Home, holiday or profit: how your house-hunting strategy shifts for every purpose

Every property transaction you'll enter into has one thing in common: a feeling of excitement about what lies ahead. However, your priorities and modus operandi will vary depending on the purpose of your investment. Is the property you're buying going to be your primary home, a holiday home or an investment property? Jawitz Properties explores the factors that go into choosing the right property for your specific purpose.

Factors to consider and evaluate when buying a primary residence

If you're choosing a property that will be your family home, the top priority is considering your family's needs. If you have children or pets, is there a suitable garden for them to play in and are the surroundings conducive to the type of childhood you want your children to have? Do you have easy access to amenities such as schools, shopping centres and medical facilities? Are there enough bedrooms? These are the real types of questions to ask so that you can establish whether a home will be right for your family.

There are also some tougher questions to ask, such as how you picture your life in ten years and whether this property will still meet your needs at that point. Simply put, buying your primary residence is about prioritising your present and future needs, and there can be an emotional component to this decision.

Investing in a holiday home: aspects to reflect on

At first glance, a holiday home that's just a stone's throw from an idyllic beach may seem like your obvious choice. Before you sign on the dotted line, however, there are a number of factors to be considered. Firstly, do you want to visit more than once a year? And if so, is your beachside paradise still a desirable destination in winter? Any property investment should be viewed as a long-term commitment and - just as you would if you were buying a primary residence - you need to ask yourself if your holiday home will still be suitable for your family in ten years.

If you're considering buying a unit in a complex or apartment building, it's vital to ensure that they allow properties to be rented out on a short-term basis.

As with any real estate investment, location is key when it comes to choosing your holiday home. Your property should be close to everything that its location has to offer - from beaches, lagoons or game reserves to art galleries, shopping centres and restaurants.

Key considerations when buying an investment property

When buying an investment property, the first thing to do is thoroughly vet the neighbourhood you're considering buying in. Have a look at online rental listings in the area. Are there lots of vacant rental properties? If so, there are likely to be better areas for you to choose. Consider the average rental prices in the area to get an idea of how much you may be able to rent your investment property out for.

If it's an area you don't know well, take the time to research crime statistics, future plans for the area and traffic patterns. You don't want to inadvertently invest in an area that becomes undesirable due to factors out of your control.

The next thing to consider is the type of property to invest in. There are many advantages to buying an investment property within a sectional title complex or estate. For starters, certain factors like external maintenance will be taken care of for you. There is also a myriad of security advantages and your tenants will be part of an environment where various rules are enforced.

In terms of their configuration, properties popular among tenants include two-bedroom apartments of at least 60 square metres which have at least one parking bay. Bigger families tend to opt for three-bedroom homes that are at least 100 square metres. These homes should have a double garage and a garden.

No matter what type of property you are looking to purchase, Jawitz Properties is here to help.   and we'll help you through every step of the process, from finding the right property to collecting the keys.