A new category Edited by Admin Joana
There are many reasons why you might decide to sell your home, it could be the need to upsize or downsize, the need to relocate or even find something more modern. When you are on the path to your next move, sometimes it is worthwhile considering if you need to sell or if a renovation of your current home may be the best move.
You may need to consider your current circumstances, what the needs and stage of life that your family are in and how a potential move or a renovation will affect your family and work commitments.
Is there equity in your current home?
When was the last time that you had your property appraised to work out its value on the current market? Our sales team can help you with working out if there is potential equity in your home and if it is worthwhile selling, renovating or even keeping for investment.
Having information about your home’s current value can assist when discussing options with your financial institution or advisor and considering what the best solution will be based on the property’s value.
Work out your budget
Renovations can be a costly affair depending on the scope of work that needs to be carried out and the quality of finishes that you would like at the end of the improvement.
Before making the decision to renovate, work out what improvements you would like or need to make to the home and then cost out the investment that is required to complete the work. As with any renovation, it is important to build a buffer for the unexpected, as you never know what extra costs may come when you start to pull up floors, remove kitchens or knock down walls.
Are there requirements and regulations
Prior to locking in a renovation, depending on the size and scope of the work it is important to check with the council about any requirements or regulations that must be met or approved to begin.
There may be development applications required, especially if you are making larger extensions to the home, removing potentially harmful materials like asbestos, or affecting neighbouring boundaries.
If you are in a strata complex, check with the body corporate and strata manager first as they may have special by-laws that are required, and provisions needed to be put in place before any renovation can begin. There may also be certain materials that need to be used to ensure that future noise is not increased which would impact neighbouring properties.
What are current market trends?
Properties will always sell as there are always people looking to buy, no matter what kind of market it is. The factor that may be impacted during a slower market is what someone is willing to spend on the property.
Finding out what your property is worth may help make the decision and you may decide that renovating the property and staying for several more years may be a wiser investment if you are likely to make future gains.
Our sales team can help you with finding the best solution for you. Contact them to find out what your home is worth in the current market and how a potential renovation may impact your future sale.
One of the questions that will often be asked when you choose to sell your home, is how long will it take to sell? There are commentators who will claim to know the science behind how long a property will stay on the market before a qualified buyer snaps it up.
There are no fixed periods that can be predicted the length of time that a property will take to sell, however, there are several things that you can do as a seller to help ensure that the property appeals to the right buyer, at the highest price, in the shortest possible time.
Working with your agent and advice on pricing to get it right in the initial stages of the marketing campaign is essential in ensuring that your property appeals to the right buyer and gets the right attention earlier in the campaign.
If a property is not at the right price point, it can lead to further weeks on the market and reduce the number of interested buyers. Listening to advice and being realistic about the price based on comparable property sales will help to get the best possible sale price.
Be realistic about market changes
The property market is a constantly moving object and influenced by a number of factors, however, there are always buyers in any market, as long as you are realistic with market changes.
Our agents will work with you to advise of market changes that may impact the sale price and recommend price adjustments if they feel that it is necessary to achieve a sale for your property.
Maximise the property value
Prior to listing your property and the marketing campaign, our agents will recommend refurbishments or improvements to your property that may freshen the property and appeal to potential buyers.
While some improvements may be necessary, there are others that you may discuss that don’t proceed so that you don’t overcapitalise on your investment.
Researching the options and your budget will assist in making an informed decision on what improvements are necessary and what are more luxury items that won’t affect the sale.
Property styling is also any area that can help declutter your property and show the key features that buyers will look for when looking to purchase. Our agents can work with you to find the best options for styling and recommend the best vendors to help with the sale of your home.
Selling your home can be a costly experience albeit one that can help free up the asset to move on to your next home.
When it comes to deciding to sell, you may think about selling privately, or through online options rather than through an agent. While this may work in your favour, there is merit in weighing up the options to work out which is right for you.
Outsource to an expert to gain back time
If you were to consider what your time is worth, what would it be? The time it takes to market and move through the motions when selling a property can be quite considerable and it pays to consider how much time it would take and if your time is best spent on other things.
This is where outsourcing to a real estate agent helps as it leaves all aspects of the sale from listing to marketing, to finding buyers, showing them through and working with solicitors until the final settlement to someone experienced in the process.
Outsourcing to an agent releases your time to spend on other essential things in life like family, work, and recreational pursuits.
A practitioner understands the market
An experienced agent will have a good understanding of the market conditions and the skills to find the best possible outcome for the sale of your property.
