BUYERS BEWARE!

In layman’s real estate terms, “Buyer Beware” simply means that you should be armed with all your facts before you proceed with the purchase of a property. The emotional travail and stress of buying a house are well known. A big contributor to this stress is when hope for settling down is later turned into disappointment. Last week I came across some distressed clients who felt they had been cheated by other Agents in their purchases and now want legal redress. Usually a property for sale does not spell out the problems that may lie ahead for the potential buyers. Sometimes a house’s serious issues are hidden but it is wise to heed the phrase “buyer beware” with caution and all seriousness. Most times, however, there is no clue to what problems may be ahead of you. Homebuyers just have to go see and then decide for themselves whether to proceed or not. Some common examples of deal breakers (the immediate problems that may cause homebuyers to remove a house from their list)

External Issues

Among the typical deal breakers I come across are a house’s proximity to high-tension wires. Nigerians have not been well educated on this and therefore a lot of residential homes still exist near or under these electric poles. The radiation from power lines has been found to cause serious health problems. There are things that can be good or bad depending on the needs of the client. Being close to a commercially zoned area could be undesirable for someone looking for peace and quiet. When a house is located on a busy street, it’s often a significant enough safety concern for parents of small children or families with pets that it is a deal breaker. Busy streets also create a noise issue, however, that does not rule out busy streets for everyone. “A busy road could be a turn off for someone with small children, but a real benefit to someone who needs access to public transportation.

Other significant causes for concern may include old roofs, old septic/water tanks, fumes, and smells. A home buyer turned down a property recently because it was near a petrol station. Another classic make-or-break issue is the quality and safety of the surrounding area ie, the number of armed robbery attacks.

Internal Problems

Water issues are notorious deal breakers, and homes in sand filled water logged areas are more difficult to sell. One must be vigilant for dampness on walls, this can be an expensive mistake. The cost of service charges can be a problem for some buyers.

A client told me the worst place she saw while house hunting: “There were hundreds of huge dead cockroaches inside the door, her son was afraid to go inside the house so she left  

Intangibles

Not all problems are obvious or explainable. Owners being evasive can mean they have something to hide. Some deal breakers cannot be explained; some people just have a feeling that it is not right for them and pull out. A client said he had a funny feeling while checking out an apartment and that was enough reason to leave immediately.

Having a list of deal breakers means knowing what to watch out for before you sign the sale documents. Buyers need to work with a good estate agent that understands their needs and can identify listings that are in line with those needs. I personally advise visiting the home at various times with friends and family before buying and talk to neighbours. You may find out things that are not evident in the sales documents