Enough Already

by Darrin DeRoches June 14 - 20, 2012

I was showing a young couple with three young kids a student home this week and I was a little puzzled as to why they were considering buying a student investment property. My first question was “Have you seen any other student properties?” Their response was “Oh yes, we have viewed over 40 properties.” Big red flag comes popping up. Who in their right mind would truck around their three small children and view over 40 properties? My response was “well you obviously know the drill so I will just answer any questions you  have.” I was still curious as to why they were not be able to find a property that works for their family within viewing 40.     As the showing progressed, we talked about what they were looking for, the area, size, yard etc. I asked why they were considering a student property and they wanted some income to help with the cost of the home. This particular property was $340,000 because it had a potential income of over $2,400 a month but if they lived in it, they would be making about $1000.00 a month income. I suggested that they consider a duplex or triplex in an area that would provide them the size, yard and all of the ‘must haves’ on their wish list. They answered with “well, we are considering student homes – right now.” Another red flag hit.     We ended the showing with them checking out the yard, roof etc., and they politely asked for my card but we both knew there is no way they would be buying this house, let alone a student house. I told them about other properties we have listed and they asked if they can view them – but I explained to them that the yard, size of rooms and everything considered would not work for their family. In saying goodbye I wished them a good day and said to enjoy the nice weather and they answered “We have another house to view.” Red flag – house number 42!     The reason that I was curious about their situation was not to knock them for looking at over 40 houses, but the fact that they are not using a real estate agent in their quest to find the perfect family home. In the ten minutes that I spent with them, it was obvious that they were really taking all properties into consideration. They wanted to make the right decision for their family and that was where a good agent would be able to narrow down the search and figure out really what they are looking for. Is it income, location, size or are you not really ready to buy a home today? Maybe the wife and husband have two totally different ideas of a dream home. Buying a home is a huge financial and emotional decision and if they would use an agent instead of the internet, their kids could be playing in the yard of their dream home instead of driving off to home number 43. V     Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.