Without a doubt, the pandemic has not only affected the real estate landscape but has also changed buyer preferences and priorities. In a survey conducted by Realtor.com, which involved 1,200 home buyers, the majority expressed their need for "extra space." Spacious properties rose to the top of the priority list as space became an important factor for choosing a home. The survey also noted buyers' eagerness for large outdoor spaces, from a garage that can accommodate around three cars to backyards and front porches.
Another noticeable real estate trend is the growing number of pet-loving home buyers looking for pet-friendly abodes. Realtor.com's website recorded a significant increase in searches for the term "pet-friendly" since the pandemic began. More households started raising pets around that time, prompting buyers to consider properties that can handle their new lifestyles.
According to George Raitu, Realtor's senior economist, there has always been a demand for bigger indoor and outdoor spaces. However, the pandemic made this need for space even more significant. It also changed the way people see and feel about a home. Post-pandemic property sentiments highlight functionality, comfort and convenience as a result of improved family relations and work from home setups. When their need for space is met, buyers can accommodate extended family or install a home office.
Despite changing outlooks, you should always set your priorities straight before purchasing property in Canberra. First-time home buyers may want to take note of these priority areas:
How big your home is ultimately depends on your budget, family size or preference (if budget is not a concern). This is your personal decision, that is why you must weigh the pros and cons before deciding. Big homes provide sufficient space but are costly to maintain and repair. They are less than ideal for singles, couples and small families unless they are willing to pay the price. Though not always the case, massive properties with a high market value tend to fetch a higher tax price than smaller premium properties. If there are better options to choose from, buyers should not settle for a cramped property that negatively affects their quality of life.
Curb appeal will always be a priority area for home buyers. But while a good and appealing exterior is indeed a plus, it is better to err on the side of caution and have the home's interior thoroughly inspected. An impressive facade could mask hidden defects or maintenance issues. During inspection, ask the assigned professional to check the walls, the property's foundation, pipes and roofs. It may look pleasant and functional now, but you may have to address leaks, cracks and other repair work come winter or rainy season.
Whether it is a yard, a front porch or a garden area, an outdoor space should offer both beauty and usefulness. Think about the features you want to install in such spaces. Do you want it to be more low-key or cozy? For your next home purchase, prioritise a property with an outdoor space you can easily transform into something that reflects your style. Deck it with ornamental plants, warm lights, a dining table, comfy chairs and other elements that bring it to life.
Since not all properties are designed with a pet room, pet owners should choose one that is spacious enough or has spare areas where pets can play and roam around. An extra room or a corner in the backyard, for example, can be converted into a dedicated pet area. Or you can talk to the previous owner so the property will be prepared to accommodate your pet.
Note that the priority areas listed above are not set in stone. As a home buyer, however, it is important to know what you are looking for in a home. You will have an easier time making your next real estate move. Following the pandemic, some of us changed our perception about homes. If you have developed a preference for specific property requirements since then, you would do well to work with an independent buyers agents in Canberra. Contact our team ASAP for enquiries or further assistance.
Choosing the right investment property requires careful consideration of several key factors. Firstly, define your investment goals: are you seeking rental income, property appreciation, or a mix of bothRead More
Buying your first property is an exciting venture, but it's essential to proceed with caution and avoid potential pitfallsRead More
By opting for a sustainable lifestyle, you not only secure your financial future but also play a crucial role in creating a greener and more sustainable environmentRead More
We will explore the top five qualities of a start-up home for growing families to ensure a smooth transition into a space that fosters happiness and harmony.Read More
The idea of being a landlord might seem daunting at first, but with proper planning and understanding, it can offer numerous benefits and financial opportunities.Read More
A buyer's agent assists the buyer in finding suitable properties, negotiating offers, and guiding them through the complexities of the real estate transaction, aiming to secure the best deal possible.Read More