Ever found a bargain property and wondered, “What’s the catch?” Often, there’s a reason for a lower-than-expected price. While an undesirable location might not bother you, it could make selling the property later more challenging.
A beautiful home with quiet neighbors sounds perfect, right? Well, maybe not if it’s next to a graveyard.
The saying “you can change a home but not its location” holds true. New research from Compare the Market highlights the top five location turn-offs for home buyers.
Knowing these can be helpful because, while such locations might lower the home’s price, they could pose difficulties when you try to sell.
- Close to a landfill: Landfills are a reality, but living near one isn’t appealing. Nearly one in three Australians rate proximity to a dump as their top concern when buying or renting.
- Next to an airport: “Close to transport” is a common selling point, but being under a flight path isn’t ideal for everyone. One in five buyers can’t tolerate airport noise.
- Overlooking a graveyard: It might be the quietest spot in town, but 16.5% of buyers are uneasy about living next to a graveyard.
- Alongside a highway: The constant traffic noise, exhaust fumes, and occasional sirens are too much for over 10% of buyers.
- Next to a railway: While not a major deal-breaker for most, nearly 7% of buyers are put off by homes near train lines.
Decide your location blacklist
Interestingly, no single location factor deters the majority of buyers. Flight paths might bother some, but others see aircraft noise as part of urban living.
When considering a property, think about any potential negatives of the area. If there are downsides, it might not be a deal-breaker. You can use these issues in price negotiations.
However, if the location is seriously problematic (like being between a graveyard and a highway, and close enough to the airport to hear boarding calls), it might be best to look elsewhere.
You might need to compromise on other factors, like land size or an extra bedroom, to avoid an undesirable location.
Talk to us
Deciding on your ideal location involves some give and take. Start by finding out what you can afford. Get in touch today, and we’ll help you determine your borrowing capacity.