A bigger house versus a better location

Our experts discuss the key factors to remember when deciding whether to buy a bigger house vs a better house location. Find out if you should be looking to buy your next (or first) property based on location or if it’s a better decision to buy based on house size.

The Presenters:

  • Veronica Morgan - Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
  • James Treble - Television Presenter and co-founder - Interior Design for Profit
  • Joanna Pretty - General Manager State Custodians Home Loans
    1. James Treble - Television Presenter and co-founder - Interior Design for Profit
      We’re sitting in this beautiful space and it makes me think straight away of that issue of space versus location. You can see the volume of this room is a great sized room - this is great for a large family. But maybe you want to have your large family close to schools or work and then you go inner city with a smaller footprint?

    1. James Treble - Television Presenter and co-founder - Interior Design for Profit
      We’re sitting in this beautiful space and it makes me think straight away of that issue of space versus location. You can see the volume of this room is a great sized room - this is great for a large family. But maybe you want to have your large family close to schools or work and then you go inner city with a smaller footprint?

    2. Joanna Pretty – General Manager State Custodians Home Loans
      It’s really down to lifestyle choices. The most important thing for us is that people are making the right decision financially and what’s going to suit you lifestyle wise. Personally, I live in a three- bedroom apartment. I chose to rent in an area I actually want to live in, because the convenience of having a child and working in the city and things like that, that was the primary motivation. If people make a decision like that and then feel comfortable to invest in another area where they don’t necessarily want to live but want to stay in the property market (that’s an option).

    3. Veronica Morgan, Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
      So you’re rentvesting.

    4. Joanna Pretty – General Manager State Custodians Home Loans
      I am and it’s working beautifully for me.

    5. Veronica Morgan, Principal of Good Deeds Property Buyers and Co-host of Location Location Location Australia
      I see a lot of change in the way we’re all thinking about where we bring up our kids. And certainly it’s interesting that you say you’re bringing up a child in a three-bedroom apartment because I really do think there’s not enough being built. I think in Sydney in particular, but Melbourne. Think of the demands we have - we’re busy we’ve got lifestyle requirements, we want to be close to our community, our established community, but there’s also the commute. As traffic gets worse and worse, public transport links and being close to where you are, and where schools are, these things become more and more important. So I’m seeing evidence of families whose priority is changing from space to lifestyle. And so people are going to have to be clever about what they buy and make decisions about what is important.

    6. James Treble - Television Presenter and co-founder - Interior Design for Profit
      You know it’s about psychology as well. I’m a twin I grew up sharing everything. I deal with homes now, people building large homes, all of five bedrooms and an ensuite. We talk about the dynamics of how children share a space and fight to use the mirror and brush their teeth. It impacts your lifestyle, but also your time. You talk about apartment living, it’s very common overseas for people to live in apartments all their lives. In Australia we’re coming around to it for economic reasons and lifestyle. But it’s also about investment so you can affordably get into an apartment in an area where you might not otherwise afford to buy a home. And even though you may have a space that’s smaller, you can still use that space very cleverly. So storage, storage storage - I’ll say it three times- is so important.

    7. Joanna Pretty – General Manager State Custodians Home Loans
      It goes to the point of just having a little bit of thought about what you want to do. The reality is you can have a discussion very easily with your current bank or your new one and talk about that transition period and a lot of institutions are open to that. We do a lot of business for example with people who want to finance an investment property who are in owner-occupied homes and you want to assess things together. Now is the perfect time to be going down that path to ask the questions about those sorts of things and once again being able to tailor something that is perfect for your circumstances, it’s a lot easier now.

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