As a real estate agent, it is important to converse with clients to figure out what they are looking for, and what they aren’t, when shopping for a home. Some buyers, especially those on a tight budget, may have some specific non-starters when it comes to making an offer on a property. Here are four property types that frugal buyers will likely find unacceptable from the jump.
Older homes with lots of rooms
Big, old homes certainly often have charms and personalities, but also can be expensive to maintain due to energy inefficiency, and costly to keep in peak condition. Updates are often needed for plumbing and electrical systems, while old building materials can also cause issues needing addressing.
Homes with swimming pools
Who wouldn’t want to be able to jump in a backyard pool on hot days? And have their kids do likewise? Well, better be ready to pony up. While in-ground pools do add value to a home, they’re expensive to maintain. Cleaning, chemical balancing and equipment repairs are constant, with liability insurance also a factor.
Homes where taxes or HOA fees are high
Monthly, quarterly or yearly payments due over and above mortgage costs can have a major impact on whether or not a frugal client considers them. Taxes differ from town to town, so the same basic house in neighboring communities can be much different finances-wise. For co-ops and condos there can also be long-term monthly assessment bills.
Homes that are fixer-uppers
These days most everyone wants plug and play, but it’s especially important for buyers who will be ‘house poor’ upon closing. An inspection will reveal what is likely needed almost immediately, and if repairs or replacements are pricey, such as a new roof, furnace or other major renovations, those on a tight budget will look elsewhere.
