It’s a long time since the Rolling Stones first sang these lyrics but the still hold true for property buyers on a budget in Melbourne:

“You can’t always get what you want But if you try sometimes You just might find You get what you need”

Domain recently revisited the issue that fussy buyers can end up non-buyers, or very slow buyers. At Strategic Buyers Agents we always ask new clients how long they have been looking and it’s often 2 months, but for others it can be closer to 12 months. I am disappointed for them because I know I will have to ask for buying budget of 10%-12%more than if they had engaged me straight away- for a similar property.

Buyers can get seduced by new home and makeover TV shows, and want to buy “a champagne property on a beer budget”. Another issue is the desire to buy near where they grew up; where their parents bought 30 years ago.

Unless you build it there is no ideal property; buying a house is all about compromise

Buyers may not compromise on position but they may have to compromise on land size, the amount of renovation needed, or on the distance from infrastructure and services.

The Domain article said: “For industry veteran Greg Hocking, the search should never be about “the one”; it should be about values and value.”

But Mr. Hocking also said that all property buyers needed to recognise the importance of first things first. “You need to get into a position to get on the property ladder.” People who delay buying because they can’t have exactly what they want or they can’t decide what they do want mar their long-term choices and financial wellbeing.”

He said “It’s essentially the difference between being blinded by initial romance and recognising the potential to build a lasting and worthwhile relationship.”

We advise homebuyers who cannot afford to buy where they want to live, to instead become a “rentvestor”. Rent where you like to live and we will buy and investment where you can afford it.

 

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