Finding Your Forever Home

By Janet Spencer

Finding Your Forever Home

Buying and selling property can be stressful, time consuming and difficult.  Home buyers are best to take their time and put the effort into “finding your forever home”.

Would you pay a premium for your “Forever Home”? 

We noticed a trend at auctions late last year, whereby buyers were happy to extend their budgets a little to secure what they considered a long term home. Obviously value can mean different things to different prospective buyers, depending on what they want and need.  These buyers who want to avoid several moves as their needs change with different life phases are particularly attracted to the following:

• single level homes or homes with a lift
• low maintenance properties
• lock and leave with  good security
• walking distance to public transport and shops
• good natural light
• cost effective and environmentally friendly, low running cost homes.

What savings can be made when buying a “forever Home”?

There are various ways that buying a “Forever Home” can save you money long term.  For example:

• Victoria has the highest rate of stamp duty in Australia, making it a major cost for people who buy, sell and re-buy.  No one wants to be paying 5.5% of the purchase price to the government when they buy but this is the cost in Victoria.  
• Moving is costly and rates as one of life’s top-ten stressful events.
• Recreating social relationships with your neighbors and your childrens’ friends and family each time you move can also be stressful.

It is clear that moving once to cater for your long term needs can be a wise decision.

How to define and find your “Forever Home”.

As a professional buyer, I always suggest to my clients that each family member writes a list of must have features and desirable but non essential features.  Then, they should compare lists and try to come up with a family list of criteria and features for their future home.  It is always not uncommon that they have very different lists and need to consider where to compromise prior to starting the hunt for their home.  Buyers also need to project forward and think of what their needs may be in ten years.  Personally, I wish I had bought my  house closer to the local primary school.  We bought close to the Kindergarten but my children were only there one year as compared with seven at the primary school  This would have saved me many hours in the car and trying to find a carpark at school pick up and drop off.

Buying property, Expatriate Aussies, First home buyers, Home buying, Overseas Buyers

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