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Buying property is one of the biggest financial moves you’ll make. But what happens when you realise you’ve bought a ‘lemon’ - a property that isn’t what you expected, comes with hidden issues, or isn’t performing the way you hoped? The good news is, a bad buy doesn’t always mean a bad outcome. Here’s how to assess your next move and turn things around.
Step 1: Take a Breath and Assess the Situation
Not every problem is a dealbreaker. Before making any big decisions, take stock of the real issues. Is it a fixable structural or maintenance concern? A short-term dip in value? An unexpected change in personal circumstances? Emotional reactions can lead to costly mistakes - step back and assess with a long-term mindset.
Step 2: Fix What You Can
If the problem is physical - maintenance surprises, poor layout, or aesthetic issues - consider what can be improved without overcapitalising. Smart renovations, better presentation, and strategic upgrades can turn a ‘lemon’ into a solid long-term investment.
Step 3: Look at Your Holding Costs
If the numbers still work, holding onto the property may be the best move. Short-term fluctuations don’t define long-term value, and real estate rewards those who stay the course. At Fisher Estate Agents, we believe in a ‘buy and hold’ approach - selling should only be a last resort.
Step 4: When Selling Might Be the Right Move
There are only three good reasons to sell:
* Divorce or financial separation – If assets need to be divided, selling may be unavoidable.
* Financial strain – If holding the property will put undue pressure on your finances and risk other assets, selling could be the safest choice.
* A better opportunity has arisen – If another investment will deliver significantly better returns, the opportunity cost of holding may outweigh the cost of selling.
Step 5: If You Sell, Sell Smart
If selling is the right move, don’t make it worse by rushing or under-selling. A strategic, well-executed sale ensures you recover as much value as possible. That means:
* Positioning the property correctly – Finding the right buyers who see the value.
* Quality marketing – Maximising exposure to create demand.
* Strong negotiation – Ensuring you don’t leave money on the table.
We don’t believe in selling just because things feel tough. But if selling is the best path forward, we ensure it’s done the right way - maximising your position and moving you forward strategically.
Stuck with a property that isn’t working for you? Let’s talk through your options.
