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Simple cosmetic changes add significant value and increase the number of auction attendees, according to a top agency.
“A standard two-bedroom apartment in Ashfield might cost between $2,500 and $3,000 to paint, and this outlay could potentially add $10,000 to the value of the property,” said Raine & Horne Ashfield principal Tony Andreacchio.
Not only will a fresh paint job and some spring cleaning add significant value, it will also attract different prospective buyers, according to the agency.
“We find that if there is a property that isn’t presented well, it will attract larger numbers of bargain-hunters, who will negotiate the price down,” said Michael Harris, co-principal of Raine & Horne Newtown.
While it’s no surprise that a good-looking property is easier to sell than a drab one, Raine & Horne believes the key to success is a combination of cosmetic fixes and styling.
“If you choose to do some painting, yet have shabby furniture in the apartment, it’s a bit like wearing thongs with a dinner suit. It won’t deliver the desired effect of a stronger result and a speedier sale,” said Mr Andreacchio.
Raine & Horne has noticed a rise in prospective buyers expecting their property to be move-in ready over the past 10 years, with Raine & Horne St Marys sales manager Peter Diamantidis noting a large rise in buyer interest in well-presented properties.
“Many owner-occupiers are time-poor, so if a property is in better shape it will attract more attention and potentially stronger prices,” said Mr Diamantidis.
“Likewise, if you’re selling an investment property and are targeting first-time buyers, and it’s dirty and has shabby furniture, it will influence the result.”
While renovations and cosmetic improvements are ultimately the vendor’s decision, not the agent’s, Mr Diamantidis noted agents should help sellers with the decision process to ensure the renovation is suitable for the area and the potential buyers.
“There’s no point putting in a kitchen for $10,000 and then only getting an extra $10,000 for the property. It’s hardly a worthwhile exercise,” said Mr Diamantidis.
An easy way to give a property an edge on a budget is a good, old-fashioned spring clean, said James Pratt, Raine & Horne’s director of auction services.
“A dirty kitchen will irritate many buyers, and as part of your spring cleaning give food preparation areas such as sinks, stoves, ovens and grills some special attention.”
Mr Pratt advised that seasonal improvements should be kept in mind as well, with agents holding auctions in summer and spring advised to pay special attention to the outside of the home and the space where the auction will be held.
“Kerbside appeal is important for open homes, while more auctions will be held outside in spring, so the presentation of gardens, lawns and driveways is just as important as keeping up appearances internally,” he said.
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