Mortgage broker touting ‘sleepover’ open homes reveals key property details to check: ‘It’s crazy’
Mortgage broker Katie Norbury has come up with a creative suggestion to help buyers decide whether to purchase a property. (Source: Supplied)
Open homes are a critical part of the home-buying process and it can be an overwhelming experience when you’re under a time crunch to decide whether or not you want to bid your life savings on a property. In the current competitive market, prospective buyers can get just five or 10 minutes to decide whether to make the major financial commitment.
Mortgage broker Katie Norbury reckons there could be a creative solution to this problem: sleepover open homes. The Brisbane woman told Yahoo Finance it was “crazy” buyers were expected to figure out from a short 10-minute walkthrough whether they wanted to load up on debt and commit to a 30-year mortgage.
“You spend more time in a shopping centre deciding on whether or not to buy a certain outfit than you do walking through an open home that, at this rate, you’re looking at at least a $1 million dollar purchase, if it’s a house,” she said.
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Norbury and her partner are currently in the process of buying a home. They’ve been to about a dozen open homes so far and have had five offers knocked back, with two accepted just this week.
She said the open home process can be “very challenging”, particularly if you can “barely walk into a room” due to so many other interested people at the viewing.
“I am purchasing a place at the moment, so I am living that frustration in trying to figure out if I want a place on a five-minute walkthrough,” she explained.
The couple purchased their first home about three years ago, just after the pandemic, and are trying to sell their current place.
“I didn’t actually realise how hard it is to buy a second home because you’re not only trying to buy a new place, you’re also trying to sell your current place,” she said.
“So it’s come with brand new complications and competing with a lot of people who are just, it’s the same for first home buyers, but a lot of people just have full cash offers.
“[It’s] just as challenging. Unfortunately, it does not get easier.”
Norbury posted a video to her social media about normalising sleepover open homes and was met with dozens of Aussies who loved the idea.
“Omg I have thought this for YEARS!!! Speaking my language,” buyers agent Emily Wallace said.
“Yes!! Like I need time to suss out the neighbours and see how safe it feels at night,” another wrote.
“LITERALLY! I’m struggling so much with this atm. Need to try before I buy,” a third added.
Some Aussies pointed out they had spent more time picking out a new car, or even testing out a new iPhone, than they had at an open home.
Others said the idea could have saved them potential problems down the track, like loud neighbours, barking dogs and loud water systems, which were only revealed once they had purchased and moved in.
One Aussie said her mum had actually asked a real estate agent to stay overnight at a place, and they had let her.
“I still can’t believe she asked, and that they said yes! She didn’t buy it either, but it was a top contender,” she said.
While it’s unlikely Norbury’s idea will take off, particularly in the current competitive market, there are some other creative things people can do at open homes to help them figure out whether the property is the one for them.
“I have a few bizarre choices that I think people should do,” Norbury told Yahoo Finance.
“I think people should do a drive by at night and just sit out the front for 10 minutes with their windows down in the car just to get a vibe because a place at night can be very different to during the day.
“My other one is if you are purchasing a place and you commute to work via public transport, do a run through of your commute to work because you’re probably going to a Saturday open home and you’re looking at Google Maps thinking I can get to work in 20 minutes, but on a Tuesday morning it’s going to take double.”
If you’re confident enough, you could also try speaking to a neighbour and asking them about the property and the area.
Inside the property, Norbury said it can be a good idea to check the water pressure. But she said this can be hard if there are lots of people at the inspection. Other things to check for are the property’s renovation potential.
Of course, you can also ask the real estate agent if it’s possible to do a second inspection of the property, too.
A pre-purchase building and pest inspection will also provide you with information on the condition of the house and any works required.
