Five red flags that put buyers off
Why is it that some homes sell quickly and others spend longer on the market? How come some properties easily convert interest to actual offers and instant sold signs?
Well often it comes down to a series of common denominators that raise red flags for purchasers.
From dodgy additions to bad neighbours and potential structural issues, these are the five red flags that put buyers off.
Location
It’s not just the property you should be weighing up when buying, but also its location. If the area is noisy, busy, or has a high crime rate, that can be a major flag that your lifestyle will be impacted.
When looking at location, also research what’s to come for that area, including any planned future development that may affect the value and liveability of a property in the years to come.
Structural issues
For the seller, that wall crack, retaining wall lean or unfinished project might just be a small issue, but for a potential buyer the slightest hint of a structural issue can raise a major red flag.
Unless they’re highly experienced or in the market for a major renovation, few buyers want to purchase a home just to find there are big problems that need to be fixed.
That’s why it’s important for sellers to tend to any required repairs prior to taking a property to market.
And for the buyer, it’s critical to have those pre-purchase inspections conducted, including pest and building assessments.
Property history
On that note, due diligence is an important part of the home buying process, and this includes looking into the property’s history.
In some states, certain aspects of that history need to be disclosed, such as whether the property was the scene of a major crime, or has previously been subject to flooding.
Regardless, it pays to do your research as previous flooding, fire or damage to the home can be a major red flag there will be further issues with the property in the future.
Bad neighbours
Whether it’s an untidy yard, array of derelict cars, or just general noise and lack of consideration, neighbours can potentially make or break a property sale.
The reality is, when you buy a home, you don’t just purchase a property, you buy into a community and that community is something people look closely at during their property search.
Dodgy additions
Sure, that gazebo looks great, and those added bedrooms beneath the home will help accommodate your family, but do they have the required permissions and approvals?
If a property has been renovated, added to or upgraded, it’s important to ask about those additions and ensure they have the required local government approvals.
Meanwhile, when inspecting a property, look carefully, gauging things like the quality of any work that’s been done on the home.
Poorly finished renovations or repairs can be a sign you’ll be up for the cost of repairs in the future or worse, something more serious lies beneath.
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