As you shop around for a first home buyer loan, there are naturally a lot of considerations that need to be made. From your budget as a first-home buyer to how much interior living space your family will need, doing your due diligence when buying a first home is naturally going to help set yourself and your wider household up for domestic success.
Of course, one of the major considerations that you’ll be looking to make is where you’d ideally like your first home to be located. Location is the name of the game when it comes to real estate after all, and it’s common to see properties in in-demand locations (like in the inner city) being priced accordingly.
Nowadays, it can actually be more economically viable for families to buy larger properties on the outskirts of their city rather than buying a smaller property that’s closer to the city centre. However, you’ll also want to find a place to live that you’ll love both today and in the future, and for many people, this means living in the suburbs. If you’d like to get the best of both worlds, consider a suburb on the fringes of a city.
Keep reading for tips on how to find the right location for your first home, as we delve into the benefits of choosing a city fringe suburb.
Pros and Cons of Living in Cities and Suburbs
The choice of whether to live in the city or the countryside will depend largely on your ideal lifestyle, one of the key considerations being whether you prefer horizontal or vertical living space. As urban centres get more and more crowded, building vertically is the only way to accommodate more people in these areas.
If you love living within proximity to amenities like grocery stores and entertainment hubs nearby, then city centres are an obvious choice – as long as you can tolerate their negatives. These include factors like pollution, noise, crime, privacy issues and a lack of private outdoor space.
You’ll want to consider the social and career aspects, too. If you're over fifty or sixty and are perhaps preparing for a comfortable retirement, then it’s possible that big cities won’t suit your lifestyle, while younger people might prefer them for the educational and career opportunities they provide. Single people might also prefer cities for their ability to meet more people, while those who are happily settled might want to move to the suburbs.
On the whole, cities provide countless activities, as well as opportunities to grow your career. Suburban areas are better if you want a quiet life and plan to spend a significant amount of time outdoors. A city fringe suburb offers the best of both worlds, provided you have easy access into the city.
Diverse Housing Options
Housing in the suburbs is extremely diverse, owing to the amount of land developers have to work with. While you might immediately think of large, detached houses, you don’t necessarily have to live in one of these if you’re put-off by the time and effort it would take to maintain one. There are also plenty of apartments and townhouses in the suburbs, so if you’re a young professional looking for a low-upkeep place to live but still want to enjoy peace and quiet, you’re sure to find the perfect mix.
If you are looking for a standalone house, chances are you'll find newer developments near the outskirts. Living away from old houses in traditional residential centres reduces the upkeep you’d need to pay on repairs and general maintenance.
Mixed-use communities are another option for first-time buyers. These sprawling real estate developments combine residential, commercial, and recreational amenities within one locale, and are becoming more common in suburban areas. Buying a house there means enjoying a shorter commute to nearby markets, restaurants, schools and entertainment options.
Fringe Suburb Charms
Thoughtfully-developed, city-fringe suburban communities combine the city's most attractive aspects with the family-friendliness of the suburbs, offering great schools, safe streets and pedestrian-friendly design.
The best suburbs encourage an active lifestyle by including sidewalks, safe bike lanes, interconnected community pathways and nature trails, allowing residents to leave their cars at home and walk or cycle to where they want to go.
Modern suburbs also offer attractive nearby retail infrastructure, which fosters commerce, promotes job growth and investment in the local community. Another benefit is an abundance of convenient city parks, sports facilities, playgrounds and green spaces, which creates a safe environment for kids and pets alike.
Perhaps the biggest selling point of living in a well-developed suburb is the sense of calm you get from living away from the city centre. They’re perfect if you want to spend your days off taking walks in nature and peacefully spending time with loved ones.
Affordability, Value & Growth
Finally, purchasing a new home in a developing suburb can be a great investment. City fringe areas usually aren’t too expensive, and have a lot of potential for growth. This is due to the sheer amount of land in suburbs, and the fact that they don’t have the same level of demand as city centres… yet.
Often, new developments begin with few roads and spotty infrastructure access, making them less expensive. However, as these places start to modernise, property prices begin to rise. If you can find a blossoming area on the perimeter of a major city centre where builders have just begun to lay the foundations, the long-term value and growth potential are endless.
Suburbs can also be more financially efficient when it comes to property taxes. City housing values are often capped, while tax rates continue to rise. On the other hand, you’ll often pay lower taxes on suburban houses.
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If you’re buying your first house as an investment or because you’re thinking of moving, a city fringe suburb may be for you. These well-developed suburban areas combine the convenience of living in a city with the peace and quiet of traditional suburbs.
What are you waiting for? Explore your options today.