What Buyers Really Want
October 8, 2013 / Written by Thirst Creative
By Rich Harvey, CEO and Founder www.propertybuyer.com.au
Buying your next home is a very personal thing and is also one of the most expensive purchases you will make in your lifetime. It’s wise to spend a few moments considering what type of home will suit you not just next year, but also in 5 and 10 years time. You don’t want to rush into a decision to buy a home on an emotional whim, only to discover that you have paid 20% too much and the property only meets 50% of your needs!
As buyers’ agents, we’ve reviewed thousands of buyer’s “wishlists” and found some common themes that buyers find highly desirable. Your first step is to take out a sheet of paper (or an excel spreadsheet if you are analytically inclined) and jot down a list of everything you want in your next home….this is your true “wishlist”.
The next step is too hard for most people - you then have to separate your list into “Essential” and “Desirable” criteria. Our human nature means we don’t really want to compromise – we just want it all! That’s fine as long as you have an unlimited budget. But for the majority of home buyers, we will need to cut the cloth to fit our financial budget. Below is a list of the requests we commonly get from our home buyer clients.
The next step is too hard for most people - you then have to separate your list into “Essential” and “Desirable” criteria. Our human nature means we don’t really want to compromise – we just want it all! That’s fine as long as you have an unlimited budget. But for the majority of home buyers, we will need to cut the cloth to fit our financial budget. Below is a list of the requests we commonly get from our home buyer clients.
| Essential Criteria |
Desirable Criteria |
|
· Access to public transport · Close to good quality schools · Close to shops · Good neighbourhood (low crime rates) · Friendly neighbours · Good internal layout (floorplan) · Large living areas · Garage/ security car space · Reasonable size bedrooms · Modern Kitchen and bathrooms · Outdoor entertainment area/ balcony · Not on main road
|
· Pool · North aspect to rear · Multiple living areas · High side of street · Parking for more than one car · Level rear yard · Ensuite · Separate laundry · Light and bright · Low maintenance · Fully renovated · Air conditioning · Extra storage space |
Just remember, you can’t move the position of property you’ve bought, but you can add value and make changes via renovations/ extensions. Many buyers are put off by poor cosmetic appeal, yet this should be a secondary consideration in comparison to the location of the property. The maxim of location, location, location holds true for home buyers and this is reflected in the price you pay.
In looking for a new home, don’t confuse “research” and “search” – research comes first. This is about identifying the right suburbs where you want to live. This decision will be largely driven by your commute to work, schools for the kids, family and friends network and your lifestyle and desire for amenities – close to bushland, beaches, waterways or sporting facilities. Don’t be too narrow minded when it comes to picking your preferred suburbs. Speak to the locals to find out what makes the place tick and hang out at a few local cafes. Examine the demographics to see if it feels right for you. There are over 15,000 suburbs in Australia and 670 in Sydney alone. My team of buyers’ agents can give you the inside knowledge into the most suitable suburbs for your budget as well as those suburbs undergoing transformation (or gentrification).
The second stage is the “search” – where you are seeking individual properties within specific suburbs. We all know the drill here – you’re out every weekend dragging the family around to open for inspections and competing with a never-ending line of other aspirational buyers. The current market is very strong and likely to get stronger in coming months, so it pays to have a strategy to be able to shortlist properties quickly and easily. To get a real perspective on the local property market you need to inspect somewhere between 50 to 100 properties. Taking notes and keeping records is a good idea, as it’s easy to forget or get confused by seeing lots of properties.
Our team of buyers’ agents assists clients refine their “Wishlist” into a realistic “buyers brief”. We work with our home buyer clients every step of the way to shortlist both on and off-market properties, appraise the value accurately and then step in and negotiate the lowest possible price. Using a buyers’ agent helps home buyers find their dream home faster, gives them the confidence to pay the right price and beat other buyers to the exchange.
In the current market, many home buyers are catching FOMO disease – Fear of missing out. If you are a home buyer it’s important to take a step back, work out exactly what you need, then search strategically for the right home and get the right advice.
If you are in the market for a new home, please call us today on (02) 9975 3311 to discuss our Full Search service or our Appraise and Negotiate service which will give you the edge. Or you can download some further tips from our website:
http://www.propertybuyer.com.au/resources/free-downloads/
Happy house hunting!
Rich Harvey
Managing Director, propertybuyer
This article was written by Rich Harvey, founder and Managing Director of propertybuyer, Sydney & Australia’s most awarded Buyers’ Agents. Propertybuyer helps property investors and home buyers search and negotiate the right property at the right price, everytime.
Call +61 2 9975 3311 or 1300 655 615
