What should you do when you're suffering from the classic home-buyers dilemma - when you can't afford what you want where you want it? Veronica & Bryce provide their top tips.
Janey and Richard had an enviable budget of $2.2M and I am sure most Australians will be saying: "how is it possible that they couldn't find what they wanted when they had that much money to spend?" Believe it or not, there are some pockets throughout the country where you don't get much house for your money and Sydney's Eastern Suburbs is a prime example.
So what are your options if you can't afford the house of your dreams in your perfect location?
The most obvious thing to do is compromise on the house. Buy a smaller one or one that needs renovating.
Some people settle for buying a better house on a main road. This is a valid strategy for staying in your preferred suburb without compromising on the features of the actual building. It will be more affordable to buy such a home, but beware, because you will need to discount it when you come to sell.
Another option is to choose a style of house that is not compatible with the area. For instance, in the Eastern Suburbs there are plenty of period homes. Something built in the 70s will not attract the same level of buyer interest as a Federation bungalow, so it won't be as expensive.
Depending on the amount of accommodation you need and whether you are after a garden, an apartment or townhouse may be a viable option. Or it could be part of a long term strategy, where you buy smaller property to begin with and trade up in the medium term.
Or you could bite the bullet and start exploring other areas. Find another perfect location! There are loads of great places to live where you will be a lot more bang for your buck.
Veronica Morgan also blogs on her website: http://www.gooddeeds.com.au/buyers-tips-and-the-property-market.