When you’re ready to buy or sell property, there’s a lot of information out there.
It can be overwhelming to figure out where your research should start. There are so many property experts out there now such as a vendor’s advocate, real estate agents, or even a property manager.
Which one should you ask for information about? It really depends on what you need to know.
To help you on your fact-finding mission, Paramount Management & Realty is sharing with you five pieces of advice we think everyone should know. This goes for property buyers and sellers.
Property Sellers
1. Fast-Tracking a Property Sale
Sometimes as a property owner, you can be forced into an unfortunate scenario where you have to sell fast.
Are you finding it hard to juggle multiple mortgages or keep missing out on great investment opportunities? By working with a vendor’s advocate and a real estate agent, you can lighten the load.
Let these two professionals to all the running around for you. They can help you make a quick sale without sacrificing you reaching top dollar for a property sale.
2. Maximise your Return on Investment by Making the Right Upgrades
It really pays to make the right decision. Especially when it comes to property sales.
Little changes like refreshing the wall paint, installing new carpet can easily add thousands to the value. So can making upgrades to the gardens and landscaping.
It can be tempting to do these renovations yourself. But at the end of the day, it’s the finished look that really matters.
If you’re not confident you can pull off a professional-looking finish then maybe leave it to the professionals instead.
A thousand-dollar job from a professional could add up to $5000 to the value of your property.
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Property Buyers
3. The Real Value of a House is in the Land
Do you ever look at some houses and wonder why their prices are so high? Sometimes the condition of a house can be outweighed by other features like the location of the house.
It could be situated right next to a major shopping center or a group of schools.
The land a house is built on will always rise in value. The house itself will continue to go down in value unless constant maintenance and upgrades are made.
To get real value for an investment property it’s best to look at areas that are currently undervalued.
These suburbs have the potential to grow in value later on. Even if you don’t see it now.
Upgrades to a house can still cost less than having to find the ‘dream house’ that doesn’t need any extra work done to it.
So, consider the costs it will take to renovate a cheaper house first before you look at the more expensive and developed ones.
4. Look for Lifestyle Drivers
Lifestyle drivers are what make a suburb a more desirable place to live in.
Think about area features like access to public transport, freeways, shops, and other amenities like hospitals.
These desirable features may also depend on the type of lifestyle you’re looking to have.
Other features to look out for include schools and daycare centers. Even if you don’t have your own kids these will come in handy if you choose to rent out your property later on.
Another attractive feature can be the distance to the city. Many prospective buyers still wish to be near the hustle and bustle of the city as it’s where many great job opportunities are as well as leisure options like bars and restaurants.
So, take the time to identify the lifestyle drivers that matter most to you as well as potential tenants later down the track.
5. Anticipate your Family’s Needs
It’s tough to know what the future will bring. When you’re buying a house, you may think of it as a ‘starter home’ or a ‘forever home’.
These ideas are usually based on what you think you’ll need now and in the future. Your financial situation or the size of your family may change.
It’s these changes that influence what you may need in a house now and in the future.
A ‘starter home’ maybe something with two bedrooms compared to a ‘forever home’ which can have four.
You could be doing yourself a disservice if you choose a house that can limit your options. Another classic example is buying a small unit.
There might not be any room to renovate or extend a house that already has a small backyard and front yard.
Get Advice from the Right Professional
Whether you’re buying or selling a house, it’s always best to have the right advice. A vendors advocate is one professional you can rely on for great advice.
They can help you determine if it’s the right time to sell a house. A buyer’s advocate and help you find the perfect property within your price range and expectations.
No matter what stage you’re up to, you can rest assured there’s a professional vendor who can guide you along the way.
