Real Estate Deal Breakers for Buyers
After an exhaustive search, you may have found a home you love. But there will be certain things about the home you can’t change, or that would require a great deal of money and time to alter. These factors can impact the home’s value. So before you decide whether to buy that home, make sure it doesn’t have any of these ‘fine print’ real estate deal breakers.
The location is undesirable
Unless you plan to take a unique or historic home off its foundation, you can’t change location. If a home is on a busy intersection, across from a shopping plaza, or within earshot of the freeway, take major note. That home will always be valued at significantly less than a similar home nearby. Unless you’re willing to sacrifice to get into the school district or neighborhood of your dreams, keep looking. Once you snag a good location, nobody can ever take that away from you.
The floor plan is funky
Think you can easily transition a closed-off kitchen into an open plan that allows people to spill over into the adjacent room while still being connected to the “action” at entertainment central? Think again. Making this change, while not impossible, would likely require lots of resources and a major construction budget. Modifying the layout of a home requires architectural drawings, knocking down walls, and installing beams to carry wider loads.
This type of major renovation isn’t for the faint of heart, and an undesirable layout will always reduce the value of the home.
The lot placement is awkward
Antique homes built centuries ago are known for being sited right by the road, and typically on busier roads. Why? Because back in the day most people walked or took a horse-drawn carriage, so it was easier to be closer to the street than at the back of the lot. Fast forward 300 years and some buyers, while in love with the unique history and charm of an old home, prefer the privacy and quiet of a home set at the back of the property.
Homes on corner lots, or a flag-shaped lot where you need to drive past your neighbor’s house to get to yours, can also feel a little too exposed for many home buyers.
As exceptional as the interior of the house may be, if its placement on the lot is awkward, it affects the home’s value, and may not be a purchase you want to pursue.