A property expert has revealed his tips for buying the right house – and having a pool isn’t on his list.
Daniel Walsh, who has a $4million investment portfolio, said having somewhere to swim and cool off in the backyard in time for summer was more pain than it was worth.
‘There is a common misconception that pools increase the appeal and therefore the value of a property,’ he told Daily Mail Australia on Tuesday.
A property expert has revealed his tips for buying the right house – and having a pool isn’t on his list. Daniel Walsh, who has a $4million investment portfolio, said having somewhere to swim and cool off in the backyard in time for summer was more pain than it was worth (stock image)
‘This is not correct – mainly because of the additional costs as well as compliance involved in owning a property that has a pool.’
Mr Walsh said pools weren’t just a financial burden for those who wanted to buy a property to rent out.
A water hole in the garden often proved to be unpopular with potential owner-occupiers, including those with children worried about a drowning.
‘Regardless of the location, many buyers don’t want the hassle of a pool, which means that if your property has one, you may need to remove it when it comes time to sell,’ Mr Walsh said.
The founder of the Your Property Your Wealth buyers’ agent, who owns three homes in Queensland among his portfolio of 11 properties, said pools didn’t even increase house prices in the Sunshine State.
‘Sure, Queensland has a high proportion of properties with pools, but even there they are not classed as an attribute that will increase a property’s value,’ Mr Walsh said. ‘In Tasmania, well, having a pool is probably quite an oddity.’
Buyers are also advised to avoid living in areas that have a higher than usual share of housing commission residents (pictured are actors in the SBS comedy Housos)
Housing commission
Mr Walsh, who bought his first property at age 19 in the semi-rural suburb of Thirlmere, south-west of Sydney, said buyers also needed to be mindful of housing commission residents nearby.
‘Now, when I say housing commission, I don’t mean properties that have formerly been public housing,’ he said.
‘I mean areas that have an unusually high percentage of housing commission homes, because this will drag down prices.’
While suburbs in western Sydney, like Bidwill near Mount Druitt, have housing commission blocks, gentrified suburbs closer to the city also have government accommodation for the poor, including Redfern and beachside Maroubra.
‘You would be surprised how many suburbs, including high-end ones, that still have social housing these days,’ Mr Walsh said.
‘Experts know which streets to buy in and which streets to avoid to ensure they are buying where prices are likely to grow courtesy of renovation rather than stagnate.’
Noisy transport
While transport convenience is a major asset, being too close to noisy cars and trains are more likely to turn off potential buyers.
While transport convenience is a major asset, being too close to noisy cars and trains are more likely to turn off potential buyers (pictured is traffic in Sydney)
‘Properties on main roads or with train-lines along the back fence will usually negatively impact a dwelling’s price potential,’ Mr Walsh said.
‘There is a fine line between being close to transport nodes and being too close.’
No amount of renovation alleviate persistent noise.
‘You might be able to renovate a house, but you will never be able to do anything about its location, so it’s always best to steer clear of transport noise where possible,’ Mr Walsh said.
Electricity substations
Apart from being ugly, electricity substations are also potential health hazards.
Daniel Walsh (pictured with wife Sophie) is a former apprentice electrician who now owns 10 properties. He also urged buyers to avoid buying homes near busy main roads, electricity substations and easements
‘There is a reason why properties next door to substations are so cheap after all,’ Mr Walsh, a former apprentice electrician, said.
Easements
An easement is a situation where someone who doesn’t own a property has the right to step on to the land for a specific purpose.
These include accessing essential services like a water, sewage and overhead power lines, which Mr Walsh described as a ‘a big no-no for sophisticated investors’.
Property owners also stood to suffer if their land could potentially be resumed to widen a road.
‘The issue with easements is that they are usually not identified before a contract is unconditional, which is often what trips up novice investors,’ Mr Walsh said.