Buying a home can be a long and expensive process with several ups and downs along the way. As a result of this we can see a clear shift in the mindset of the buyer with the focus now on the ‘forever home’ rather than the ‘stepping stone home’.
The ‘stepping stone home’ is based on the idea that you upgrade your house every few years by selling your current home and buying a better ‘step up’ house with the profits.
Depending on the suburb, the cost of buying houses is at an all-time high and you need to take in to consideration stamp duty and moving expenses, yikes!
For this reason, buyers are now focused on buying their ‘forever home’.
PLAN FOR THE FUTURE-
Ask yourself where do you see yourself living in 20-30 years from now?
Look for houses in areas that will suit your future needs. For example, if you’re planning on having a family, keep in mind suburbs with schools and parks nearby. If retirement is on the cards for you, consider if the home will suit your ageing needs.
When buying your forever home, it’s rare to find a property that has everything you desire. Start by making a list of ‘non-negotiable’ assets you want out of a home to help you narrow your search. A good floor plan is key. If a home is missing some of your non-negotiables, don’t panic! Use your imagination and get creative. For example, if you are looking at a house with 3 bedrooms but were ideally after 5 bedrooms, is there potential to extend or build up in the future?
So before you head off to the next open inspection make sure you have a solid understanding of what you need from a home and make sure it’s adaptable to future stages of your life.