Unpopular property: red flag?



From: Dan D

Hi all,

I discovered this board just yesterday and it is magnificent!

I need some feedback. There is a property at a good price that I"m interested in purchasing.

It has been for sale for the last 4 weeks, but so far no offers. This was curious as it is in a good location, and in impeccable condition, even the landscaping is very pleasant and provides for privacy.

When I asked the RE why there have been no offers so far, the response was that buyers interested in this property are want 3 bedrooms, while this one has 3 bedrooms, 2 are on the top level and the other is in the lower level which has been built out recently. Buyers tend to be young families who find the lower bedroom rather inconvenient since it does not allow for easy supervision of a child on that level. Seems reasonable.

I can think of an easy way to create a third (fourth) bedroom on the toplevel. Is nobody else able to see this opportunity, or am I missing some other major negative of this property? I'm having a builder check it out soon and get an idea of the cost of adding this bedroom, but I'm still a bit queasy about this property.

The only other deterrent that I can see for families might be that schools are not within easy walking distance. It would be a 20 minute walk to the local high school and easy access to a major private school.

I don't want to buy a property that cannot be easily resold, because it does not have that critical third bedroom at the top level.

My goal is to add that bedroom, and sell at a profit within 8 weeks.

Any thoughts on this?

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Reply: 1
From: Simon and Julie M

Hi Dan
Ask yourself this question.
If I want to attract families to this property, what services and amenities are near by to suit their long term needs?
Start to tick the boxes.
A good way to see if a property is worth pursuing is to set up a criteria for it to pass. If there are physical problems, ask yourself how you could fix them? If not,you may choose to walk away.
Kind regards
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