If you're thinking of buying a home in a popular holiday location, there are some some extra considerations you need to think about. Bryce explains all!
Usually I recommend that people rent for a period of time when they’re thinking about making a tree change or sea changer just to make sure they really can see themselves living there for the long term.
Tip 1: Rent Before You Buy.
If there’s one thing you can’t accuse Max and Bryoni of doing , it’s doing too little research. But now that they are considering moving their life from north Melbourne to live on the island and it’s important that they think about the logistical requirements in in doing that. And the first thing to keep in mind is they want to work from home so it’s important to understand if the infrastructure exists. Is the internet available and is the speed quick enough for them? The other thing to keep in mind is lenders have a different view of properties that are considered a little bit more risky than urban CBD locations. so in this case it was important, and it’s in fact what we did in advance before putting our offer in, is to check with the lender to make sure the post code is fine for them to have eighty percent lending, which is what they needed.
Tip 2: Check for any lending restrictions.
It’s a great idea to decide to work from home but these guys are both young and they don’t have kids yet, so they might find that they actually miss that social element and the interaction of working each other people and they might choose to commute you know, one or two days a week in Melbourne. A lot of people that move into holiday areas will choose to do that and you’ve got to make sure that there are things like a really good road network or rail link that will enable you to remain connected - particularly if you want to change jobs sometime in the future too.
Tip 3: Consider transport infrastructure.
One thing to keep in mind is the property we bought for Max and Bryoni needed a little bit of work done to it. The first thing they needed to do was put a fence around it 'cause they’ve got a couple of dogs. the other thing is they wanted to fix up the deck and also put in a wood heater. No luckily for them they found out that people could supply those things quite comfortably in that location but if you are moving into a place that’s away from a capital city, its important to do some research into costs in advance 'cause the further away the materials are and the further away the labor is, the higher the costs of doing some of these items.
Tip 4: Research local renovation costs.
It's very important also to consider that this move is a long term move. properties in these areas take a lot longer to sell than they do in capital cities and other urban areas and so you need to be prepared for that
Tip 5: Property market is slower in these areas.
It's a very cyclical market. You need to keep that in mind but I think the most important thing for anyone to remember when they’re thinking of doing something like Max and Bryoni of moving to an island or moving to a holiday location, is its very very clear that you are buying a house and a new lifestyle. You’re not buying a holiday!