What’s more important – the property or the location?

How to choose between your dream home or dream neighbourhood

If you’re thinking of moving house, you probably have some key criteria for the house in mind. You know how many bedrooms and bathrooms you need. The ideal number of car spots. Whether you want a swimming pool or not. And the approximate size of land and backyard.

You probably also have some ideal suburbs in mind. Perhaps family-friendly areas, like Bentleigh or Cranbourne, or spots suitable for empty-nesters, like Toorak or Malvern.

But what happens if you can’t afford or find your ideal home in your dream suburb?

If you had to make a decision between the house or the neighbourhood, which would you choose?

Basically, it comes down to your situation. We’ve listed some reasons for consideration below.

5 key reasons to choose the property

A property may take priority if you:

  1. Plan to start or grow a family – You’ll need enough space for everyone to sleep, play, and move around comfortably. This may include having an appropriately-sized backyard as well.
  2. Require disability access – If someone in your family has a disability or mobility issue, finding a home that meets their needs is usually non-negotiable.
  3. Often have house guests – Even if you only intend to have a fold-out couch, you need to ensure the house can handle overnight visitors.
  4. Love historic houses – A desire to own a particular style of property may take priority over a particular location.  
  5. Need to downsize – If you’ve become an empty-nester or are newly separated, the benefits of moving to a smaller home probably outweigh the location.

5 key reasons to choose the location

A location may take priority if you:

  1. Plan to rent out your house – Whether you plan to rent out to tenants or go down the AirBNB path, the geographic location is very important. It will affect your rental’s supply and demand, desirability, and profit.
  2. Want close proximity to schools and facilities – If you have a growing family, you may want to live close to good schools, shopping centres, hospitals, parks, and public transport.
  3. Dream of a shorter commute to work – If you’re sick of travelling an hour or more to work each day, finding a place closer to your workplace could save you time and stress.
  4. Have a particular lifestyle in mind – Always wanted to live by the beach or in a country town? This could be the key driver in your decision-making.
  5. Enjoy renovating – The nature of the house might not be an issue for you if you love a good DIY home project.

Still struggling with your decision? Speak to your real estate agent about joining Listing Loop. Once you ‘get in the loop’, you’ll uncover just-listed off-market properties and locations available to you.