Here are 10 factors from a comprehensive list of 30 that we've identified for consideration before buying a home, not necessarily listed in order of importance:
(1) Location, Location, Location
This is often the top factor. The home's proximity to work, schools, shopping, parks, public transport (particular, a train station) and other amenities can greatly influence a buying decision.
(2) Neighbourhood
Many homebuyers look at the overall feel and safety of the neighborhood, its noise levels, and wMany homebuyers look at the overall feel and safety of the neighborhood, its noise levels, and whether it suits their lifestyle (e.g., family-friendly, close-knit, lively, peaceful, etc.). A beautiful home with a neighbour's work truck parked on the median strip, or a house in the neighbourhood known for loud, late-night parties could turn-off many potential buyers. For these reasons, it's advisable for potential buyers to observe the neighbourhood of the home they're considering at various times of the day, especially during the evening and night hours. These times can give potential buyers a sense of rush hour traffic, noise levels, and overall activity within the neighbourhood. whether it suits their lifestyle (e.g., family-friendly, close-knit, lively, peaceful, etc.).
(3) Good Schools
For families with school-aged children, the quality of local primary and secondary schools can be a significant factor. It's worth noting that a home situated within the zone of a highly-rated school can command a price premium—often 10% to 20% higher than a comparable property located just outside the zone.
(4) Size and Layout
The size of the home and its layout should suit the buyer's needs. This includes the number of bedrooms and bathrooms, as well as the flow of the main living areas. Interestingly, the value added by an extra bedroom typically diminishes after the fourth bedroom. For instance, the value increase from two to three bedrooms, or from three to four, is generally higher than the jump from four to five or five to six bedrooms.
(5) Condition of the Home
Buyers typically assess the amount of repair or upgrade work a home may need. Some prefer homes that are ready for immediate occupancy, while others don't mind tackling cosmetic repairs. However, more extensive repairs might not be as appealing to everyone.
(6) Selling Price
The home must fit your (the buyer's) budget. This includes not just the purchase price but also ongoing costs such as council rates, owners' corporation charges (if applicable) and insurance.
(7) Quality of Local Amenities
The quality of local amenities, including shopping, restaurants, cafes, and entertainment facilities, can enhance a property's value. For instance, easy and quick access to a super-regional shopping centre, such as Chadstone Shopping Centre, can add more value to a home compared to a strip of 12 retail shops.
(8) Style of Home
Some buyers have a preference for a specific style of home (example: Victorian, Federation, modern or contemporary), and this can influence their decision.
(9) Crime Rate
The safety of a neighbourhood can significantly influence a buyer's decision. If the suburb suffers from robberies and thefts that exceed the average for Melbourne as a whole, this could raise a red flag for many potential buyers.
(10) Street Appeal
Curb appeal, or how a property looks from the street, plays a significant role in shaping a buyer's perception. A well-maintained exterior and garden can make a robust first impression. Homes with a multi-fronted façade, diverse material use, or original period-era features often hold more appeal. For apartment units, the building's overall aesthetic carries this street appeal.