Buying a house is a life-long investment, so knowing what you want – or don’t want – is important.
And as difficult as it may be, compromise is an essential part of the purchasing process.
Chairman of Century 21, Charles Tarbey, is sharing the non-negotiable no-no’s that you should never skimp on when buying bricks and mortar.
Location is key
Location is one feature that can never be changed, so if the property is situated on a flight path, a flood-affected area, or near an emergency services depot, then the pool of potential tenants and buyers is limited.
“Sometimes, price-wise, you don’t have a lot of choices,” Tarbey said.
“When you do have choices, it’s absolutely critical to buy in an area where there’s infrastructure.
“I always say buy where the masses buy, because if you do need to sell quickly, there’s a lot of people who can come and make an offer.”
Buying a property with significant building issues including subsidence, re-plumbing and presence of asbestos should be avoided.
The cost of removing or repairing these issues can outweigh the ‘bargain’ nature of the deal.
“If you’re not a professional (at renovating), it’s a very dangerous exercise,” Tarbey said.
“Even with building reports, you can find things like asbestos which can slow the process of buying considerably.”
Topography vs light
Be prepared to compromise on the property aspect, but never on light.
“Places that don’t get much light will be incredibly cold in winter,” Tarbey said.
“Overseas buyers have a particular range of things that they look for when they’re buying a property, and for them the aspect is a critical thing.”
Stick to budget
Don’t be lured into exceeding your initial budget.
Buying property can be a very emotive process resulting in people falling victim to the fear of missing out (FOMO) syndrome.
“I never say to a first home buyer, what would you like? Because what you like and what you can afford are two very different things,” Tarbey said.
“I’ve seen a lot of people go south when they buy their first home, and then buy all the furniture to go with it.”
Avoid poor floor plans
It can be costly and difficult to change the layout of a home.
A poor floor plan that cannot be altered or small room sizes that are impractical are not worth compromising on.
“I’ve noticed when people walk straight into a lounge room, it bothered them,” Tarbey said.
“What became very important was a separate entry, even if it was just a small wall.
“It’s the same as having a separate toilet. It’s a hard layout to change. It’s only minor in terms of space, but it’s major in terms of living and lifestyle.
“It’s hard to do a lot with a very small property.”