7 Real Estate Red Herrings to consider

By 13/11/2018Buying Tips

7 Real Estate Red Herrings you should consider.

Sometimes Red herrings may be at  great Property Deal in Disguise

Most home buyers have in their minds a list of “deal breakers”—specific real estate features that they absolutely won’t put up with in any property they purchase.

But guess what? Your deal breakers might actually be deal makers in disguise.
After the completion of a professional building and pest inspection, you might find that the foundations are sound and with a little time and money you could make a sound investment.

Waiting for that mythical perfect home to emerge can be a losing battle.

Meanwhile, bargains are out there—they just need a buyer who’s savvy enough to see past certain seemingly glaring flaws and realize that they’re fixable problems. Here are some examples:

An outdated kitchen

Whether it’s tacky countertops or clunky overhead cabinets, it’s easy to turn up your nose at a retro kitchen. And, we get it—a kitchen remodel can cost big bucks!
But before you walk away, figure out if it’s salvageable; for example, maybe it’s a great layout that just needs some cosmetic work.

Since a bad kitchen is probably priced into the house, I consider it a benefit to the buyer, because you’ll be paying less, and then you can pick out the exact kitchen you want.

Asbestos

Wow, the very idea of asbestos definitely makes you want to run away, doesn’t it?
And yes, removal can be costly.
But maybe the price reflects the cost or can be negotiated accordingly.

Water damage

We’ve all heard about the dreaded issue of a water damage, mold or mildew!

But if you are just seeing water stains in one area, it may be pretty easily fixable.

The culprit is usually downspouts that drain directly at the edge of the foundation.
Adding downspout extensions will often solve this problem. All for about $30 each and a quick trip to the hardware store.

Cracked walls

Those ominous cracks in walls don’t necessarily mean the house is going to fall over on itself.

Many buyers think about foundation issues when they see wall cracks, but that’s not necessarily the case.  Because of gravity and the normal house settling that occurs over the years, plaster can often crack, which can look very scary—but is often not a major problem.

An old roof

An old roof can be a deal breaker, since they’re so pricey to replace (check out how much a new roof costs). But sometimes the condition and type of roof means that the roof has dipped into the fountain of youth.

Just make sure there are no leaks or visible damage, and of course, double-check that your insurer will cover it.

Termites

Hearing that a property has termites makes a would-be buyer picture the home being eaten alive by insects, ready to blow over in a stiff breeze. In some climates, prevailing conditions provide a great breeding ground for them.

A house would have to have a severe termite infestation for decades before it becomes a real issue. Instead of fleeing, he recommends spray and replace timbers around the home to cure the infestation. Ensure you cost this into your offer.

Unappealing listing photos

Not everyone has great furniture regardless of the great pictures—you only have to scroll through your Instagram to see that many people have not yet mastered the art of the selfie, much less a showroom-quality listing photo.

Usually, you’ll get a good laugh and move on to the next house. But remember: That’s what everyone else is doing, too.
If you can get past the photos and go see it in person, often you’ll be pleasantly surprised by what you find, which may well include an awesome deal that everyone else is passing up.

Note: We recommend all buyers to include and conduct a fully professional building and pest inspection as a condition to purchase.

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Paul Basso

Author Paul Basso

Established in 2000, First National Basso is a business based on transparency, honesty, personal service and trust. With a commitment to innovation, First National Basso has continually evolved and grown to become one of the longest running and most trusted real estate teams on the Mornington Peninsula.

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