Even drab apartments in equally drab outer-ring areas are above most buyers' price ranges these days.

So, enter the non-dream home.

These properties are an increasing reality for home buyers in a post-pandemic world, despite a respite in cash rate increases.

But chin up, homeowners!

With a little imagination, you can insert your dreams into a non-dream abode - and these possibilities won't bust your already tight budget either.

And the cherry on the cake?

You can easily come to treasure your non-dream home experience.

Let's take a look.

Non-dream homes: excellent educators

We know it's a tough real estate world out there but this also means you're not alone in having to buy a non-dream home.

In more good news, especially for first-home buyers (FHBs), you're several steps ahead of the crowd just by being a homeowner!

Along with having a great asset - and one which is likely far cheaper than a dream house - homeowners will find it relatively easy to make changes to their non-dream home (as compared to renters).

They can then transform it into a dream abode.

Perhaps most importantly, non-dream houses are excellent teachers.

Just like relationships, every home we own will teach us something and non-dream dwellings will invest a unique slice of wisdom into homeowners' real estate experience.

This experience can include concrete, everyday practicality which every buyer - especially the starry-eyed romantic ones - need when purchasing a property.

For example, a tranquil acreage property in the country or on the coast would be lovely.

But the financial and everyday upkeep of such Escape to the Country properties is high while the real deal of caring for them is far different to that of a more ordinary, non-dream abode.

Owners of a non-dream home will also learn a great deal from its more basic financial and day-to-day maintenance.

This will in turn give non-dream homeowners the practical experience needed for similar works in their potentially much larger - and very different - dream home.

Finally, a dream home may be just around the buying corner from your current non-dream property

And you'll be able to buy this dream with considerably more property savviness, thanks entirely because you owned a drab non-dream property.

So, non-dream homeowners should definitely think big and long term!

How to transform a non-dream home

Hopefully, you've played it smart before buying your non-dream home by at least ensuring it's in a good location, with nice neighbours and surrounds.

Tick!

Secondly, consider the major points you dislike about your non-dream home,

Does it need a complete floor-to-ceiling rebuild or would you just like to replace the floors and repaint the walls and ceilings?

Perhaps you dislike the kitchen's design and want to see it extensively restyled?

Either way, list all of your dislikes and prioritise them based on their practical importance, the time needed to complete them and of course, your budget.

Also, prioritise long-term and short-term goals and consider points such as how long you plan to live in the property.

Don't forget to consider your garden - if you have one - and other outside areas as well.

A few pot plants can make a major difference to any room or garden and you never know - you might become a green thumb at your non-dream home!

NB: If you've had to buy a non-dream townhouse or apartment, check your body corporate by-laws before undertaking renovations, as some can be extremely strict, even about internal changes to your home.

Budget ways to create a dream home

As we recently discussed, there are lots of savvy ways to finance a renovation of your house.

Depending on your budget, it's a good idea to plan for just one major renovation or change every year.

Bathrooms and kitchen renovations are particularly expensive and may need to be completed one step at a time.

Floor replacements are also not cheap but again, are completely possible, and repainting walls and ceilings can be a DIY project for homeowners.

And, smaller, mid-range changes such as air conditioner installations can usually be undertaken easily and swiftly.

Either way, with some imagination, patience - and a good budget - your non-dream home can become something very close to your dream.

And, for those on a low budget, don't despair.

There are plenty of smaller cosmetic changes you can make to your non-dream home that will pack a big dream punch for a low price.

Think about changing the following:

• Door and wardrobe handles;
• Curtains and blinds;
• Tapware in wet areas, 
• Lights and lamps;
• Photos and artwork; and
• Floor rugs and throw rugs

We're here to help

Whatever your property plans are, rest assured Listing Loop can help you!

As Australia's leading marketplace for off-market, pre-market listings and more, you'll be ahead of the buyer competition before you even start the purchasing process.

So, what are you waiting for?

Get in the loop!