With low inventory having hamstrung the residential real estate industry over the last year or so, some potentially problematic houses might gain traction with homebuyers. Agents would be wise to keep track of homes that many people would not be very interested in if the market were more normal. But, alas, it is not normal, and there are values to be had. Here are four types of homes with questionable aspects, but that could work out for some buyers.
Homes in weather-challenged areas
Homebuyers today may be wary of investing in properties that could face dire straits. Coastal areas susceptible to hurricanes, potential flood zones and areas at high risk of wildfires are all becoming more vulnerable. Insurance rates have been rising in general, and especially where homes could be at major risk of damage or even total loss.
Outdated houses
Not old houses, but the single-family homes that have not undergone renovations and/or improvements for a long time. Most of today’s buyers want turnkey homes with modern amenities and energy-efficiency. Old heating systems, poor insulation, dark kitchens and lacking smart-home technology can become tough sells.
Houses near possible health risks
Not a particularly new development, but buyer beware for homes located in close proximity to air-polluting factories, or near high-trafficked roads and highways. While not technically a health risk, noise pollution, like when living close to where outdoor concerts and other loud events are held, is also a major downer for most.
Oversized properties
Mini-mansions may have been trendy a decade or so ago, but are not any longer for most people, especially if they are far away from activities and stores. These types of homes often have high maintenance costs and property taxes, which can be a significant negative without the corresponding lifestyle or community benefits.
