Buying a property is often one of life’s most daunting and defining decisions – but what if you could ‘test-drive’ your dream home first?
Varied ‘try before you buy’ schemes assist prospective buyers immerse themselves in a home or community, whether for a night or short-term, before committing to a lifetime purchase.
Ray White Economist Nerida Conisbee said try before you buy overnight schemes were not as common in Australia as overseas, but in slower property markets it is a way that sellers provide potential buyers with a taste of what the house is like to live in.
MORE: Homes ‘trial’ could change the way we live forever
Nerida Conisbee
“You do get a better feel of the house in terms of how it is at night for example with noise and the like and just more broadly of how the home feels when you live in it a little bit longer than just having a quick look at an open inspection,” she said.
Ms Conisbee said homes that were more likely to be included in overnight offerings were those that were taking longer to sell or otherwise easily offered to public.
“It is not that common in Australia because homes sell very quickly, but it can be quite good for a home that may be a little bit unusual or it may be quite easy for people to stay overnight,” she said.
“A good example is if the home is already on Airbnb and is already set up for guests it could be another type of seller who could use it.”
MORE: 1 in 2 Aus Boomers make huge cash move
‘Try before you buy’ helps homebuyers better understand homes or suburbs
If the opportunity to stay in the home is not available, buyers might instead seek to rent in the suburb prior to a purchase.
“It is a good idea because you get a feel for the local neighbourhood,” Ms Conisbee said.
“Very similarly, you can see what the neighbourhood is like at night as opposed to seeing it just for a really quick visit during the day so it is kind of a try before you buy scheme.
“The other thing too as a renter you aren’t locked in as much, particularly if you wanted to get a shorter term rent you could potentially do that as well, whereas once you buy you have all of the transaction costs and the like that come with buying a home.”
Simon Green rented prior to purchasing at NINE by Mirvac
After years of frequent moves and rising rents, Simon Green broke free of the rental cycle after his apartment afforded him the confidence to purchase a home within the same community.
Mr Green bought a two-bedroom apartment at Mirvac’s NINE in Willoughby, cutting his housing costs by $300 a week in the community he had already come to love.
“I was looking anywhere North of the harbour bridge to purchase and it was almost the catalyst of the ease of being here already kind of made the process a lot easier,” he said.
“You get sick of going out every Saturday and looking at properties and it becomes a bit of a chore, you want your life back especially if it’s your only day off in the week.”
NINE by Mirvac Coachwood
Mr Green said nothing in his search matched the quality and calibre of where he was already living.
“I already knew the standard and there weren’t going to be hidden traps or pitfalls of purchasing,” he said.
Mr Green said after looking at the north shore property it was an instant decision, as he already knew the building and community.
“It was the polar opposite to my first buying experience,” he said.
NINE by Mirvac Henderson Park
“The first time I was buying property I was in my 20s, it was this huge decision you make, getting a mortgage and stepping into adult life and you have two to five minutes maximum to see the property that you are going to be moving into.
“It’s so scary to think you walk away and then you have six weeks to wait in anticipation and fear if you’ve made the right decision.
“You move in, you start to see all of the floors and all of the problems and you think what have I done.”
NINE by Mirvac Henderson Park
Simon Green at NINE by Mirvac
Mr Green said he didn’t have to worry if he will like the suburb or other concerns.
“The fear of it built correctly, can I hear noisy neighbours, is it easy to get around, is there going to be parking, all of that gets taken out,” he said.
“Selling property and buying property are two of the biggest decisions you will make in your life.
“At no stage during the process did I feel like I was making the wrong decision or that I was anxious or nervous.”
English (US) · 