 Lower repayments, lower interest rates
According to various reports, it seems home owners are getting a reality check over what to expect from property during the economic crisis. Builders are reporting many home owners are accepting that they may not be able to have major luxuries but are still keen on the little extras.
So that means out with the extra bedrooms, garages and media rooms, but staying in are cheaper fittings such as new floor coverings, ditching paving for plain concrete, opting for brick instead of rendered finishes and selecting tiles instead of Colourbond roofing.
Orbit Homes Queensland said buyers were more cautious since the global economic crisis and were getting more realistic expectations, sales and development manager Floyd Lusty commented.
"Their expectations tended to be high," Mr Lusty said. "But now they seem to accept they can only afford three bedrooms and they even seem to expect a single garage, but they won't go without an ensuite."
General manager of PJ Burns John Thurtell backs the claims, saying they have been designing basic homes with less frills during recent few weeks to attract new home buyers. Mr Thurtell said by changing your requirements, savings can amount to as much as $20,000.
The shift is in response to home owners needing to restrict mortgage repayments to more affordable levels and younger buyers fed up of renting, now looking to buy.
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