They could shave thousands of dollars in value off the price of a property
Buying a home is stressful, regardless of the existence of the COVID-19 pandemic. However, selling a property is also not a piece of cake as the market has always been competitive.
Mortgage comparison site Finder has recently surveyed 2,192 Kiwis about the key features that would turn them off buying a property. Among the respondents, more than one in three (37%) would not live in a home with “bad neighbours,” and 34% were not interested in living near a noisy pub or bar.
Kevin McHugh, Finder's publisher in New Zealand, warned Kiwis that property turn-offs could negatively affect properties' prices.
“If you’re planning to sell your property, make sure you assess it from a buyer's perspective first. Things like bad smells, asbestos, or a lack of natural lighting are unattractive to potential buyers, but these can usually be rectified before going to market,” he said.
“It's often the case of a little bit of pain for long-term gain – forking out to fix the issue beforehand can significantly increase the value of your home.”
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Property buyers also considered lack of parking (33%), being close to the main road or a highway (23%), and being located in an industrial area (21%) as top property turn-offs.
“Common issues like living on the main road or near a noisy venue can reduce the price of a property. But if you're prepared to think outside the square, you may be able to nab a bargain. For instance, installing high fencing can help to soundproof homes on the main road, and a rented garage can supplement a lack of parking,” McHugh said.
“Yet sometimes there's only so much you can do to improve a property. If you can't think of a realistic way to fix an issue, then it's best to keep looking.”
“It's worth seeking out pre-approval for a property before you begin searching, so when the perfect house does spring up, you’ll be ready to act straight away,” McHugh concluded.
