By Rich Harvey, CEO & Founder, propertybuyer.com.au
There’s plenty of great life advice that can be gleaned from the famous quotes of esteemed philosophers, adored leaders from history or brilliant thinkers, but one of my favourites comes from a fictional troublemaking highschooler who just wanted a day off.
“Life moves pretty fast – if you don't stop and look around once in a while, you could miss it.” – Ferris Bueller.
It’s true. Modern life feels faster than ever. Each new year seems to race by quicker than the one before it, meaning we all need to be more and more adaptable.
Our homes do too for a multitude of reasons.
Kids staying in the family nest for longer. Working from home is the norm. New side-hustles and emerging hobbies need space. Taking care of ageing family members, means more rooms and living area separation.
It’s all about living a better and easier life no matter how what’s happening.
There are plenty of reasons that the homes we buy today will need to change tomorrow – and they all require time, money, and effort. But savvy homebuyers and property investors who think about the long-term can minimise the hassle by finding a place that’s truly adaptable.
Get out your crystal ball
The most successful property investors are all about the long-term, whether it’s sniffing out future growth suburbs, thinking about the types of homes that will be in demand both now and later, or developing a strategy for wealth creation and financial security.
They’re clear about what they need and want in a home too, from the location to the number of bedrooms and various modern conveniences.
One thing that’s often overlooked is what we might need and want from our homes in the future.
Are you having kids? How many? How long might they stay at home and will you be able to accommodate adult children, not just teenagers?
What’s your plan when it comes to ageing parents? Will you want to have them close at hand so you can help care for them?
And how about your money plans? Are you close to retirement and looking to maximise your income sources? Or do you have a bit more time and want to focus on accelerating your capital growth potential?
It’s worth taking the time to sit down to assess where you might be heading. Your personal circumstances, your work arrangements, your family situation, your finances… what might they look like in five, 10, 15 or even 20 years?
Will the place you buy now be fit for purpose? It can be if you buy smart, and enlisting the help of an expert to ensure you make the smartest choice possible.
Finding adaptable options
A good buyer’s agent won’t just help you unearth a home that suits your needs and wants now. They’ll also work with you to consider how the property might be used or adapted to meet your changing needs in the future.
It might be that you have a certain budget right now that only allows for two bedrooms or a single living space when, chances are, you’ll want more than that down the track. An option might be to buy a place within your budget that has the potential to be altered later.
Perhaps it’s an inner-city terrace with a decent rear space, sitting within the right planning controls, where you could save money to eventually build up, adding on a big kitchen and living room and a master suite upstairs. Maybe it’s a small home that’s on a good-sized block, where a rear extension could be possible later on.
A buyer’s agent has access to contacts and possess an intimate knowledge of individual suburbs, meaning they can identify these kinds of opportunities and put you in a competitive position to secure them.
Maybe you’ve got toddlers who are happy sharing a room for now but will want their own private spaces as they near adolescence. Is there a place with a flexible floorplan that could altered to create an extra room?
Buyer’s agents have seen and done it all. They’ve overseen the purchase of every dwelling type imaginable and traipsed through myriad different layouts. They’ve worked with clever and creative clients to help them achieve some incredible things with a home that others might’ve disregarded at first sight.
It might be that you’ve got a healthy budget and a clear picture of what your dream home looks like, but no-where to build it. After all, land is the most expensive component and finding a slice of it is no small feat.
A buyer’s agent can not only assess the viability of a potential knock-down and rebuild site, but they have access to off-market opportunities that buyers on their own will never see. They can work with you to find possibilities that suit your budget and help those home dreams come true.
The same is true for sites that have scope for a subdivision, a small development or even a simple granny flat project. All things that can supercharge wealth creation or provide flowing cash – or both.
I’ve done a lot of work in the past few years with clients who want specific things from their home. A space in the backyard for a studio so a passion project or hobby can be explored. Room for a proper home office – not just a nook that’s miserable to work from.
Or maybe it’s a pretty simple consideration. Maybe it’s finding a property that offers the best rental or resale prospects if and when you decide to move on but retain it as an asset.
Going it alone is hard
Buying a property is stressful, time-consuming and costly at the best of times, let alone in intensely competitive markets like these. Add in the importance of adaptability and the whole thing can seem impossible. But it doesn’t need to be.
An experienced buyer’s agent can take the angst out of the process by helping you identify what you need and want, then taking on the entire process, from sourcing potential deals to negotiating on your behalf.
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call us on 1300 655 615 today.
