When selling a property, maximising profitability can be as simple as looking at these nine different aspects.
Matt McCann, CEO of LocalAgentFinder recommends that when preparing a property for sale, agents and sellers need to be aware of how they spend their money.
“One of the most common questions vendors ask agents is which areas of their home or the sales process they should invest in if they are putting their house on the market,” Mr McCann said.
“When preparing a house for sale, [sellers and agents need] to be smart with how they spend their money and there are plenty of ways sellers can attract buyers without doing an entire remodel.”
Here are nine tips to maximise property returns:
1. Kitchen improvements
Kitchens can potentially be the tipping point of a sale, so agents should advise sellers to focus on updating appliances, as well as improving the condition of old drawers and cupboards. According to Joseph Vella of First National Stanton & Taylor Penrith, “re-covering old cupboards, benchtops and splashbacks can … make a significant difference” in the sale of a property.
2. General repairs and maintenance
As buyers often look for property that is ‘move-in ready’, agents should advise sellers to fix any issues that need to be addressed.
“Sellers should target areas that building inspectors look for and correct any problems with subfloor drainage that may welcome termites, fix leaking shower recesses, clear the floor space under the house and clean gutters,” Mr Vella said.
“Cosmetically, the garden, fresh paint, and a neat and tidy house are important.
3. Advertising and marketing
Andrew Oostenbrink, of Ray White Holland Park, says the most important aspect of advertising is hiring a professional photographer to take photos of the property for sale.
“The first open home with the property is the online listing, so it’s imperative that the property presents at its best online to attract buyers to the open for inspection,” Mr Oostenbrink said.
4. Basic landscaping
Vendors who have properties with gardens should ensure the green space is well-maintained.
“Basic landscaping is very important as the garden is the buyer’s first impression of the property,” Hall & Partners First National’s Leigh Hall said.
Cheap ways to boost impressions
5. Style outdoor areas
Outdoor areas that feature furniture sets can be improved with simple cushions – creating an extension of the living space.
6. Bring in the green
Plants can add colour to a living room or bathroom. LocalAgentFinder suggests using succulents, philodendrons and orchids.
7. Use lighting to create atmosphere
When showing a property, turn on every light to show how bright the home is. It is a good idea to use energy efficient and/or high voltage bulbs.
8. Enlist the help of a professional cleaner
Hire a professional cleaner who will steam clean carpets, polish bathrooms and kitchens, wipe windows, and thoroughly wash floors and walls.
“I had a professional cleaner come to the last house I put on the market to give the windows a good wash. It left the house looking and feeling extremely clean,” Mr Hall said.
Don’t let it get out of hand
Renovations can improve crucial areas such as bathrooms, but extending living areas or adding another level can cut into costs significantly.
“Money needs to be spent on the right areas that add value to the end price,” Mr Vella said.
“Vendors should work with their agents to make sure that money is spent in areas that make the maximum difference. The suburb, the houses around the home for sale and the buyer’s expectations in the area will determine what a seller should or shouldn’t do.”