Property Hunting With A Partner?
Our top tips to ensure you stay together in the process!
So you’re in the market for a love shack? One of the largest demographics we work with is couples, we’ve truly seen it all. So unless you’re also in the market for some hefty couples counseling bills, listen up kids.
Here are our top tips when it comes to buying a property with a partner.
1. Make sure you’re on the same page
This is the first and most important step and where we see a lot of couples going wrong. Even if you’ve been cohabitating for years and feel you are eternal soulmates and intrinsically know what each other wants and needs in life, you are not immune to differences in suburb preferences, property wishlists, and even budget. Write it down and make sure you are aligned on these key basic points.
Typically we suggest narrowing your suburbs to your top 6. As ruthless as you know you will have to be with the wedding guestlist, start suburbs off the list! Now we come to property types and attribute wishlists. We suggest keeping this pretty vague, to begin with. Inspect property together, track what they sell for and you’ll find that the market and your budget will drive most decisions in this area.
Lastly, the budget. Oftentimes with couples, we work with, there is a more conservative person and one a little less so. One says they should max out their budget and get the best they can afford and the other one is there with the spreadsheet, reading the news and pre-purchasing a year’s supply of ramen noodles.
No one way of thinking is better than the other but what we will say is that the market will determine what you can buy and where. Work out what is selling under budget in your desired areas and then decide if you're happy with that sort of property. The best way to do this is to jump on the sold section of realestate.com.au, put your budget in the areas of interest, and see what comes up. Is it in line with what you thought you would be buying? Skip the property and main roads too, unfortunately, you can’t say ‘this one, but in a better location’ as that could add hundreds of thousands to the sale price and therefore put it out of budget!
2. Think long term
You currently rent in the vibrant inner city suburbs of Melbourne, you love it, and you want to stay there. But you're newly engaged, fast approaching your mid-30s, and the research shows that your life has the potential to have some pretty big changes in the next 5-10 years. Even if you don’t think you’ll be making any major life changes in the near future you should always buy a property with a plan to hold it for a minimum of 5-10 years. Can you/your family unit expand or contract in the property long term and it remains comfortable? Real estate has incredibly high transaction costs so you really need to make sure it will suit you even if your circumstances change. Selling real estate in Richmond we saw this go awry time and time again. A young couple buys lovely Richmond property only to outgrow it within the first 2 years of ownership when their dog/baby/boyfriend/plant obsession came along. They were forced to sell to upsize and with selling costs and stamp duty costs in the mix they often came out in the red zone. You have been warned.
3. Saturday game plan and notes
80s kids know this feeling all too well… a Saturday full of open for inspections can often feel like a road trip back in the day with the old faded Melways on their lap. By the time you’ve turned to page 211, you’ve missed the turn and the open for inspection and everyone in the car is swearing. So.. a fun Friday night in activity while you unwind with a glass of wine. Write a list of the open time and addresses.. Then put the addresses in google maps and work out how long the drive is between properties. Make any notes of things you wanted to check at the property that you couldn’t see in the photos or copy. Don't charge in asking the agent a million questions. Walk through the property, decide if you like it then ask. Also don't discuss the property with your partner around other buyers. Text each other, whisper, or chat later. Next, take the brochure, and whilst one of you Fast and the Furious it to the next open the other sits in the passenger seat writing collective notes on the brochure. Good luck.
4. Don’t sweat the small stuff
We all want loads of storage, hydronic heating, great insulation, a doggy door, solar panels, built-in fridge with an ice maker. The fact of the matter is that 1% of the properties you look at will have your wishlist. So when you find yourself, or your partner pointing out the hideous blinds, the lack of storage, or the ugly kitchen. Ask yourselves. Can this be changed? If the answer is yes, then move along. If the things that can’t be changed i.e. orientation and location don’t fit your brief then we’re happy for you to walk away!
But to be honest, if you’ve read this far you’re probably better off giving us a call. We’ll handle all of the above for you and not even break a sweat!
Thanks for reading.
Prop culture