to keep to their budget. So when you start looking, ask yourself which of these things is the most important and which one is the least. And you’ll have a more efficient time house hunting.