When working with homebuyers, one of the most common requests we get is, “I want a large yard, maybe acreage if possible”. Established acreage properties are getting harder and harder to come by. Buyers are considering building more and more, and this can be very beneficial if your budget allows as you can design your own home and get exactly what you desire.
So, where do you start your house hunting journey?
Pre-approval will determine where your budget sits, and by seeking financial advice first, you will know where your price range sits. Next, decide what is important to you.
House versus land
Larger home on a larger allotment may sit outside your budget. Which is more important to you? Narrow down your criteria. Do you put your borrowing capacity towards a more significant, upgraded home on a smaller allotment, or do you target the larger allotments and give up some of the house criteria? Generally speaking, the older suburbs offer more land space with an older home instead of the new developments where they have squeezed as many allotments to ensure a more significant profit margin. A larger allotment with a larger, modern home will be less affordable than an older home on a larger allotment. Remember, you can always renovate and expand a home in time, but you cannot grow the size of your land.
A bigger home can sometimes give you less yard space but allows for the extras like:
- large living spaces
- great entertaining opportunities for indoor gatherings, additional media room, home office
- bigger bedrooms
- hobbies like a craft or sewing room
- multiple bathrooms
Having a bigger home can also increase things like:
- your utility bills
- more house to clean
- less outdoor space for the children and pets
- limitations on gardening or storage of campers/jet ski’s/boats etc
A larger allotment can offer:
- More privacy from the neighbours allowing more personal space with the advantage of having your windows open and not hearing what the neighbours are doing for the day.
- Nothing beats being relaxed at home and enjoying the fantastic weather whilst watching the children outdoors with nature, in the comfort of your own home.
- If you plan on expanding with a shed, pool or extending your outdoor living space, you will have room to do this. Having a great outdoor area can be awkward if you don’t have suitable space and look right into your neighbour’s window.
Narrow down your options, decide what your needs are and stick to your decision. It is easy to get distracted and worn down when house hunting and compromise your priorities. Don’t settle for a property that won’t meet your needs. You can always make changes to your home, but you can’t change the size of your land. Be patient; choose a qualified agent who understands your needs and they can help you find the perfect property for your budget.