How do you find the perfect property? Over the years Em & I have regularly found a dream home which we think is perfect for us but as we are dreaming quite high we have not yet been able to purchase one of these dream homes. Interestingly after it is no longer on the market we notice another property we could love to live in. What happens if you think you have found the perfect property, you make a purchase and then you find an even better property later.
I would like to think that once we purchase our dream home we would no longer be on the look out and therefore would not notice the new houses on the market almost like a property hunting blind fold would be on. We would be living in a happy bubble loving our new home and totally unaware of any other awesome properties newly listed.
But what if your property blind folds do not work in your favour. What if your property blind folds stop you from seeing the flaws? Once you have been looking through many properties and you can’t find one that ticks all the boxes you might be at risk of not noticing a flaw or simply ignoring a flaw because this one ticks all the other boxes. We are guilty of this when we purchased our 2nd investment property loan Australia. We knew the area we wanted to purchase and searched for the right property to purchase. The property we did purchase had a lovely view and ticked on the boxes except the backyard was not perfect. We should have waited but we jumped in and have been trying to fixed the garden ever since. Now while this is not a major issue it still could have been avoided.
If you are in this situation and you notice something you are not 100% happy with then sit back and consider the implications.
- Will the flaw cost money to fix?
- Will the flaw impact your lifestyle (for example you wanted a large backyard but can only find small)
- Will the flaw impact re-sale value
- Is the flaw really not an issue worth worrying about. If this property does tick all the other boxes then maybe this one issue can be put aside.
I strongly suggest while inspecting properties to complete a property inspection check list. Note down all the things you like and don’t like about a property. It is important to remember when looking at an investment property do not bring your emotion into the equation. It is not for you to live in. If it is a owner occupied purchase then what you like and want is the key!