OK, so everyone says location location location when buying. But how much does this matter?
We are looking to buy our first home and having trouble with the decision of where to look. There is the two of us, plus toddler DS (and plans for one or two more in the next few years). I'm a gardener and DS loves being outside too. We are both in positions that we love, with little chance of earning much more other than normal inflation/award pay rises. I do only work 3 days which will probably change as children get to school age (though obviously a long time away).
We are currently renting in a lovely area which we really like. But if we were to try and buy in this vicinity we would only be able to afford a small home on a very small block. We would need to spend almost to the top of our borrowing capacity and therefore would have no money left in the near future for alterations/add ons etc. The main thing I like about the area is that we would be close to the freeway and town centre.
If we were to travel 5-15 mins north, we would likely be able to afford a much nicer bigger home on a larger block. We could likely spend 40-50k less for a similar property, or go higher up in our borrowing capacity and get something with 4 or even 5 bed, 2 bath, larger all round, but don't really know the area, further from town centre (10-15mins depending on traffic) and really only 1 main arterial road in and out which is what would cause traffic. These two areas are surrounding the same town centre, we'd just be 5-10 mins on the opposite side of town.
It just seems silly to go with spending so much more for a similar feeling area close to the the freeway for only a 10minute travel difference. But having been used to being so close the town centre for so many years I wonder how much it would annoy us. DP doesn't seem worried either way. We are essentially home bodies, but see DP's family a lot and this would make us that bit further away - they are currently a 25min drive, then they would be 35-40mins away. I need to get to the freeway for work, but DP goes to train station so does affect him as much.
The closer one is considered a better area, hence prices. The other is considered a lower socio economic area (well the whole area is considered this, it's western sydney
), but when looking at places we go on the feel of that particular street/area and house.
Once we're home it wouldn't bother us where we are, it's just the travel that's concerning me. I know it's only 10mins, but.... it's having that one main arterial road.... and just not knowing the area as well.
Any advice? Anyone faced similar decision?