What Type of Home Buyer are You in Hampton Park

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What Type of Home Buyer are You in Hampton Park
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If you are someone looking forward to buying a
home in Australia, do you know which home buyer
category you fall into? Are you an experienced
property buyer or plunging into such a big
decision for the first-time? Or are you just
buying a property for the sake of
investment? Whichever buyer category you fall
into, there are certain factors that differ from
one home buyer to another. In this blog, we will
talk about each buyer category and apprise you
of everything that takes to be a home buyer. Here
are the types First home buyers The number of
dwellings purchased by first-time homebuyers who
are likely to access First-Home Owner Grant
amountincreased, from around 82,500 dwellings
in the 12 months to March 2016 to 155,100 in the
12 months to March 2021. The rise is further
reflected in an increase in the proportion of all
dwellings which is financed by the first-home
buyers i.e.,32 in May 2010 and 34 in March
2021. Relocators (upgrader or downgrader) and
Investment buyers or also called investors
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First Home Buyer (FHB)
You fall in this category if you are buying a
home for the first time in your life. Most
probably young couples become the first-home
buyers. However, there are exceptions too and
many times older people also tend to buy home
and become the first home buyers.
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Type of Homes that First Home Buyers Buy
Generally, the first home buyers look for an
entry-level home. Why? Because the youngsters
are on the verge of leaving their parents homes
or are not looking forward to paying rent. The
first home buyers buy at sub-median prices and
may even want to start a family. People falling
in this category may have minimal assets and
limited capital.
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First Home Buyers Behavior
Since first home buyers are new to the real
estate market in hampton park, they are highly
sensitive to interest rate movements. Also, they
may even be scared of missing out on the Great
Australian Dream. The first home buyers may even
end up buying based on emotions, may even panic
with the rice in property market. Do you know,
the price growth cycle is typically started by
first home buyers as the government provides
incentives to them to invigorate the market?
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Relocators
These are the type of home buyers who either
relocate from a small home to a big home or from
a big home to a small home. In simple words,
these are the buyers who make a shift. If the
buyers move from a big house to a small house,
they are known as downsizers. If the buyers move
from a small house to a bigger house, they are
called upsizers. For instance, if you are living
in a two-bedroom home and want to shift to a
three-bedroom home, it means you are upsizing.
On the other hand, if you are living in a
three-bedroom home and are looking forward to
shift to two-bedroom home, you are downsizing
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Types of Properties for Relocators
Relocators look for a speci?c property type like
something bigger, smaller, better, closer to
work, or may be in a nicer suburb. When it comes
to relocating, both upsizers and downsizers have
different priorities. Upsizers tend to consider
safety and proximity to work and also consider
social hubs as essentials. On the other hand,
downsizers are more likely to have access to
public transport, proximity to their family and
friends. There are considerable challenges for
both type of home buyers. For instance, with
regard to financial challenges, upsizers are
expected to go through some tougher times in the
long run when they look for a new home. On the
other hand, the downsizers face a different
hurdle i.e., they might struggle to manage the
move and reduce the amount of stuff they
possess. Emotional challenges should not be
ignored in either case. It may get difficult to
leave a home to move into the next, especially
for downsizers because they would have seen
their family grow in one place. Upsizing can also
be tricky if it requires making compromises for
more bedrooms. Let us not just ignore the
benefits. Downsizers will require less upkeep and
maintenance considering the size of home. On the
other hand, upsizers will get to live in a more
spacious, breathable home.
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Investors
These buyers buy homes to make money. They
invest in properties to generate revenue. These
buyers wont compete on price and, in theory,
they should never buy at auction. These buyers
may want to get in before prices boom and their
target price will most probably be
sub-median. Investors are the buyers who like to
buy at low interest rates. But they are not as
twitchy as first home buyers. Each group of
buyers has a different motivation. It is,
however, important to know what drives your
decision as a home buyer.
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Developers Activity
Most people fail to look into developers
activity while considering the factors affecting
supply and demand in different markets. It is
important for you to understand the massive
impact developers make when you are assessing
potential property markets.
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Type of Developer Interest
Two main types of developers are medium- and
high-rise apartment block developers and
broadacre land sub-dividers. Other developers
like in?ll town house and dual occupancy
developers also called recreational developers.
There do not in?uence the market as much as the
major developers do. Steps involved in
development process Feasibility Due diligence
Acquisition Design Planning approval Presales
Construction Settlement (the final move when
residents move into dwelling)
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Quick Tips to Buying Home Understand the type of
buyer you are because the costs may vary and also
their activities have a major effect on the
market. What is the right time to buy a home?
Well, as soon as you can afford a deposit.
Understand the time developers take to bring
product to the market. How to Make a Buying
Decision? Home buying is a major decision in
ones life. It must be taken after utmost care,
consideration, and assessment. The best way to
buy a property is by hiring a good real estate
agent. Having a real estate agent by your side
will always be beneficial because they are the
professionals who know ins and out of the
property market. They stay updated with the
information and prices. Also, if you entrust your
property with a local real estate agent, you will
stay stress-free. There would be nothing to
worry because every single thing from the scratch
is handled by the real estate agents. They don
different hats in a day and take care of
everything involved in home buying process from
pin to an elephant.
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PO Box 137 Lynbrook Victoria
Get In Touch
0425843786 carlton_at_carltonvaz.com.au Content
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