Falling in Love With the Wrong Property
It is very easy to fall in love with a property when you walk through the front door and everything looks brand new.
Recently, I inspected a property in the low $2 million range. It was a brand new build where the builder had spared no expense on the interior finishes. Beautifully presented, sophisticated and with plenty of wow factor, it was exactly the kind of home that could have buyers emotionally invested before they had even considered whether it represented good value.
But this is where having an experienced Buyers Agent can make a significant difference.
I was able to identify a number of issues and considerations that I believe any prospective buyer should understand before making an offer.
As a new build, the property was already carrying a premium price, which meant there was limited opportunity for the buyer to add value. It was also a duplex, which can limit the underlying land value compared with a standalone home, although the absence of body corporate fees was certainly a positive.
There was also a shared wall with the neighbouring property, something that may be perfectly acceptable to some buyers but is an important consideration when spending more than $2 million.
The exterior was another concern. The timber cladding was already showing signs of water damage in areas, suggesting ongoing maintenance would be required. There was also water damage to the exterior barbecue cabinetry and potential concerns around backyard drainage and flooding.
Then there was the question I always encourage buyers to ask:
What are you actually getting for the money?
The property was positioned close to the beach, which undoubtedly contributed to its appeal and price. But it did not offer water views, nor did it have the coastal outlook or even the sound of the waves that some buyers might expect at this price point.