How to avoid making your next home purchase a costly mistake

While in the current market the chances of doing so are high, experts say the process to ensure it happens begins even before they become the owner.

Buyers are advised to take the time to examine the key attributes of a property when inspecting to understand its value not only today, but in the future. This positions owners to ensure they are not stuck with a lemon.

Good storage options, flexible spaces and the number of bedrooms are all timeless attributes that buyers can be sure will add to the value of a home over time. Prominent buyer’s agent Michelle May said four bedrooms still remained at the top of many property shopping lists, with buyers often prepared to pay a premium for homes where bedrooms are grouped together.

“Those houses that have the bedrooms grouped together and at least one bathroom sell better and those with four bedrooms together do even better,” she said. “It is attractive for parents who want their kids close by so they don’t have to walk far in the middle of night to check on them.” With working from home set to remain across Australia, study nooks or spaces that can be an office were considered to be favourable to a home’s value in the long run. Herron Todd White national executive Kevin Brogan said buyers should explore the home’s history, because a former famous owner could help to market the house.

Proximity to main roads, power lines, bars and nightclubs are negative attributes that can impact the value of a property and make it less attractive to buyers in the long-term. Mr Brogan said FOMO often makes people overlook negative attributes of a house, but added buyers should understand want they could mean in the long run for value. “You can still buy the house if there are negatives, but you need to understand what that means and how it could be a turn off,” he said.

The location of a house plays a big role in what buyers crave. Having a garage in an inner city suburb could see you sitting on a real estate goldmine due to their scarcity, while no off street parking in the suburbs could leave you stuck with a lemon. Swimming pools might be iconic feature of Australian backyards, but Ms May said a pool can negatively impact a home’s value or add little to it. “Buyers are either for it or against it, they are very polarising,” she said. “Pools can put off people because of all the costs and upkeep required, and they can be a waste of space on smaller blocks.”

Matt Bell | News Corp Australia Network

04 November 2021