Try Before You Buy – the Key to Avoiding Buyer’s Remorse

Imagine a whimsical concept where you swap homes with strangers for a weekend, immersing yourself in the lifestyle and sampling all the local community offers. While it might be a light-hearted idea, it ticks one crucial aspect of purchasing a property: testing the waters before making a very significant investment. Here, we explore the importance of truly understanding what it’s like to live in a neighbourhood before signing on the dotted line, the benefits of ‘RentVesting’ and other try-before-you-buy strategies, and three key steps to immerse yourself in the feel of a community quickly.

Why try before you buy?

You’d sample gelato flavours before locking in your selection, so it makes sense to sample a neighbourhood before making one of life’s biggest purchases. It’ll help you avoid making rushed and potentially disappointing decisions. Here are the four main reasons you’ll benefit from this approach.

1. Explore the community a little deeper

Open homes usually involve a brief (or sometimes non-existent) foray into the surrounding area, with your focus usually being on the property itself. This makes it easy to overlook crucial factors like traffic during rush hour, proximity to essentials, or the overall vibe of the neighbourhood. Immersing yourself in the local community over a longer term can give you entirely different (and very valuable) perspective.

2. Get intimate with market trends

While online listings will inundate you with valuable data about home prices and suburb statistics, nothing beats firsthand experience. Living in the area gives you a good grasp on whether properties are priced fairly, which streets are the most desirable, and knowledge of any local developments that might affect home values.

3. Weigh up your options

If you’re torn between a couple of different neighbourhoods, trying before buying is the best way to settle any uncertainty. By experiencing daily life in each, the pros and cons will be clear, and you’ll reduce the likelihood of any post-purchase regrets.

4. Reduce financial pressures

If you already own a home, renting it out while exploring new neighbourhoods will give you greater financial flexibility and less pressure. You’ll be able to maintain your property security while testing out new areas without having to sell and buy in quick succession.

 How to try before you buy?

Securing a short-term rental is the best way to dip your toe in a new neighbourhood – but it’s not the only way. Here are the most common approaches:

• RentVest

If you’re desperate to invest in property but can’t afford to buy where you’d like to live or are unsure where you want to live, this concept allows you to tick both boxes. You’ll buy a property purely as an investment, allowing you to rent and discover your dream home location while still having a foot on the property ladder.

• Rent to buy

This scheme allows you to buy a home at a pre-determined sale price once your rental lease expires. It’s ideal if you’re not quite financially ready to buy, but it is a binding agreement with limited flexibility.

• Short-term rental

Securing a 6 -12-month rental will give you much more freedom than a rent-to-buy agreement while giving you ample time to get to know the area. In some places, however, short-term rentals can be difficult to secure.

• Staycation

If you’re having difficulty finding a short-term rental, consider a staycation or two instead! Trawl Airbnb, Stayz or Booking.com for the best of the neighbourhood and get acquainted with the local scene minus any long-term commitment.

• Daytripper

If renting isn’t an option, regularly visit the ‘hood and spend plenty of time exploring different pockets. Over time, this will give you a pretty good feel for the area.

Get immersed in 3 key steps

While exploring or living in a new neighbourhood, make sure you get fully immersed in day-to-day life. Here’s how:

1. Act like a local

From local parks and playgrounds to gyms, cafes, and markets, frequent all the local hot spots to gauge the lifestyle and community. If you’re moving as a family, check out school fairs and sports fields; if you’re a retiree, visit local clubs and organisations that interest you. Be sure to visit during the week and on weekends to get the complete picture.

2. Stride the streets
Leave the car behind and discover the neighbourhood on foot. This gives you a better gauge of the true convenience of your day-to-day amenities. For example, is the local school walking or biking distance? Can you stroll the supermarket or local shops to pick up bread and milk? Is walking to the nearest bus stop or train station feasible? Aside from amenities, you’ll also pick up on how friendly the neighbourhood is – do people smile and wave as they pass or avert their eyes?

 3. Get chatting
Current residents can provide you with a wealth of information that can’t be found online. Get chatting with locals wherever you go, and you’ll uncover the real reputation of that nearby school, where developments are planned to pop up and whether crime or safety is a problem. Your local real estate agent is also a great source of market data and valuable community insight.

Well-informed decisions take time

Whether you rent, staycation, or regularly visit, truly familiarising yourself with a neighbourhood over time will confirm that your dream location is right for you. It removes the rose-tinted glasses, is the key to avoiding post-purchase regret, and is the best way to make a confident home purchase.

For personalised support and expert guidance as you explore your options, reach out to your local First National Real Estate team. We’ll help you navigate the local market and make informed decisions that lead to long-term happiness in where you live!

DISCLAIMER
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial, or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial, or real estate decisions.