Whether you’re an investor or a first time home buyer, finding a home that will suit all of your needs is not an easy task. In the world of real estate, the process of buying and selling your home can incur a range of influential factors that can disrupt the overall result. In fact, the choices that the vendor will make to prepare the house for sale can have an influential impact on the demand of potential buyer, and therefore, the success of the sale.
How a home is prepared for sale can make a huge impression on potential buyers. While the property market can fluctuate based on factors such as the economy, government incentives and interest rates, sellers can bring a lot to the property’s value. On the other hand, there are a few things that potential buyers might want to avoid.
At Melbourne Property Valuers Metro, our valuers have provided some useful tips for what to look out for when buying, and what to avoid when choosing to sell your home.
Take note of any renovations
House flipping is a common way to get a beneficial return of investment. However, if you’re deciding to sell, be sure to really consider what needs renovating and what would be best to stay the same. Over-capitalising is a mistake that a lot of sellers fall into when preparing the home for sale. By spending too much money, you’ll put yourself at risk of not getting the return investment you would hope for.
If you decide to renovate your property, be sure to take into account what areas need the most attention and what could do without and leave be. From here, you can then decide how to maximise the impact of the new space without overspending. Perhaps your bathroom tiles just need a fresh coat of paint instead of re-tiling. Do you need to completely re-do the kitchen or can you revitalise the cupboards with some fresh paint and new drawer handles? Being careful not to overdo the property is the best thing you can do for yourself. It’s a common misconception that spending more money on the property will give you a higher return of investment, however, it scarcely does. If you’re unsure of what to consider, seek out a Valuer’s expertise on whether or not renovating will be beneficial for you.
If you’re looking to buy, taking notice of any improvements will help dictate what work needs to be done should you decide to place an offer. Depending on your reason for purchasing the home, buyers may not always want to (or have the budget to) invest more money in renovating.
Make sure it caters to multiple demographics
This is a factor that is commonly missed. In order to maximize your chances of finding the right buyer, the property needs to be able to accommodate multiple demographics and their requirements. This could be something as simple as having adequate bathroom or linen storage. It might also mean having an unsuited in the master bedroom, walk in wardrobes, or a functional (if not spacious) garden.
When potential buyers seek out a property, they will already have a checklist of property features that they must have before deciding to put in an offer. With that being said, is your home near the surroundings of a school zone? If so, then consider what might be needed to boost your property’s potential – is it multiple bedrooms, bathrooms, a functional kitchen with safety measures in place? These are all things that need to be considered when deciding to sell.
Gauging your target demographics can be easily researched when you look into comparable sales of similar homes in the area. You can also speak with your real estate agent to gain their perspective of who to target or who you will think can benefit from your home.
Research the price
Every homeowner will want to make a decent profit when selling their property. However, what you’ll want to avoid is putting an overpriced listing on the market without adequate justification.
Therefore, it’s important to seek out a professional and independent valuation report from a property valuation expert. A certified and registered property valuer will complete a thorough report on the property building, its condition, fixtures and fittings and land value to determine its current market value. It will also include a comprehensive market analysis with a range of comparable sales to provide evidence for the property value.
Researching the correct price is a recommended strategy for both buyers and sellers who are entering into the property market. An independent valuation report will give a pre-purchase advice for those who are seeking an accurate value of the home to place the correct offer on a property. Alternatively, a pre-sale valuation can set a standard on the listing price can be when placing the property on the market.
An independent valuation is based purely on objective data and research – making it highly recommended for both buyers and sellers. As a result, each party will have a professionally detailed document that is free from any kind of agenda, bias, or third party influence.
If you’re looking for a professional, independent valuation service, seek out the services of Melbourne Property Valuers Metro for expert advice on any kind of pre-purchase or pre-sale advice. With each Valuer having over 20 years experience and a registered member of the Australian Property Institute (API), you can be assured that you’re in the best of hands.