Every homebuyer dreams of that perfect house. However, very few succeed in their quest. Most of the time, the money needed becomes the barrier, sometimes it is the plethora of choices, at times it is location. Even timing plays a quintessential role. Many homebuyers in Australia miss out on their dream home by weeks or days – the property market is fierce!
What has become apparent – is that many people have vision, vision to create their dream using properties seen as less than perfect. So-called “fixer uppers”.
That is exactly what Australians are doing. Fixer uppers have become the preferred option for millions of Aussies. There have been many surveys attempting to study the reasons behind the change in this preference among homeowners. Not surprisingly, they all reveal the same facts.
• Earlier, people would want to buy a new home when they could afford it. Many families have waited years to find their dream home, to manage the down payment and mortgage, to take care of impending debts and other financial obligations. Now, homeowners are unwilling to wait that long and they would rather upgrade their home than looking for that elusive ideal house. Most people who are opting for fixer uppers are citing the rising property prices, which were already substantially inflated, as a key factor. People don’t like the strenuous process of selling and buying or the other way around. The whole process is complicated, costly and most homeowners must pay much more for a dream house. Instead, upgrading and renovating may become a sounder approach.
• It isn’t that Aussies are not spending enough on renovation projects or upgrades. People are spending around $70,000 to upgrade. Most homeowners are interested in upgrading kitchens, living room, family room and bedrooms. Many stay confined to master bedrooms. A staggering majority of homeowners want to upgrade plumbing and electrical infrastructure. Homeowners are also investing in efficient cooling, heating and insulation systems. Location is the second most important factor that is driving people to opt for fixer uppers. Many homeowners or families don’t want to leave the block or move out of the neighbourhood. Dream homes often require moving to another part of the suburb or city.
The sense of ownership, having a fun activity to engage in and perfecting every little thing that one wants, tilts the debate in favour of fixer uppers and against vying for that perfect home.
Don’t be afraid to put a little effort in creating the perfect home for yourself – fixer upper homes offer the opportunity to put your own stamp on things!
Looking for your perfect home? – Contact YNM Real Estate today!