What would put you off buying a property?

Hi Everyone,

I'm curious to see what are other people's general preferences/dislikes when buying a property? I generally would think that an irregularly shaped land will be the hardest sell, but I may be wrong. In any case, I would like to hear everyone's thoughts on this.

Have a happy New Years everyone

 

PPOR or IP?

I have different criteria for each.

 

Not a poll option, but price is right up there.
Too many others to list as well.

 

Hi @Kinnon Bell ,

Mainly PPOR.

 

For a PPOP all those poll options would be deterrents if they are less than optimal.

 

Yes they are all deterrents for me (except feng shui) but my no.1 put off is if it's an irregular shape. Was having this discussion with my sister, and I just wanted to see if I was wrong. I put battle-axe up there too as I noticed these were the last to sell in OTP units.

I think property is a very big (and emotional) purchase. I would definitely like to know people's thoughts.

 

Noise is the first thing I check out. I think it can affect people. E.g. if near a roundabout or right where cars speed up or trucks slow down. Regular traffic can be ok as long as there's not too much of it. I once lived on a busyish street and didn't mind it too much at all.
An irregular block would be the next one on the list. Depending on just how irregular. Some irregular shapes just need a little imagination. Others are off-putting.

 

I wouldn't buy any of the following - esp for PPOR.

1. Irregular shaped land
2. Battle Axe
3. Noise Level

If the one in the noise corridor is a development site - then it may be acceptable.

 

I'm rather picky when it comes to a PPOR because where and under what roof I live in is probably the most important lifestyle choice. As others have said, everything matters although for me, irregular shaped land is probably the least deterrant (depends how "irregular").

I consider certain feng shui aspects to be important, particularly T-intersections. Other internal feng shui things are less important as they may be changed with a cost.

I also consider these for an IP as less deterrants = easier to sell and easier to rent.

 

T-intersections are sometimes considered good luck in feng shui for business owners or people whose work is related to sales.

 

Certain elements of noise I can accept eg. Car traffic or rail but not major road or constant low height aircraft noise.

Irregular block shape has less of an effect on residential than commercial sites which need to be regular to maximise site utilisation.

Feng shui least important aspect however it must 'feel right'.

Smells - I would avoid anything near restaurants eg Maccas, KFC, Subway etc.

 

I'll add... stamp duty and a lack of ability to buy forever! So irregular land and noise are both big deterrents, i'd cross them off the list. (Noise ok for an IP as long as the potential gain on the property is very large... I found a property I could add a bedroom to, it was also very underpriced... I made an offer on it... its been great)

Battleaxe yes also a deterrent if I want to develop down the track. Id give it a miss unless there was some other highly redeeming factor to it.

Tenant demographics yes that too if it doesn't have scope to gentrify within next 5-10 years.

Feng shui... don't care as long as the property is not prone to having cars drive into my place accidently and no additional difficulties in getting in and out of my driveway. No facing cemeteries or industrial either.

 

Nothing wrong with backing onto a cemetery. At least the neighbours will be quiet.



Noise would be the big one for me. I'm currently living next to a railway line, and the building isn't adequately soundproofed for my liking.

An irregular block wouldn't bother me. Sometimes interesting designs come about because of site constraints, and given my tastes tend towards the quirky...

What would be a deterrent would be a lack of easily accessible (i.e. within a short walk) public transport. Granted, I've been spoiled by living in Europe, but being able to catch a train or tram into the CBD in no more than 30 or 40 minutes, and without changing, is a big attraction.

 

Backing on to a cemetary can be quite a good location, they are the dead centre of town in most cases.

 

For me, Noise Level is a real show stopper, for both PPOR and IP.
I might just be too sensitive to it myself. I believe tenants would also not stay for more than 1 year in the property if it's a permanent issue and was not spotted during inspection, so it would impact the return if the turnover is high.

 

Saw something which was L-shaped ( the backyard is behind other units.)
I imagine that there won't be much privacy, especially with a small backyard.
Would something like this affect the valuation on a property?
Or perhaps be more expensive to insure? (Safety concerns?)

 

Probably yes an impact on privacy if other people can overlook but no difference from an insurance standpoint.

 

Agree. Constant noise = higher tenant turnover. Unless you have very tolerant tenants.

 

I don't know about the cemetery?? I think it would give me the creeps, you never know what's hanging around, or about to come out

 

I think secondary locations could be as much as 15% discount, I guess as long as you pick it up for the right price then it may not be an issue. At the end of the day though it will possibly be more of a challenge to sell