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Sep 19, 2022
Add value to your home by improving 3 rooms
When you think about making improvements to your home prior to selling, you may look at the most affordable options that are going to add value to the property and ensure that you don’t overcapitalise. Small improvements to some rooms in your home can give the property a quick refresh and often add significant value to the sale price. Some of the rooms that you may like to consider refreshing prior to sale may include the bathroom, kitchen and living areas. Add value with a little bathroom luxury Bathroom renovations don’t need to cost the earth and simple changes may be all that is needed to give the bathroom a refresh. Updating tap fittings, shower heads and door handles can be an inexpensive upgrade. Tile paint can also provide an affordable alternative to re-tiling a whole bathroom or painting walls can brighten smaller spaces. When presenting the property for sale, you might like to add small items like indoor plants, designer-looking towels or candles and decorative items. Give the kitchen a facelift The kitchen is often referred to as the heart of the home and is an area that many buyers will focus on when making a purchase. Updating the floors with affordable options like vinyl or laminate floor coverings and new cupboard door handles can be purchased from your local hardware store and easily installed to give an instant facelift. Depending on the type of kitchen cupboards, you could try repainting in a fresh new colour and paint tiles or use stick-on tiles for a refresh. For an extra option updating the benchtops and appliances can appeal to even the most discerning buyer on their hunt for a new home. Open the living space Show prospective buyers the usability of a living space through comfort pieces and functionality. Painting the walls in more neutral colours that allow for the flow of light and improving window coverings, removing heavy drapes or blinds, and opting for more light filtering choices which can showcase the functionality of the living areas. Reducing clutter in the rooms and investing in storage and smart technology can hide away those unsightly cords. It can also give the buyer an insight into how easily technology can be integrated into the home and allow them to see the possibilities of the home. For the sales campaign, investing in a complimentary colour palette for soft furnishings and decorative pieces can appeal to buyers, especially those that are understated and don’t detract from the property.
Sep 8, 2022
The positives and negatives of using an agent
Selling your home can be a costly experience albeit one that can help free up the asset to move on to your next home. Selling a property, particularly if it is one that has been your home, can be an emotional experience. Most people choose to work with a real estate agent to minimise their stress and maximise their sale price. When it comes to deciding to sell, you may think about selling privately, or through online options rather than through an agent. While some people are choosing to do this in order to save on fees, there is merit in weighing up the options to work out which is right for you. Outsource to a real estate agent 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 conditions and will be able to guide you in recommendations on price and any adjustments that may need to occur. Considering agent fees and marketing Should you choose to go down the route of selling on your own, you would do so because you imagine you will 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, however you might find yourself wondering where to start. In addition it is likely that an agent will achieve a better price for your property, meaning that if you sell yourself, although you will not pay fees you may not achieve the best price for your property. Often the increased value in sale price an agent will achieve will outweigh their fees. 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. In a similar fashion sometimes people choose to rent a property without enlisting the help of a qualified professional. There are many reasons to hire a property manager to make your investment property journey happy and successful.
Sep 2, 2022
3 benefits to downsizing your home
The thought of downsizing your home may seem like a daunting task, although it is one that can be beneficial depending on your circumstances. It is also the first step to the next stage of your life and an exciting one. Property needs change with us. 1. The opportunity to declutter When you find a property to downsize to, it will also mean a reduction in the space for the number of furnishings and other belongings that can move with you. Downsizing brings with it the chance to declutter and move on items that you no longer use or have an attachment to and are not likely to use in the future. There are great charities that may appreciate donations or online marketplaces where you can list the items and potentially make some money from things that you no longer need. As they say, one person’s trash is another’s treasure. 2. A reduction in expenses when downsizing Choosing a smaller home may mean smaller rent payments or a reduced mortgage based on the proceeds of the sale of your larger property and can potentially increase cash on hand. A smaller home will also lead to a reduction in energy costs including utility bills and maintenance requirements are likely to be less with a smaller property. Insurance costs and obligations are also usually a lower investment with a smaller property. 3. A change in lifestyle Downsizing your property means less space, a smaller yard, and a dwelling that may be more reflective of your current needs. A smaller property can have many potential benefits in terms of a change in lifestyle. A smaller yard (or none at all) will mean less time on weekends tending to lawns and gardens and less maintenance on other areas of the property. This will mean that you can gain back more time to enjoy other things that you really love. Plus local parks provide great walking spaces and offer the intrinsic benefits of a backyard lawn on a larger scale, all with the added benefit of being maintained by a public workforce. Wondering if you should keep your current property as an investment property when you downsize? Should I sell or invest in a second property discusses some considerations.
