Updated Sep 2020. 5 Minute Read.
Updated Sep 2020. 5 Minute Read.
Your property living requirements change every few decades depending on your stage of life. Typically, the largest groups of property buyers are the first homebuyers, second homebuyers (buying a family home) and retirees otherwise known as empty nesters or downsizes.
The under 30’s (first home buyers) like to be located in and around the CBD for work and social living. Since prices are high, they normally opt for apartments and small units around inner city suburbs.
30 to 50 year olds (second home buyers) need properties that can house a growing family. Usually located in mid or outer suburbs of Melbourne. Being close to good schools, employment and shops is vital for time-poor parents.
The 50+ year olds (retirees) are usually consolidating there finances and downsizing their property, trying to cater their real estate needs around low maintenance living that offers a well balanced lifestyle, social interaction with close proximity to amenities.
At each stage of life it’s important to make the right financial decisions when buying property. Making the wrong move can burden your lifestyle and take away from your quality of living.
In addition to finances, sometimes you don’t know what you need when buying for the next stage of life.
When you start researching your options it’s wise to seek advice from people around you. They can give you great tips that point you in the right direction.
The internet is full of great advice with people sharing their wins and losses.
Buyer’s agents are also a great starting point. They have bought for people in your situation many times and can offer some wisdom when it comes to selecting suburbs and the type of property. The best part of hiring this kind of help is handing over the responsibility to someone else, a buyers agent can guide you though the entire buying process.
At any stage of your life, finding the right property and dealing with real estate agents can be one of the biggest challenges in buying.
Thankfully there is a way in bypassing the above problems: Buyer agent’s can step in and manage the entire process for you.
They sit between you and real estate agent and interact on your behalf solely for the benefit of you.
They source property listings that match your buying criteria. It sounds easy enough to suggest property but no two properties are the same. An experienced property buyer can pick out listings that can generate a higher level of capital growth next to common property that can be sluggish over decades.
They also have access to silent listings, real estate that is ‘for sale’ that is not publically advertised.
The due diligence is done for you:
Real estate agents are professional negotiators that sell houses every week. They understand how to achieve a maximum price for their customers, the property seller. They practice the art of negotiation and are trained by the heads of their business networks in keeping their skills up-to-date.
Buyer’s agents are qualified real estate agents and therefore understand the ins and outs of how an agent negotiates. The only difference is the buyer’s agent represents the property buyer’s best interest.
Analyse the floor plan of your current home and think of the areas and spaces in your home that simply store things you don’t use. Anticipate your future needs, things like getting rid of a staircase, using a european laundry instead of a full sized room, minimizing the size of a kitchen, getting rid of a high maintenance backyard or a tool shed.
The perfect property or the goal of buying for a retiree should be enhancing quality of living. It shouldn’t be inconvenient, carry a financial burden or put you in a place of social isolation.
If you’re a future retiree looking at buying your last home, Wise Real Estate Advice specialises in taking the time to make sure we help you purchase the right property for your future needs.
For a free consultation on how we can help, leave your details on the form below.