What to Do When Your ‘Dream Home Location’ is Unaffordable?

If you find yourself priced out of your desired location, there are still some ways to break into the property market. All it takes is a little compromise. Unfortunately many first time buyers find themselves in this harrowing situation. Don’t push the panic button and don’t let this hamper your enthusiasm. Here are some handy tips:

What to Do When Your ‘Dream Home Location’ is Unaffordable?

What to Do When Your ‘Dream Home Location’ is Unaffordable?

1- Rent in your ideal suburb- If you are already living there then it is a different matter, but try renting out in your favorite suburb. Consider this, this will help you get a feel for the area and help you decide whether you actually like living here and would like to own a home here. It’s one of the things you should do and living there you can find out if the place is actually worth the sacrifices and the price. This will help you justify your decision.

2- Look around at the neighboring suburbs- Widen your search to the neighboring areas, if the prices in the neighboring areas of your dream location are increasing at a slower rate it means that in the near future these areas will be at par to your ideal location. This makes for an effective investment.

3- Consider going smaller- If location is your priority rather than the home, then are you willing to compromise on the size of the property? If your answer is a yes then starting small and working your way up is a very good idea and option. As your equity grows over a period of time then you can refinance your home or sell the smaller property to move on and acquire your desired dream home.

4- Buy an investment home- If you can’t get your dream home, look for rental properties in other suburbs to invest in. you should be smart enough to choose the right property and a good property manager to get a steady income through rental payments and capital gains, making way for you to get your dream home in the near future.

5- Wait it out- If you have a good reason to buy a home in a specific suburb, then you can always sit it out and watch. If you have the patience and the will power to wait till you have saved enough to buy your home in your ideal locale then you can get it, but it may turn out to be a long wait.

6- Ask yourself what is more important the house or the location? – No matter what your answer is test yourself and ask –WHY? Introspect and don’t get dissuaded but reason out and you may be able to make the right choice.

So decide what the name of the game is and focus or choose the perfect home by skipping a suburb or two- the choice is yours.

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