We have all heard the term ‘location, location, location’ when it comes to buying a property.

Well, what happens when you have found the location – the perfect suburb – where you want to live, but it’s out of your price range?

Well, there are ways to still buy in your perfect suburb, but you will need to do your research, be realistic, and have a little patience.

Do your research

You really need to understand the suburb you want to live in if you are to find a property you can afford. A great way to do this is to be on the ground there – get to know the suburb by driving or walking around the streets.

Try and get a good feel for the various areas within it.

Understand which streets are located in the nicer parts of the suburb, which are in the average areas, and which are the not-as-nice parts.

This will allow you to know which areas within the suburb you want to live I – then you can start thinking about affordability

Be realistic

There are plenty of sources that can provide you with details of average prices and comparable sales in the suburb you are looking at. But remember, when you are looking at the average property price of the suburb, that’s all it is – an average.

You may be able to find a place that meets your needs that is cheaper than the average price in the suburb.

Even then, the price you pay still needs to be affordable for you.

You need to be both realistic and practical about your suburb of choice.

Hoping for a lottery win is not a practical enough plan!

Be patient

This is important as you may need to wait for the right property to come on to the market.

And even if it does, you may miss out on it – especially in highly sort-after suburbs.

What’s next?

So, you have done your homework, have realised your goal of living in your chosen suburb is realistic, and you are prepared to be patient to move in. Now what?

There are several ways you can speed up the process of finally living in your favourite suburb:

• Buy a smaller home
• Buy a fixer upper
• Buy in the cheaper parts
• Buy in the next suburb

Buy a smaller home

The smaller the property you buy, the cheaper it will generally be.

So, one way to get into the suburb of your dreams is to buy a smaller property.

This could mean moving into a townhouse or unit instead of a house, or just buying a house with one less bedroom or which sits on a smaller block.

Sacrifices may have to be made (this is where that realism kicks in).

Buy a fixer upper

You may need to buy a property that is rundown or needs a lot of TLC.

While this does lower the buying price, it can mean you need to spend more money fixing the place up, although this can be done over time and at your own pace.

Buy in the cheaper parts

This is where all that knowledge you have about your favourite suburb comes into play.

You will know which areas of the suburb will be more or less expensive and you can always focus your energies on buying in the less expensive areas.

It may be a little further to the shops or schools, it may be in a more run-down part of the suburb – whatever the reason, buying in a lower demand (but still desirable) area may be your way into the suburb of your dreams.

Buy in the next suburb

Many suburbs have adjacent suburbs that still have the same feel, but are much cheaper to buy in.

If you really cannot afford to buy in your dream suburb you might still be able to buy just over the border and still get all the advantages of living in the suburb you want.

Over to you

Whether you buy somewhere smaller, buy a fixer upper, find a cheaper street, or buy just over the border, there are a few ways you can afford the suburb of your dreams.

So, what are you waiting for? Get out and get to know your suburb!

Do you have a favourite suburb you really want to live in?