Updated 2024 Home Buyers Guide – Residential Property

Navigating the real estate market can be daunting, especially for busy professionals, families, first-time buyers, and investors. This 2024 Home Buyers Guide provides a comprehensive checklist of key features to look for in a residential property, including for both investment and especially when looking for a primary place of residence (PPOR), ensuring you make an informed and beneficial decision. Use this guide to evaluate each potential property based on location, land size, layout, orientation, local amenities (such as schools and transport), condition, age, and any future development potential. Always ensure the property has strong owner-occupier appeal, is of investment-grade quality, and possesses some level of scarcity. While selling may not be on your immediate horizon, keeping these aspects in mind will ensure your property remains attractive to potential owner-occupiers should you decide to list it in the future.

Key Features to Look for in a (Investment or Owner Occupier) Residential Property

Location and Land

The Location is paramount when purchasing any residential real estate property. It impacts your daily convenience and the long-term value of your investment, the land itself does all the heavy lifting, when considering the potential capital growth of the property. Professionals may prioritise proximity to work, vibrant social scenes, and nightlife. Families often seek areas close to good schools, parks, and community centers, while investors look for high-demand, growth-potential locations. A well-situated property can offer a blend of lifestyle benefits and investment returns.

Property Size and Layout 

The size and layout of a property should fit your lifestyle and future plans. Young professionals might favour modern, open floor plans perfect for entertaining. Families need multiple bedrooms and ample living space, and investors seek versatile layouts appealing to a broad range of potential renters or buyers. Outdoor spaces, such as gardens or balconies, add value and enhance livability.

Local Amenities

Access to amenities like parks, restaurants, gyms, and shopping centers significantly boosts quality of life. Professionals might prioritise trendy cafes and coworking spaces. Families often look for playgrounds and sports facilities, while investors should consider neighbourhoods with amenities that attract and retain tenants, ensuring steady rental income and property appreciation.

Property Condition and Age

The condition and age of a property can greatly affect maintenance costs and future repairs. Professionals and families often prefer newer homes that require minimal immediate work, while some investors might see potential in older properties that can be renovated for profit. A thorough inspection is crucial to identify any structural issues or outdated systems, ensuring the property is a sound investment.

Future Development Potential

Understanding future development plans in the area is crucial for this home buyers guide. Professionals and families might be interested in upcoming amenities and infrastructure enhancing lifestyle and convenience. Investors focus on developments that could boost property values, such as new transport links, commercial centers, or educational institutions.

School Zones

For families or potential future resale, being in a reputable school zone can be crucial. Good schools increase the desirability of the area, attracting buyers willing to pay a premium for access to quality education. Professionals planning for the future should consider this aspect, while investors recognize that properties in good school zones often have higher demand, be it highly sought after and offer potential higher rental yields.

Public Transportation

Access to public transportation is a significant advantage, especially in urban areas. All people, including professionals, benefit from reduced commuting times and costs, while families appreciate the convenience for daily activities. Investors should note that properties near public transport options tend to have higher rental demand and value appreciation.

Final Thoughts

By carefully evaluating these key features, this 2024 Home Buyers Guide ensures that busy professionals, families, and investors make informed decisions when purchasing a residential property. Ensuring the property meets your needs, has strong owner-occupier appeal, is investment grade, and possesses some level of scarcity will provide a comfortable living environment and secure your investment for the future. Take the time to research and assess each aspect thoroughly, and you’ll be well on your way to finding the perfect home.

Using a Residential Buyer’s Agent

Remember that navigating the property market can be a complex and time-consuming process. Utilising a professional residential buyer’s agent can be an invaluable decision and can provide expert guidance, from selecting the right suburb to negotiating the best deal, ensuring that you find a property that not only fits your budget but also suits your lifestyle and future aspirations.

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