It also pays to regularly inspect the hot water system and air-conditioners to anticipate any faults or repairs that might be uncovered during an inspection. It’s much easier and cheaper to do regular maintenance on your home than last minute emergency work.

Annual termite inspections on relevant properties are also important. It’s surprising how many sales are interrupted by the discovery of white ants. This can delay a settlement and result in extra costs to the seller to supply termite treatment.

You should also be thinking about how exactly you will sell your home? The most effective way is to use the services of a competent, licensed real estate agent with a good knowledge of your local area. Local agents know the market and meet with prospective homebuyers often. Talk to agents about the best strategy to sell your home and a realistic timeframe for this.

It’s critical in the current and changed market with its price corrections occurring all over the place, that you fix a realistic selling price. It’s important to listen to your agent about setting the right price, and also if he or she suggests you modify the price after a few weeks if potential buyers have shown little or no interest.

Talking to your financier about home loan options can also be worthwhile. It might be the case that your existing home loan can be refinanced to include extra funds to buy your next home. It also pays to have pre-approved finance up your sleeve to free up valuable time for when you do eventually sell.

Thanks for reading,

Tony

It makes good sense to spruce up your property before putting it on the market. But what’s an appropriate amount to spend?

Carefully planned expenditure on a house before it’s listed can certainly lift the sale price. Some people can even make a comfortable living from buying run down properties, doing them up and then selling them on to happy buyers.

However, not all expenditure will necessarily result in a higher resale value. For example, if a property is situated in an area ideally suited for townhouses, then any significant expenditure on the existing house could be wasteful, as most buyers for that property would likely be more interested in the land value.

Expenditure falls largely into two categories: general maintenance and structural changes. General maintenance includes repairs such as repainting, replacing worn fittings such as water heaters, and landscaping. These expenditures are small compared to the value of the land and it’s important to attend to them regularly so the value of the property doesn’t decline.

They are the easiest and most cost effective means of lifting the value of a home prior to sale, particularly if the result is clearly visible. Lovely garden improvements or fresh paintwork both inside and outside the home can make a

big difference. Even small improvements in wet areas can make an impression on buyers. Replacing old, unfashionable tiles, shower screens, mirrors and tap fittings with modern ones can look a million dollars. If you have the budget for it, new bench tops, tap fittings and splash backs in the kitchen can add a real ‘wow’ factor.

The other category of expenditure is with structural change to the home or major earthworks in the yard. This includes things such as costly extensions, a quality al fresco area or the installation of a pool.

Keep in mind that the sale price of a recently extended home may not always fully cover any major expenditure on a home. The key to achieving a higher resale price for a property is to spend money on work to increase the number of potential purchasers.

Other attractions for potential buyers and needing only modest expenditure, might include air conditioning in a living room, nice looking paving around parts of the home, a lock-up garage, reticulation throughout the garden or data points in the lounge and study areas.

If you would like advice on the selling process, please contact us anytime. We would be more than happy to discuss options tailored to deliver the best outcome for your property.

Tony

It’s a common belief that Spring is the busiest and best time to buy and sell property. And most years this is true. However, last year, Spring was not the huge selling season it normally is. The two major reasons for this were the election disrupting everyone, and the financial insecurity still being felt after the tail end of global financial crisis. Although interest rates have been at 60 year lows, it has taken some time for consumer confidence to return.

Late last year there were plenty of people wanting to buy but not so many selling. This drove prices up for those people who did manage to get on the market before Christmas. In fact, property rose 15.2% in Sydney.

By the time the election was over, many potential sellers were then thinking about Christmas and holidays so they put selling in the too hard basket. Over the holidays, people have had time to think about what they want to achieve this year and many have now decided to sell. Many seller's have been working on their houses and getting them ready for sale so that they can be on the market in February/March.

February/March is a great time to sell as the weather is usually beautiful and warm and shows the house in the best light. Many sellers will be keen to get that house sold before the cold weather hits. April will be particularly busy with Easter, Anzac Day and School Holidays, so most people will want to be well and truly settled before then.

The buyers who missed out last year are still looking, and many new buyers are hitting the market after making new year resolutions to buy or upgrade their home. Those buyers are aware that interest rates will probably rise at some point in time so they’re keen to get locked in as soon as possible.

All of these factors combined mean that February/March is going to be big for Real Estate.

If you require any real estate assistance, whatsoever, please do not hesitate to contact me.

Tony