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June 19, 2020   •   asbirguest   •

Buying Motivations: Assessing Your ‘Why’ Before You Buy

While it can be a little overwhelming, buying a property is an exciting step. For many, their journey begins with flocking to sites like Domain and realestate.com.au to start the search for their next property. However, it’s important for buyers to really understand why they are looking to buy before they even begin their search process.
By tackling your motivations behind purchasing a property, you’re better equipped to make decisions on the properties that will be right for you. Here, we’ll tackle some common motivations and what that will mean when it comes time to search.

You’re looking to make your first purchase

As a first home buyer, your considerations are likely going to be different to someone who is on their third purchase. Usually, one of your biggest considerations is going to be your budget and finding a bank that is willing to offer you a reasonable home loan. Before you even glance at a real estate site, sit down and get to work on figuring out your budget.
For those who are already renting, using your current expenses is a great starting point. From there, you’ll need to work out if you can afford to stretch your budget any further. For those still living at home, it may take a little more planning to figure out what your expenses could look like with a mortgage, utilities, food etc.

You’re looking to invest

If you’re looking for an investment property, it’s important to forget about the designs and inclusions you like and really think about what is going to appeal to the masses. What might be the perfect space for you, may not appeal to renters.
Things to really consider will be the location, the growth that is expected in a chosen suburb and the proximity to transport and amenities. If you’re looking to appeal to families, choosing a property with multiple bedrooms that is close to a choice of schools is a must.

You want to purchase your family home

Unlike an investor who has to think more objectively, a buyer looking for their family home can afford to be more personal in their choice. That’s not to say there aren’t plenty of things to consider! In fact, choosing a family home often has even more considerations to make sure it’s a property you can see yourself in long term.
As well as budget and location, you’ll really need to assess the size and design of the home to make sure it’s something you can grow into or comfortably accommodate present family members. For growing families, you’ll need to predict the future a little bit and look at things like child care, schools and essential services.

You need to downsize

For older buyers who are thinking about selling the family home and downsizing, your considerations will often revolve around practicality. Type of property will often come into play here and it may be worth considering whether a house is essential or whether a unit or apartment is a better choice. Your motivations behind location choice will also need to be carefully considered. You may choose to stick close to family or look at areas that specifically cater to retirement living.

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