Finding a “forever home” in Sydney’s hotly contested real estate market is no easy feat. Prospective buyers are faced with stiff competition and a seemingly endless parade of “expert” advice.
A forever home is property that will serve your family for the decades to come – potentially from your child’s first steps right through to retirement. With that in mind, the most important consideration is to find a property with a flexible floor plan capable of adapting over time.
When looking for a forever home, begin with the end in mind. The most important consideration is to think ahead and buy a home with a floor plan that you can grow into. It doesn’t need to be exuberant, just practical.
Location and land size are the most important factors to consider, more so than whether a property suits your taste. The biggest mistake is when buyers pass up properties that have a dated feel. If it’s a good location, the floor plan is practical, and there are fewer buyers competing for it because it’s not as contemporary, that makes sense to pursue it.
Forever home buyers generally look for properties that tick as much of their checklist as possible. This is understandable, but agents say the likelihood of finding something that meets every criterion is near impossible. There is a distinction between a “dream home” and a “forever home” and it is unlikely the former already magically exists within your ideal budget.
If clients are searching for more than 12 months, it is possible expectations are too high. Keep in mind, that there will nearly always be compromise. Even people who have built their dream home, would nearly always change something.
If it is a toss-up between location and accommodation, it is recommended to compromise on the later. The building can always be altered, added and improved once the value goes up and more equity is established in the home – the location cannot.
To avoid experiencing buyer’s remorse down the track, it is advised that clients break down their wish list into two categories – wants and needs – with the aim of finding a balance between the two.
When signing the contract, the goal should be to tick seven out of 10 boxes with the knowledge that you can check off another two with some changes or improvements to the home over time.
When the right property does come along, don’t negotiate yourself out of the sale with a low offer. Find out what the vendor is hoping for and work around that.