Looking to Buy a Bigger Home For Less? You Can Make it Happen!

Eriks Draiska
Published on July 7, 2016

Looking to Buy a Bigger Home For Less? You Can Make it Happen!

Compact housing options have actually gotten very popular in recent years, but if you could have the amount of space you were actually looking for at the price you wanted you’d be happy right?

Exactly. You might be surprised by the different options available to you! So here are some ways you might be able to find some more space and buy a bigger home without breaking the bank. If you have any additional questions feel free to shoot me an email or leave your contact info and I’d love to get back to you.

Old listings

Look for homes that are just outside of your current budget and then narrow it down to homes that have been on the market for at least a month, preferably 2 or more. With research you’ll find some homes that have been on the market for 3-6 months and longer. When a house has been on the market that long you’ll be going into the deal with some leverage. You’ll likely encounter a motivated seller because presumably at this point they really want to sell this house and they’ll be more open to negotiations.

At other times you’ll be faced with a vendor who does not want to meet market conditions, is stubborn or digs their heels in. You can either keep negotiating or let it go and move on to the next one. Read more about your Offer Rejected.

Older homes

 Yes some older homes sometimes have terrible wallpaper and terrible old tile and lots of clutter. Don’t shrug these off just yet, these types of homes tend to be overlooked by buyers. If you have a vision you can make this the home you’re looking for without spending too much. You might even be able to get this home for less than your established budget and use the difference to make the changes you want.

Crappy looking homes and gardens

Sometimes there are untidy homes or ones with even more untidy gardens. Many buyers will simply overlook these as they need a lot of work. They will probably be on the market for quite some time and likely the asking price will keep dropping. You can take advantage of this situation as it’s either the owners laziness, negligence or poor advice from their agent that led to this state of affairs.

You will be competing with fewer buyers with the added benefit of using the perceived cost of repairs against the seller to further bring the price down.
If you are prepared to put some blood, sweat and tears into your purchase, it’s a sure way to help build long-term equity and buy a bigger home to boot.

PS If you are selling a place like this, call us, so this does not happen to you.

 You’re looking to renovate

Some homes have lots of space but they feel small because of the layout. You can easily knock down some walls to make a cramped space feel very accommodating. Like the tip above you need to have a little vision, and if you like hitting walls with sledgehammers, bonus points. Obviously check this out with a builder or renovation expert first.

Depending on your finances, there are also loan options that will allow you to basically bundle the renovation costs into the price of the initial home loan. If that’s something you’d be interested in, discuss it with your finance broker. For Example call Connie Hou 0413640989 at The Loan Arranger.

This depends on your LVR, Loan to Valuation Ratio. Want to know what LVR means? Check out our Glossary of Terms.

Shared living space

Flatmates, friends or even additional family members can make it easier to afford a more spacious place. If you’re not wanting to deal with the possibility of renovating this might be the option for you. Some of the key features you’re hoping to have could be paid for by the savings you get from additional people or renting a room or 2.

Just be detailed in your search for the right share accommodation people, the wrong ones can make a large home feel much smaller than it actually is. Find someone meticulous and clean, maybe even someone who won’t be there as often as you due to work. Check their references and make sure you’ll be comfortable with them living there with mutual respect.

You’ll need agreement that they pay their share of the bills, electricity, gas, telephone, water, food and so on.

Can you widen your search area?

This is a more common recommendation made by agents. If you’re willing to compromise your location at least a little bit you might be able to land more square metres of living space. Even looking 5-10 minutes out of your ideal location can make a significant difference. So don’t dismiss this option if you’d rather avoid the possible work of renovation.

Just make sure if things like school districts are an important consideration that you still fall within the area you need to be located in. It would be unfortunate to be aiming at having your child attend a certain school only to realize after you buy a bigger home you’re actually just outside the district.

Property values are essentially based on the land they sit on, so location is an important consideration. Consideration needs to be made on re-sale value as well, you will not likely be staying there forever.

To find out more, you’re welcome to call 08 83961100 to arrange a chat with people that care.
Alternatively Book a Free Consult or Get Your Home Value Here.
Feel free to browse the rest of our Blog for more tips tricks and helpful info you can use.
Not sure of some of the terms & meanings used? Check our comprehensive Glossary and Abbreviations!

Your Home SOLD in 90 Days or Less or We SELL it for FREE!

Thanks for reading
What else would YOU like to know about? What would make a great story?
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Know someone who needs help?
You can Refer them here.
Whatever Topic or Suggestion you have… email us at [email protected] or  call 08 83961100. We’d love to hear about your ideas.
Regards Eriks & Team Plaza Real Estate 

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