Buying a home is one of life’s biggest decisions – but a growing number of Australians are finding ways to “test-drive” a property before committing to purchase.
So-called “try before you buy” schemes allow prospective buyers to stay overnight or short-term in a property to get a true sense of its feel, community, and surroundings.
Australia’s housing market is in its fastest growth phase in four years, with prices rising across all capitals – a backdrop that’s making buyers more cautious about big commitments.
Ray White economist Nerida Conisbee (pictured) said while such programs were less common in Australia than overseas, they can help buyers make more confident decisions, especially in slower markets, The Daily Telegraph reported.
“You do get a better feel of the house in terms of how it is at night for example with noise and the like and just more broadly of how the home feels when you live in it a little bit longer than just having a quick look at an open inspection,” Conisbee said.
Conisbee said overnight experiences could be a useful selling strategy for homes that are taking longer to sell or are already available for short-term rental.
“It is not that common in Australia because homes sell very quickly, but it can be quite good for a home that may be a little bit unusual or it may be quite easy for people to stay overnight,” she said.
“A good example is if the home is already on Airbnb and is already set up for guests it could be another type of seller who could use it.”
The approach, she said, gives hesitant buyers time to connect emotionally with a property – a factor that can drive faster decision-making and stronger offers.
For buyers unable to stay in the home itself, Conisbee recommends renting in the suburb before making a purchase decision.
“It is a good idea because you get a feel for the local neighbourhood,” she said.
“Very similarly, you can see what the neighbourhood is like at night as opposed to seeing it just for a really quick visit during the day so it is kind of a try before you buy scheme.”
The Ray White economist said renting provides flexibility before making a major commitment.
“The other thing too as a renter you aren’t locked in as much, particularly if you wanted to get a shorter term rent you could potentially do that as well, whereas once you buy you have all of the transaction costs and the like that come with buying a home.”
After years of frequent moves and rising rents, Sydney resident Simon Green broke free of the rental cycle after finding confidence to buy within the same community he was already renting.
Green purchased a two-bedroom apartment at Mirvac’s NINE development in Willoughby, cutting his housing costs by $300 a week while staying in a neighbourhood he loved.
“I was looking anywhere north of the harbour bridge to purchase, and it was almost the catalyst of the ease of being here already kind of made the process a lot easier,” he said.
“You get sick of going out every Saturday and looking at properties and it becomes a bit of a chore, you want your life back especially if it’s your only day off in the week.”
Green said familiarity with the building and community gave him confidence to buy quickly.
“I already knew the standard and there weren’t going to be hidden traps or pitfalls of purchasing,” he told The Daily Telegraph.
“It was the polar opposite to my first buying experience,” he said. “The first time I was buying property I was in my 20s, it was this huge decision you make, getting a mortgage and stepping into adult life and you have two to five minutes maximum to see the property that you are going to be moving into.”
That uncertainty, he said, can make buying stressful.
“It’s so scary to think you walk away and then you have six weeks to wait in anticipation and fear if you’ve made the right decision,” he said. “You move in, you start to see all of the flaws and all of the problems and you think what have I done.”
In contrast, Green’s second experience was far less daunting.
“The fear of it built correctly, can I hear noisy neighbours, is it easy to get around, is there going to be parking, all of that gets taken out,” he said.
“Selling property and buying property are two of the biggest decisions you will make in your life. At no stage during the process did I feel like I was making the wrong decision or that I was anxious or nervous.”
As affordability pressures and buyer caution rise, “try before you buy” models and rent-to-own-style approaches may appeal to both sellers and buyers seeking more certainty. For brokers, such schemes can enhance buyer engagement and shorten decision timelines by letting clients experience life in their future home before signing on the dotted line.
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