First time homebuyers need to know what type of properties might speak to them but not to the majority of homebuyers when they need to sell. According to industry sources the average homebuyer stays in their first home just shy of six years. Buying a white elephant can be a costly mistake, both in selling price and long market times to find the buyer willing to take a chance on a home that doesn't fit the market. Features, location and style can create a white elephant property. Mark Nash author of 1001 Tips for Buying and Selling a Home updates homebuyers on what to stay away from when looking for a home. Understanding that all homes are not created equal, Nash outlines what the top elephants are in today's market. -Homes that back up or look onto cemeteries. Many homebuyers are very cautious about purchasing a home that features a view of a cemetery. Cultural customs and plain old creepiness keep buyers away from homes that overlook headstones and spooky mausoleums. -Off-beat locations such as busy streets, corner lots, noisy trains and jets will be more difficult to sell to choosy buyers. Buyers want quiet, middle of the block locations away from busy intersections and train tracks, both commuter and freight lines. You might get a discount when you buy for a second rate location, but it's one thing you'll never be able to improve. -Buy properties that stay in demand. Many smaller homes will fit your budget, but determine if they are in demand by buyers. One bedrooms have a limited audience. Buying a contemporary ( even if it's a steal) in a neighborhood of colonials will be a tough sell. -Basement bathrooms and bedrooms don't have the same appeal as if they are above grade. Some buyers have security issues as well for garden level condos. -Tuck under garages. Even though news reports on fires originating in automobiles are low, many homebuyers don't like the idea of sleeping over garages filled with gasoline. -Mansard roofs. Popular in the the 1970's this roof style is a hard sell with buyers today. Often seen on a second floor of a two story home, the dormer windows protruding from a sloped roof say ugly to homebuyers. -In-ground swimming pools in northern climates. With the limited season, the amount of space a pool requires in a back yard and the built in maintenance, many buyers won't even look at a home with pool. -Homes on a crawl space when full basements are the norm. Each area of the country has foundation styles that are the custom. Steer clear of crawl spaces when full stand-up height basements are in over two-thirds of homes. In areas where crawl spaces are the norm, steer clear of slab foundations, many buyers find rooms on slabs are cold in winter months. -Homes that lack central heating systems. Mortgage lenders and buyers appreciate the utility of central heating. If a home you are interested has a wood or other alternative heat source, factor in adding a central system before you resell. -Earth-sheltered homes. Popular in the 1980's and very energy efficient, earth homes are not the rage with most home buyers and can be difficult to finance. If you plan to stay a long time, potential resale issues might not be your main concern. -Homes with knob and tube wiring. Very old homes from the early 1900's had knob and tube electrical wiring. If a home you are interested is entirely or partially wired with knob and tube, check with your homeowners insurance company before you sign on the line. |