They will be able to tap into a database of prospective clients prior to marketing the property and gain interest before the property is listed. Should there be challenges with the buyer, they will also be able to refer to this pool of buyers for others who may be looking for a property that matches your home.
A great agent will know the value of the property based on the market changes and will be able to guide you in recommendations on price and any adjustments that may need to occur.
Consider fees and marketing
Should you choose to go down the route of selling on your own, you would save on fees like the agent’s commissions and marketing. Managing your own sale also allows you to be more hands-on in marketing the property.
Weigh up the benefits of your time versus the outlay of these fees and the potential of a property to be on the market for longer, especially in a tighter market should you choose to sell without an agent.
There are often several lists of items to factor in when the time comes to sell your home and they could range from repairs to finding the right agent, to presentation and where to move to next.
While these are all important factors, five additional areas to consider prior to or during the sale would include, understanding the market, building trust in your agent, checking in on your tenants as well as the property history and access details for future owners.
Research the current market
If you are a keen property enthusiast, you may already have your finger on the pulse of the property market and have a fine knowledge of what recent properties have sold for and where your home could sit on the ladder.
Or, like many, you rely on the experts to advise you on the price and recent sales. To give you a head start, investigate through the real estate portals what properties in your suburb are listed or sold for so that you have an idea before engaging an agent to sell. This will assist you in coming to an agreement on the eventual list price.
Build a relationship with your agent
Your sales agent is going to talk you through one of the biggest transactions of your lifetime and it is important to build trust in that agent so that you feel comfortable with the process and are happy with the final sale.
If you don’t feel that they have the experience or you have questions, don’t be shy to ask as many as you need to understand the process and how they will assist you through the sale.
Check on the owner and tenant obligations
If you are selling a property with a tenant, ask your property manager to advise you of the obligations that you have as an owner throughout the sale. This may include access to the property for inspections and notice periods that may be required once the property sells.
You may choose to sell the property tenanted or provide the tenant with notice prior to selling, especially in cases where work may need to be done.
Your sales agent and solicitor will need to know of any details like lease terms and tenancy details prior to the sale as this may impact the type of buyer that is interested and the terms relating to the exchange of contract.
Find the keys and access details
Often if you have been living in the property for some time or there have been several tenancies, there may be an abundance of keys to the property, some that don’t fit locks or even missing.
Carry out a stocktake on keys and other access devices like remotes for garages and alarms prior to settlement so that these can all be handed over once the property has changed hands.
Check the property history and requirements
Are there requirements or caveats that are listed over the property that may impact the sale or attract a different kind of buyer? Older properties may be heritage listed or depending on neighbourhoods and councils, there may be restrictions over potential DA’s or work being carried out.
It is important to be transparent with this information prior to the sale so that it can be communicated with potential purchasers and not have a chance to impact the sale.
Attracting people to your home is key to getting a successful sale at a maximum price and there are some essential areas that potential buyers may look at when it comes to their list of requirements in living spaces and may ultimately determine if they choose your home to buy.
Be smart about areas you focus on
It may seem tempting to invest in changing spaces to make areas larger or create a specific use for one area, however, it is wise to treat the property like a blank canvas as many buyers will have different ideas for how they would use the living space.
Rather than limit the number of buyers that may show an interest in the property, keep an open mind and options around your spaces to appeal to more buyers.
Consider your living spaces
Many buyers will look at the functionality of the living spaces in the home and test their versatility against their requirements as a buyer. They may look for areas like more storage options, or hidden storage and areas for a home office that may integrate into living spaces.
Larger bedrooms to allow children more space to move or play and clever bathroom and laundry solutions that incorporate elements of areas like mudrooms are sometimes options that will attract potential buyers.
What is the energy rating
Sustainability is no longer a buzz word and many home buyers will look at the energy ratings that a property has and if sustainable measures can be easily installed or upgraded on the property.
Think of areas like window glazing and compliance, solar energy, water efficiencies and electrical efficiencies like LED lighting throughout the home. If these are already installed, they may help with attracting buyers at the best price.
Focus on the wow factor rooms
If you do decide to invest in improvements prior to sale, look at the rooms that buyers will look to for the wow factor or the luxury inclusions in areas like kitchens and bathrooms.
Does the kitchen have a butler’s pantry or integrated appliances, is there a deep bath in the bathroom and more than one bathroom on the property? If you have pool areas or are close to the beach, are there outdoor showers to rinse off and change before heading into the property?
Before looking to make changes or upgrading your home, talk to one of our sales agents about recommendations that they have and the difference this may make to your sale price.