Ever spotted a bargain property and then thought to yourself: ‘What’s the catch?’ Well, more often than not there’s a good reason behind a lower-than-expected price tag. And while an undesirable location might not be a deal breaker for you, it could make it harder to sell later.
Beautiful home, dead quiet neighbours. Sounds brilliant, right?
Well, perhaps not if the property is next door to a graveyard.
There’s a lot to be said for the old adage ‘you can change a home but you can’t change the location’.
And new research from Compare the Market reveals the top five location turn-offs for home buyers.
It’s worth knowing what they are because, while these locations may help lower the price of the home, they can make things a little difficult for you later down the track when you try to sell.
1. Close to a tip
Landfills are a fact of life. But that doesn’t mean you have to live near one.
Close to one in three Aussies rate locations next to a dump as their top bugbear when considering where to buy (or rent – investors take note).
No surprises there. The sight and smell of rubbish is hardly a neighbourhood drawcard.
2. Next to the airport
“Close to transport” is often a popular sales pitch.
But under a flight path? Well, not everyone has Darryl Kerrigan’s sunny optimism when it comes to “location, location, location”.
One in five buyers say they couldn’t put up with airport noise.
3. Overlooking a graveyard
It may be the dead centre of town, and the neighbours aren’t likely to make much noise.
But 16.5% of buyers are spooked by the thought of a home next to a graveyard.
4. Alongside a highway
The relentless hum of traffic, exhaust fumes and the occasional screech of sirens.
It’s all too much for more than one in ten buyers who would walk away from properties located near a highway.
5. Next to a railway
It’s not a huge deal breaker for the majority of buyers.
But almost 7% are turned off by homes situated next to train lines.
Decide your location blacklist
What’s interesting from the above results is that there is no single location factor that the vast majority of buyers would shun.
Flight paths may matter to some, but aircraft noise is seen as a norm of urban living for others.
What matters is that you take a step back and consider ‘what are any negatives for the area?’ when you find a place you’re thinking of buying.
If there are potential downsides, it may not be the end of the world. You can always raise the issues as part of your price negotiations.
Or, if the location is seriously problematic (think wedged between a graveyard and a highway, and close enough to the airport to hear final boarding calls), it could be time to look elsewhere.
But you may compromise on other factors, such as land size or a spare bedroom, so you don’t have to settle for an undesirable location.
Talk to us
Deciding your ideal location may involve some give and take. A good starting point is finding out what you can afford to buy.
Get in touch today and we’ll help you work out your borrowing capacity.
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