Maximise your property's sale price with these simple tips
Investors in the Australian property market have enjoyed historically low interest rates ever since the GFC in 2008. The combination of a general global slowdown and the end of the mining boom corralled money into the property market and it quite literally exploded.
All good things must come to an end eventually and the housing price boom is now over for much of Australia, especially in the larger capital cities, where prices are even starting to drop in some segments. Just because the era of excellent gains regardless of the quality of the property are over, doesn’t mean you should give up hope on getting the best price possible for your property. You just need to stand out from the crowd and be smarter about how you go about it. There are some simple measures you can take to help maximise your property’s value and help you stand out from the pack.
A note for those reading this blog in countries other than Australia, the same rules apply everywhere!
Go agent shopping
Just because there is a real estate agent around the corner or the agent drives a nice car and talks a good game doesn’t mean you will get the best result. Talk to several agents, compare their commission levels and the amount of marketing exposure they say they will give you. Play a bit of hardball and let them know you are looking at other agents and want the best deal possible. Remember it is in their best interest to sell the property for the best price possible – nice cars don’t pay for themselves and referrals are everything in the real estate game.
First impressions count
Take the time to clean up the front of the house or apartment as much as you can. Remove any spiderwebs, plant shrubs and put down bark, mulch or pebbles in garden beds. Take special note of the front door and archway - if this first contact point is in top condition, buyers will enter the property with a positive impression.
Let there be light (and space)
A well presented property should be a bit like a blank canvas for prospective buyers or renters. A fresh coat of white/light paint and strong, energy efficient light bulbs (they save power and radiate whiter light) and removal of any unnecessary clutter maximise the impression of space. With property, more space is almost always better, so put whatever you don’t need into storage and even half-empty your cupboards to increase the airy feel.
The kitchen is the most important room in the house
If you are going to renovate anything in the home, the kitchen is usually the best place to start. The kitchen is the place life revolves around in any home. Meals are cooked, school lunches prepared, drinks shared, conversations had and memories made.
The fastest and most cost-effective kitchen renovations include things as simple as a new coat of paint and/or new cabinets and new bench tops. A few thousand dollars spent takes away a key bargaining chip from a prospective buyer and could save you many thousand more.
Consider purchasing one high quality appliance, like an expensive coffee machine, kettle or toaster and keep it out in a place people will see. The logic is that buyers will see this high-end item and assume everything else is as good a quality!
The bathroom is almost as important
Your bathroom is a place of quiet and solitude, it is the one room in the house where you can be completely by yourself, alone with your thoughts. Make sure your bathroom is as well presented, bright, airy and clean as possible - when someone walks in there they should immediately feel comfortable and not think about mouldy, cracked tiles or dated tap-ware (unless they are antique!). A bright and clean bathroom reflects on the rest of the home and conveys an impression that good hygiene has been practiced everywhere.
A good home delights all the senses – especially the nose
A bright, light, clean and attractive home is essential to getting the best possible sale price but an often overlooked aspect is the way a property smells. Why you may ask? It is because we very quickly and easily become accustomed to the way things smell and what may seem like a small or even non-existent problem can greatly affect someone who has entered the property for the first time. Bad smells create bad memories!
Avoid strong perfume scents and get rid of any musty and mouldy odors. Thoroughly clean or replace old carpets as the fabric acts like a sponge to odors. Your drains can be a major source of bad smells and insect intrusion. You can find some great natural methods for cleaning drains in another of our blogs here and useful cleaning strategies here that will help ensure you do a thorough job.
To avoid musty, stinky drain odors you can also install a Grate Seal. The Grate Seal is an excellent, inexpensive investment that will get rid of stinky drain odors for years and years. Because of the simplicity and reliability of the Grate Seal, the buyer of your property may never even realise for years that there is a problem! You can find out more about the range of Grate Seal Products here, and if you have any questions, please feel free to contact our team of experienced, qualified plumbing experts and we’ll get back to you as soon as possible.
A note to people reading this in countries other than Australia who are interesting in purchasing a Grate Seal, we deliver globally.
Other simple investments that can help maximise your sale price...
Australia has one of the highest uptakes of home solar installations in the world with approximately 25% of all households having panels in place. The price of installing solar panels has dropped through the floor in recent years. For an outlay of just a few thousand dollars, you will not only save on your energy bills while waiting to sell or let, but also increase the desirability of the property. People will consider your forethought as money in the bank and the idea they will save on bills in the future will make them less inclined to bargain as hard. Solarchoice is a popular comparison site and you can access it here.
The NBN network is being continuously (albeit excruciatingly slow, in places!) rolled out across the country. If your property is an area where the NBN is available but you haven’t connected you should seriously consider jumping on board. A good internet connection is vital to modern life and especially for younger investors/renters coming into the market and having the infrastructure already in place to help them connect can be a big tick.
Check your address here to see if your property can connect to the network.
If you have any of your own tips and trick, feel free to leave a comment below or on our Facebook page.