These top property tips from the experts have been compiled from real estate brokers and property valuers who know how to buy and sell homes for themselves. Prospective property buyers and sellers need to keep in mind these top property tips if you want to achieve the best-selling price or avoid buying a problem house.
Usually, it’s the little things that are missing that indicate more serious issues for real estate buyers and sellers. Most real estate agents only sell an average of 4 to 5 homes each year and just want to make a sale to earn a living. Agents are not concerned with property faults as they are not buying the property.
When you are buying a home, it is wise to hire a building inspector to assess the property and identify any potential faults. Minor faults may be acceptable and easily corrected but structural faults could be very costly and difficult to remedy.
“Emptor Cave” (Buyer Beware) is the Latin words from the Roman days and still holds true today. Never rush into buying a home without thoroughly inspecting the property first. Sometimes, the seller doesn’t know the problems associated with their own property. Often a seller is trying to sell because they know their property is dated, needs renovation, and has many costly issues to rectify.
1. Stage Your Property When Selling
When selling a property, it’s important to furnish (or partly furnish) most of the rooms in the house. Staging the property with basic furniture and décor will result in more buyer interest and usually a higher selling price. Make sure you stage the home with good quality, modern furniture. Don’t stage a home with antiques.
Furniture defines a room. It gives the room form and function. Furniture helps potential buyers develop a sense of purpose for the rooms and how they will use the rooms in your house. Buyers are more likely to see themselves living in your home when it is furnished. As a minimum, you must furnish the living, dining room and master bedroom. Make a study place somewhere in the home as many people work from home or bring work home.
Many people cannot imagine an empty room, that they have not seen before, with furniture. Leaving every room in your house empty is cold and uninviting. Living rooms and particularly bedrooms look smaller without furniture. Buyers need to see what size lounge is going to fit into a living space, and what size bed will fit into a bedroom. A child’s bedroom should be able to fit a single bed and a desk.
Keep the staging to a minimum. Ensure there is no clutter, and everything is clean. Buyers want to be able to easily move around the home. Don’t display family photos or controversial prints on the walls. Keep the décor like a builder’s display home – warm, homely, and inviting.
2. Sell Your Home at Any Time of the Year
Many real estate agents recommend selling your home in spring or summer to attract the most buyer attention and achieve the highest selling price.
The second of our top property tips is that it’s a myth that properties only sell in the spring and summer season.
There are buyers throughout the year.
There may be more buyers in spring but remember that there are more properties for sale too. The increased competition may reduce the chance of selling your home for a top price.
Selling when there are less listings on the market is better as potential buyers cannot afford to be too fussy as they will miss out.
The best time to sell is near the end of a boom when most properties have already been sold and there are few listings available. Buyers, who really want a home, are desperate to buy almost any home at the current market price.
Property Boom Makes Homeowners Rich
3. Open Home for Inspection
Hold an open home every Saturday & Sunday morning to give prospective buyers a chance to view your home without making an appointment. Usually, one hour is sufficient but two hours may be better if the home has a lot of interest.
Another of our top property tips is that many buyers are timid when it comes to calling an agent and making an appointment for an inspection. When the home is open for inspection they can drop in unannounced and see if they like it. And when there are other people already inspecting your property, other buyers want to have a look too.
Sometimes it’s the buyer who just drives by and stops for an open for inspection that buys your home. Often the home buyer who lives close to the area or knows the area buys your home. They are familiar with the home stock in the area and know the area’s value. It’s an easy decision for them to make.
4. Allow Viewings in the Evening
When a prospective buyer wants to view a property in the evening you know they are probably more serious than the average buyer.
Viewings later in the evening and after dark can be a good idea for some buyers especially when they are busy with work during the day.
The only drawback can be when the property does not have good lighting. Buyers will think the home is gloomy or poorly lit. Also, it is more difficult to display the external features of the home at night.
5. Don’t be Fooled by Fresh Paint
Many homeowners and real estate agents know how to “trick up” a home to make it look great for sale.
Another of our top property tips is that sometimes the property looks great, but the new work has been done to hide other issues that are not easily fixable.
Silicone sealant and paint can hide leaks and other issues for a while until the home is sold. Roofs are always a problem area as they are never maintained and often leak in heavy rain. Look for water damage at the top of inside walls, inside cabinets and robes.
Always check under stairs and under the house (if possible) for signs of water or termite damage.
Bathrooms and kitchens are another problem hotspot for leaks, water damage, mold, and termite damage. There can be mold and termite damage inside walls that you cannot see. Often homeowners have installed plaster sheets right over termite damage and repainted the walls.
Inground swimming pools can hide many problems. The pool looks fresh, clean, and the water is sparkling. However, the plaster lining may be thin with hollow sections at the bottom of the pool. The pool may have a slow leak, damaged underground plumbing pipes, noisy pump motor, faulty chlorinator, or ineffective filter. There may be no overflow drain so the pool overflows when it rains. The list of problems can go on and on.
You cannot check for most of these problems with a simple visual home inspection.
6. Does the Home Comply with Building Regulations?
The home may have an amazing deck and pergola, but does it comply with local building regulations. Did they obtain council approval with a building permit.
When there is no permit, the local council may request the owner to remove the structure or make costly improvements to the structure to meet building code requirements.
Boundary fences and gates often do not require council approval when built to building code regulation. However, has the fence been built on the boundary, under the maximum height, with allowable materials and color scheme.
There may be a building covenant in the area that further restricts or controls fences, pergolas, pools, or other external structures.
Always check with local authorities before signing a home purchase contract.
7. Does the Home have a Chemical Termite Barrier?
The home may look amazing on the outside but may be riddled with termite damage on the inside.
Termites are subterrain creatures that you will never see. They only live underground and don’t live in light. They may be in the walls of a house, and you would never know…until it’s too late.
When buying a home ensure you get a professional termite inspection and install a chemical termite barrier around the home. It is expensive but it’s the only way to ensure your new home is protected against termites. Chemical barriers typically provide 8 to 10 years protection from termites.
8. When Buying a House Switch Off Your Emotions
The final of our top property tips is that many people buy a home based on emotions rather than practical requirements. Your emotions can cloud your judgement and make you fall in love with a home that’s wrong for you. Buying on emotion will make you pay more for a home that looks good but may not be the best practical solution for you.
Many property investors buy a property because they like it, even though they may never live in the property themselves. The most important thing is to ensure the investment makes financial sense and provides a reasonable return on investment. What is the rental income, ongoing expenses, and maintenance costs? Will the property’s capital value increase over time? What happens if the property cannot be rented for a month or two? How old is the water heater, air-conditioner, oven, cooktop, carpet, lighting, etc.?