Real estate - Talk the talk

Author: ME

Published at: 6/21/2016 3:29:22 PM

 

Talk The Talk

 

If a ‘renovator’s delight’ means an uninhabitable dump does ‘close to transport’ mean a property is under the flight path?

 

When you’re in the market for a first home it pays to take a fairly skeptical view of the ways homes are described in marketing material.

 

There is a seemingly endless menu of slogans and half-truths used to describe listed properties. You can’t blame selling agents for putting a positive spin on things but buyers soon discover the reality is often far less appealing than the ad.

 

Here’s what to be on the lookout for.

 

It’s deceptive - Uh huh…it’s likely to be deceptive for all the wrong reasons. Like the industrial smoke stack lurking behind the property that didn’t appear in the images thanks to the magic of digital photography.

 

A secret garden pool – And it’s been kept a secret because if the council knew about the mosquito-infested swamp in the backyard they’d demand you call in a plumber.

 

A colourful past – Thankfully real estate agents are prevented by law from not disclosing all ‘material facts’ about a property. So if the home has been the scene of a serious crime the agent may have to fess up.  But if it was a former bike hang-out…well, you’re on your own.

 

Handyman's dream/ bring your paintbrush/renovate or detonate – It’s amazing how many ways there are to describe a rundown dump without actually referring to it as a rundown dump. Unless you have deep pockets, solid renovation skills and a preference for dust and noise, be very careful when you see ‘Calling all builders’, or ‘Looking for a new lease of life’. They all belong to the collection of weasel words that say the property is an uninhabitable wreck.

 

Full of surprises - Read: full of termites, dangerous wiring and with an unapproved extension out the back. A pre-purchase pest and building inspection could be a good idea for these homes.

 

Compact/cosy/petite – Be sure to bring a few small kids along to the Open Home inspection. Chances are the place is so small they’ll be the only ones who can fit inside.

 

Back to nature/abundant wildlife – Wear long pants to avoid being bitten by the ticks, fleas and spiders that have taken up residence in the backyard.

 

Don’t just read between the lines of marketing material for homes. Take a good look at how your first home loan works too.

 

Plenty of lenders use gimmicky market names but what you really need is a home loan with a competitive rate and the savings of zero or low ongoing account fees. That spells good value in any language. Talk to your ME Mobile Banker for straight-up advice.

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