Four Properties I Proudly Walked Away From - #1

Sometimes, in the heat of a property search, you think you’ve found the one. But much like Julia Roberts in Runaway Bride, it’s okay to leave the groom—or the property—at the altar. So, here’s the first in a series of four properties I’ve proudly walked away from, and the reasons why.

First up: the Addams Family Mansion

I’d seen this property online and initially discounted it. My clients, however, thought it deserved a look. I was inspecting nearby, so I popped through one afternoon. On paper, it had plenty going for it: a generous block in a nice street, all the accommodation my clients wanted, multiple living spaces, a large kitchen, an upstairs master bedroom and retreat, alfresco entertaining and a massive backyard. But walking through, something didn’t feel right.

It was freshly painted and had some great character, but it felt cold, dark and a little grim. Yes, it was the middle of winter, but this felt like more than a home needing the heating switched on. Think Addams Family mansion, only less spooky but more chilly. I told my clients I didn’t think it was the one. We’d be paying a premium for the space, while potentially taking on a substantial amount of work. I also suspected a building inspection wouldn’t make particularly pleasant reading.

We continued looking and found another home nearby. It was smaller and didn’t quite deliver every item on their accommodation wish list, but it represented a quality purchase. Unfortunately, other buyers agreed. We were the underbidder, and my clients were understandably disappointed.

The next day, my phone rang.

“Ben, we’ve noticed the Addams Family mansion is still on the market, and they’ve dropped the price. Are you sure we shouldn’t consider it?”

The three of us went back during the week. This time, it was a sunny day and, to be fair, the house felt considerably less grim. Perhaps I’d been a little harsh. My clients wanted to have a crack at it, despite my concerns. And that’s their decision to make. Everyone has a different appetite for risk; my role is to help them understand what they’re taking on.

My advice was simple: before we made an offer, let’s get the building and pest inspection done. If we were going to pursue this property, we needed to go in with our eyes wide open. What a good decision that turned out to be. The report identified a long list of maintenance issues, but one finding stood out: a major defect involving rising damp in the brickwork.

This was a solid brick home built in the 1940s, and the concern wasn’t isolated to one small area. The inspection identified rising damp throughout the property. Suddenly, the extra bedrooms and enormous backyard weren’t quite so persuasive. We walked away, much to the agent’s disappointment, although I didn’t get the impression he was particularly surprised.

The lesson here is to listen to your gut, then investigate. A feeling isn’t a building report, but it can be a very good reason to slow down and ask more questions. I don’t consider the time or inspection money wasted. My clients came away with a much clearer understanding of their risk appetite, and of the difference between buying a home with room for cosmetic improvements and buying one that could require significant remedial work.

It also highlighted how disappointment can influence the next decision. After missing out on a good property, it’s tempting to revisit something you’d previously ruled out—especially when the price drops. But a lower price doesn’t resolve the underlying problems.

Sometimes my job is to negotiate, sometimes it’s to be pragmatic, and sometimes it’s to help my clients pause when their emotions are understandably running high. Yes, I’m here to help them buy a property. I’m also here to help them recognise when walking away is the better outcome.

And this was one property I was very happy to leave at the altar.

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