Assembling the dream team to find your dream home
Recent research into the emotional highs and lows of The Great Australian Home Search revealed the search for the perfect home can be filled with stress and exhaustion, with 9 in 10 Australians finding the house search frustrating and 45% of us settling for less than our dream home because the search was too tough.
In this Toolkit series, we’re helping home buyers take back control of the process and inject the excitement back into the search with tips, trends and market insights.
One of the top tips that came from the seasoned house hunters we surveyed was to find a trusted team – a broker, adviser and builder – to help find and build your dream home. Your home is one of the most important purchases you will ever make but you don’t have to rely only on yourself during the search. Bringing a trusted team on the journey is a sure-fire way to ensure your experience is as smooth and successful as possible.
What to look for
The broker: The right mortgage broker is a great asset, helping you navigate financial complexity to secure the right loan to finance your house purchase. It can be a convoluted process so many first-time buyers value a helping hand with the financial legwork.
As a starting point, research loan options online and have a clear idea of the type of loan you want so you’re prepared to scrutinise broker recommendations. Contact several brokers to compare their offers and steer away from those who put the pressure on to buy a certain loan. Once you’ve secured a broker continue to shop around for the best loan out there – even if you’re not prepared to switch providers you can use this to negotiate lower costs with your existing lender.
The trusted adviser: Bring an external party into your team to get an impartial opinion on your search. This could be a trusted friend or family member who has experience in the housing market, a sales rep or a buyer’s agent.
It can be easy to get carried away during the home search, buying with your heart and not your head or settling for less than your dream home. In fact, 48% of Australian house hunters told us they settled because the search was too tough.
It’s true that there are lots of decisions to make during the house hunting process so seeking a trusted second opinion is a great way to help you feel confident in your choices, knowing that everything from the market conditions and location, to the price, style of home and fixtures aligns with the dream home in your mind’s eye.
The builder and developer As a property buyer, doing your due diligence is crucial. A builder and developer’s longevity in market should be a key focus, as it provides certainty on the home you’re looking to buy. Look at the success of past projects, fantastic amenities, and thoughtfully planned communities, as well as the use of exceptional quality finishes and materials, and a team of the highest calibre partners.
Make a checklist. Think about the size, budget, features and any important extras you’re after, such as eco-friendly building materials, an open plan living and dining space or striking design and interiors like raked ceilings or beams. This will help you narrow down a partner who specialises in what you’re looking for.
Lastly, don’t forget to check what grants might be available to you, there are some fantastic savings available at the moment such as the new home builder grants, first-time buyer grants or stamp duty concessions.