Happily ever after: How to beat the competition and find your forever home

Finding a “forever home” in Melbourne’s hotly contested real estate market is no easy feat. Prospective buyers are faced with stiff competition, a seemingly endless parade of “expert” advice, plus the added pressure of today’s ever-increasing prices.

A forever home is property that will serve your family for the decades to come – potentially from your child’s first steps right through to retirement. With that in mind, agents say the most important consideration is to find a property with a flexible floor plan capable of adapting over time.

“The advice I give a buyer when they are looking at a forever home is to begin with the end in mind,” says Robert Sheahan, director and auctioneer at Fletchers.

“Why not plan ahead and buy a home with a floor plan that you can grow into? I’m not talking about being exuberant, I’m referring to being practical.”

Sheahan says location and land size are the most important factors to consider, more so than whether a property suits your taste.

“The biggest mistake I see is buyers passing up properties that have a dated feel,” he says. “If it’s a good location, the floor plan is practical, and there are fewer buyers competing for it because it’s not as flash, that makes sense to pursue it.”

Forever home buyers generally look for properties that tick as much of their checklist as possible. This is understandable, but agents say the likelihood of finding something that meets every criterion is near impossible. There is a distinction between a “dream home” and a “forever home” and it is unlikely the former already magically exists within your ideal budget.

If you’re searching for more than 12 months, it is possible your expectations are too high. “There will always be a compromise,” says Tim Longmore, director and auctioneer at Noel Jones.

• Related: Don’t hold your breath waiting to buy here
• Related: How to perfect open-plan living
• Related: Inside the ‘forever home’ of designer Kersti Wiedermann

“Even when we chat to clients who have built their dream home they would always change something.”

If it is a toss-up between location and accommodation, Longmore recommends compromising on the latter. “The building can always be altered, added and improved once the value goes up and more equity is established in the home – the location cannot,” he says.

To avoid experiencing buyer’s remorse down the track, senior sales consultant at Kay & Burton, Rebecca Edwards, advises clients to break down their wish list into two categories – wants and needs – with the aim of finding a balance between the two.

“When signing the contract, the goal should be to tick seven out of 10 boxes with the knowledge that you can check off another two with some changes or improvements to the home over time,” she says.

When the right property does come along, don’t negotiate yourself out of the sale with a low offer.

“Don’t get too cute or clever – simply find out what the vendor is hoping for,” Sheahan says.

228 Edward Street, Brunswick East

Photo: Jellis Craig

$1.95 million-$2,145,000
3 bedrooms, 2 bathrooms, 1 car space

The modest weatherboard facade of this Victorian-era worker’s cottage is complemented by a bluestone path, turned verandah posts and dainty iron lacework. Inside, local architects Multiplicity have created a striking modern abode, over two levels, with the double-height ceiling in itself a feature. The interior has an urban industrial kick, courtesy of polished concrete floors, a bank of roller storage in the kitchen, coffered timber ceiling, exposed steelwork wrought on-site and a glazed pop-out staircase that catches the sun. The living areas have a native garden outlook.

Auction: 2.30pm, October 28
Agent: Jellis Craig, Rob Elsom 0411 889 660