Aug 28, 2022
Prepare for the spring selling season
Spring is a great time to list your property for sale as people tend to make their way out of the hibernation of the winter months. It is a great chance to get your property in front of interested buyers and can be the difference in the number of weeks that the property is on the market. Some strategies that you might like to use to prepare your property for the spring selling season. Declutter and style Cleaning out the clutter before listing the property on the market is an opportunity to tidy up before listing and has the added benefit of reducing the number of belongings that you would need to take with you when you move. Styling your current furnishings or bringing in professionally styled furniture and accessories can help the property appeal to potential buyers with a fresh and professionally lived-in look. Spring clean out the winter months Over the winter months, homes will largely be closed with minimum airflow and heaters running to keep the warmth on the property. This can lead to dampness, dust and mould build-up in some cases. Before listing the property for sale, it is a great time to open the property to fresh air and have it professionally spring cleaned from top to bottom including all fixtures, fittings, windows, blinds, floors and carpets. Don’t forget to look at the landscaping of the lawns, gardens and any pool areas that can sometimes be forgotten during the cooler months. Essential maintenance items With the wetter and cooler months potentially behind you, now is as good a time as any to look at the maintenance and repair items that need attention and may have been put off during winter. Make a list of the must-do items needed for sale this spring and those that are wish list items and ensure that you are working through the essential items prior to listing the property for sale. It is a good time to complete these as inaction may result in negotiations on the final sale price. Looking to make the most of the last week of winter? 5 maintenance items to tackle during winter might help kick start your inspiration.
Aug 22, 2022
Considering selling a tenanted investment property?
If you have tenants in an investment property when you decide to sell, it may seem like there are hurdles in front of you. However, having a good sale agent and property manager who are all working together with the tenant can often create a great outcome throughout the sale. Communication with the tenants is key While there are requirements in some states around sales inspections through rental properties and for entry on notice periods, if there is open communication with the tenants from the commencement of the campaign, this can create a great footing for the sale. A good sales agent and property manager will call the tenant prior to listing the property for sale to discuss the requirements and work with them on the best times for entry, keeping in mind that they may be nervous about the prospect of people coming through their home and the potential for needing to move, if the property is sold to an owner occupier. Help with presentation Everyone’s level of cleaning and presentation is different and sometimes property owners will focus on how a property should be presented to show it in the best light. This is valuable, as presenting the property in the best light can have a positive impact on potential buyers, however it may be difficult to achieve optimal presentation when a property is tenanted. If there is a particular way that a property may need to be maintained, or it might need a little bit of extra care, it can be helpful to offer the services of professional cleaners and gardeners throughout the sale. This will ensure that the property is presented well both inside and out and can make the experience less stressful for the owner, tenant, and property agents. Incentivise the tenants when selling The Owner, Tenant and Agent relationship can often be a tricky one to navigate and there can be a considerable amount of emotion that is involved, especially when it comes to the security of a home. Providing an amount of rental compensation as a thank you for the inconvenience throughout the sale campaign can sometimes assist in transitioning the tenant through the process. If the tenant is locked into a fixed-term lease agreement, you may also like to offer a penalty-free lease break option should they wish to move on and find another property, which would lead to a vacant property when it comes to the sale. While this would mean a loss of rental income, it would allow an opportunity to make small improvements to the property prior to sale which may contribute to a higher sale price. For the best options to suit your property, it is beneficial to talk with your sales agent and property manager and work out which avenue may be the best for you, the property, and the tenants. Thinking about a renovation to your investment property?