Deal Breakers for Buyers

Prices inconsistent with market perception, poor maintenance and embedded water and construction issues are among the top deal breakers turning buyers off purchasing a home.

In the last 3 months, Australian dwelling values saw a decrease of 0.7% in February, with inner and middle suburbs of Sydney and Melbourne the most affected.

WBP Group chairman and buyer’s agent Greville Pabst said with Melbourne currently experiencing a slump, it was important vendor and buyer price expectations were on the same page.

 “A lot of vendors haven’t adjusted though and still have the mindset that their home is worth what it would have sold for in September,” Pabst said.

“That frustrates buyers.”

THE DEAL BREAKERS

1/ Price not in line with the market
2/ Poor maintenance
3/ Dry rot
4/ Cracked paintwork
5/ Termite problems
6/ Uneven or sagging floors
7/ Water issues, e.g. a leaky roof, poor waterproofing or drainage, rising damp or mould
8/ High owners corporation fees
9/ Cluttered, dark homes

Poorly maintained homes with dry rot to window frames and cracked paintwork are other factors which could create poor first impression within potential buyers.

Repairing these prior to putting the property on the market is vital in getting the right first impression.
Cluttered, dark homes also turn buyers off. A solution for vendors could be a minimalist approach through removing clutter, creating space in rooms and putting items and furniture into storage. Ensuring the house and outdoor areas were sparklingly clean can also attract buyers.
 
“It can make a big difference without spending a lot,” Mr Pabst said.