Homebuyers should beware of fashions when buying

The Spring months traditionally see a resurgence in property sales as buyers become more active in the property market.
One of the biggest mistakes people make when buying a new home is basing their decision on emotions.
Most people tend to purchase a new home which they would like to live in without giving much consideration to the fact that some day they might have to sell their home. They assume that because they love their home everyone else will.
This mistake is more common with people building a new home. With a wide range of new home designs available, they finally select a builder who will construct their ‘dream home’. People building a new home are often influenced by the ‘fashions’ of the time in home building designs and products that are used.
For example, during the 1970’s homes constructed with dark red bricks were very popular. However by the 1980’s and 1990’s more homes were being constructed with lighter bricks. The specific design of homes can also change in popularity. A good example was the popularity of Mediterranean style homes which were constructed during the 1980’s. These homes were white in colour with a flat roof.
By the 1990’s these homes had gone out of fashion and were replaced by more Tuscan style homes. Today, Australian style homes with verandas and outdoor living areas are more popular.
People building a new home or buying a near new home should be mindful that a home which can quickly lose its appeal to the mass home buyer market, also can be penalised in price over the longer term because the pool of potential buyers is reduced.
Mediterranean homes constructed in the 1980’s are much harder to sell today and achieve a satisfactory selling price compared to a standard 4 x 2 home of that period because they have effectively gone out of fashion.
In selecting a home, buyers should also be mindful of the fact that the average family size is falling and very large homes may be less popular in future years.
When you are buying a near new home or building a new home, one of the first questions you should ask yourself is whether the home will be just as popular in five or ten years. Your answer to this question may encourage you to take a more conservative approach in selecting a home.
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