Buying property is a long term investment. Mortgages can last decades which often means in today’s society, people are staying put for longer. If you’re in the market for a property that will take you into the future, there are certain specifications you should take into consideration before purchasing. Buy with an eye to the future and think about what features of a home you require now and what you will require in the future – homes might suit your current lifestyle but will they be practical for you in five years’ time?

What do you need to consider?

It’s no secret that investing in property is a long term financial and emotional investment that you’re likely to retain for a long time, therefore it is important to be certain you are making the right choice. If you’re currently on the hunt for a new home, you need to have a think about the kind of plans you have going into the future. Do you plan to have children/more children or regular visitors? Then you will require additional bedrooms. Do you need to allow space for pets? Then you will require a bigger outdoor space. Do you plan to work from home? Then you will require a work space. These future life plans can have a huge impact on the type of home you buy and the space you require so be sure to keep them in mind when reviewing potential property options. No matter what you require, there is a home out there for you, you just need to find the right one!

Why is location so important?

Another key consideration is location – if you aren’t planning on moving anytime soon, you should place high importance on where you buy. You need to find an area that will meet your requirements and offer you a sustainable future. Besides the obvious safe neighbourhood, you should keep an eye out of an area that offers an abundance of good schools – both primary and secondary. This is even important for those that don’t have school age children, or even plan to have any as typically, the better the school district, the higher the values of the surrounding homes. Additionally, buying in a subpar school district can have an impact down the road when you attempt to resell.

When it comes to location, it is also important to be close to recreational facilities such as popular places to shop, eat and relax. Everyone wants to be near the best commercial districts so the closer to the hub of a particular suburb you are, the better the location — and the more someone is willing to pay for a home when it comes to reselling in the future. This is mirrored in beachside communities, where the closer you are to the beach, the more valuable the property can be.

Another consideration is your home’s proximity of your workplace and your potential commute to work. Are you close to public transport or major freeways? A good location means being close, or having easy access to public transportation. Being near a train station or bus stops means residents can get anywhere in a short amount of time. In some suburbs, where a commute by car is more common, it is important to be within reach of highways and freeways - adding an additional 20 minutes to a commute just to get to the freeway never helps a location.

What features do you require?

The layout and features of a home also have a huge impact on the longevity of your stay – as long as the property continues to meet your needs, why would you need to go anywhere else?! Take the time to think about what features you need, as without them, they can have a huge impact on your happiness and comfort within a space.

There are a range of things you need to consider, including:

• Do you want an open-plan central living area or would you prefer the areas separated?

• How do these indoor spaces connect to your outdoor area?

• What kind of outdoor area do you require?

• Do you need lots of space for children to play?

• Do you want room to add in a pool?

• Is there enough space to entertain?

• Do you want your kitchen to flow into your outdoor zone?

The number of bedrooms you have and their placement are also important. If you plan on expanding your family, you might want to buy a home with enough bedrooms to accommodate this. If you plan on having a number of children, placement of bedrooms could be of high importance. If you have very young children, the bedroom being close to the master bedroom might be a significant factor. Whereas if you have older children, separation between the master and minor bedrooms is likely to appeal to you - perhaps you would like a children’s hub at one end of the house and a parent’s retreat at the other!

If you regularly have guests stay from interstate or overseas, it's also worth thinking about guest bedrooms or even a granny flat extension to your home. The number of bedrooms and bathrooms and how they connect are therefore very important to the function of your household.

Why is it important to stick to a budget?

As important as it is to consider your long term plans when buying a home, it's also equally important that you don't purchase a home significantly outside your budget just to satisfy potential future requirements.

Buy within your means so you can live comfortably, but keep ahead of your future plans. You may not be able to achieve all of your potential future requirements, but you can likely achieve enough so that your home grows with you.

If you require assistance finding your perfect home, find your nearest Peard Real Estate office at www.peard.com.au.