There may be a lot of homebuyers desperate to get into the property market at present, but that doesn’t mean there aren’t certain types of properties that some buyers won’t touch.
Research from Finder’s First Home Buyers Report 2021 has found that more than half (51%) of first home buyers weren’t willing to take on a house with mould, while 2 in 5 (41%) would be turned off by a house with signs of insects.
Other potential deal breakers for a lot of first home buyers were unpleasant smells (38%), noisy neighbours (38%) and lack of natural light (35%).
Untidy rooms (19%), evidence of pets (18%) and outdated interiors (12%) were also seen unfavourably by some first home buyers.
Seeing the potential in flawed properties
While property issues such as mould, strange smells or noise can no doubt be off-putting, they can sometimes be rectified quite easily.
For instance you might be able to add some privacy barriers to screen out neighbours, or the property may simply need a thorough cleanup and airing out to get rid of any lingering smells.
It is always worth doing your due diligence and undertaking a building and pest inspection before purchasing a property, but you may find that some issues aren’t as bad as they first appear.
Depending on the property issue, you might be able to fix it inexpensively, so if you find that a lot of buyers are turning away from a property it could be your opportunity to snatch it up for a good price, you’ll just want to factor in any costs needed to make repairs or alterations.
In a market that is as heated as it is right now, it could even be worth looking for properties that are diamonds in the rough as you may face less buyer competition.
Of course, there’s nothing wrong with having deal breakers when purchasing properties either and before going on the property hunt it’s always worth thinking about the types of properties you absolutely wouldn’t accept, so you can better target the types of properties that will be right for you.