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7 Alternatives to Realise Your Dream of Home Ownership

7 alternatives realise dream home ownership

7 Alternatives to Realise Your Dream of Home Ownership

With the housing market at record highs, owning a home in Australia is becoming an unattainable dream for many. And the process for trying to make it happen can be disheartening, demoralising, draining even. Either you keep getting under-quoted, out-bidded or you struggle to find what you need that’s anywhere near your price range.

And we’d like to help you. While we can’t promise miracles, we can provide some tips and alternative avenues you might not have considered. Sometimes, it’s about thinking outside of the box.

Alternative ways to realise home ownership include:

  1. Door knocking
  2. Targeting passed in properties
  3. The desperate vendor
  4. Properties on the market a long time
  5. Buy an ugly duckling
  6. Make an offer prior to auction
  7. Consider the next door suburbs

These kinds of approaches won’t be for everyone. In fact, some of you will shy away cringing. But if you want to raise the stakes and increase your chances of success it could be time to try something new:

1. Door knocking

That’s right, the direct approach. The old-fashioned letter drop expressing your interest to identified properties. It’s a numbers game. The more you target, the higher your chance of success. You’ll hit dead ends along the way, but what if you happen to target that one home owner who’s just found out they have to move overseas, like, tomorrow? They need to settle quickly and your expression of interest arrives at the perfect time.

2. Targeting passed in properties

Sometimes, properties pass in at auctions for no other reason than plain bad luck. It may just boil down to poor timing where the expected buyers were unable to turn up. Or it could be an indication that the reserve price is too high. If the other bidders drop out of the picture, the vendor’s agent is then at liberty to negotiate with any genuine buyer and an opportunity for a lower reserve may open up.

3. The desperate vendor

There’s an old saying that ‘one man’s misfortune is another man’s gain’. It may seem harsh, but vendors hitting desperate times due to death or financial hardship often need to sell quickly and modestly. Make sure you’re listed with local real estate agents. Let them know what you’re after and keep at the forefront of their minds so that you’ll be the first person they call should any opportunities like these arise. Sign up for email alerts for new listings that meet your requirements and respond quickly.

4. Properties on the market a long time

Properties on the market for a long time are often because a vendor is asking too much. If they are difficult to deal with, agents will lose interest and the vendors will soon become desperate and lower the price.

5. Buy an ugly duckling

The ugly duckling you can transform into a swan. Many buyers are put off by houses in need of work that present poorly, but these little gems can be a sneaky entrance into the market for those willing to invest the time and energy. And they often provide lucrative returns in the long run. Look for homes with solid structure that could be transformed with a fresh lick of paint or new carpets, perhaps. Over time, as you build savings you can gradually update other parts of the house. Check out these tips for renovating on a budget.

6. Make an offer prior to auction

Go on. What have you got to lose? Auctions can get competitive with over zealous bidders driving the price above the estimated value of the house. Some sellers are nervous about auctions. If you get in early with a reasonable offer, you may just find they are keen to accept. Register with realAs to get a more accurate idea of a property’s worth and make your best offer – there’s no point playing games if you want to draw interest. Put your offer in writing with your preferred settlement time frame.

7. Consider the next door suburbs

Next door suburbs can offer a comparable lifestyle for a more affordable price. For many, living in the most sought-after suburbs just isn’t an option. So why not look further afield where it’s cheaper? Don’t forget that rising values of popular suburbs often spill into surrounding suburbs.

With the housing market soaring to problematic levels in recent years, it may become necessary to change your approach. It’s time to become more creative, more competitive and more resourceful. Keep Looking and never give up.

Hopefully, this will become your year for home ownership.

We wish you the best of luck.

 

REALas accurately predicts property prices

REALas property predictions are 5% from home sale prices on average – Australia wide including auctions and private sales.

 

realAs real estate property valuation home price guide report

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