Spring has finally sprung which means one important thing – the spring property selling season is here! So to help all those property buyers and sellers out there make the most out of their property dollar, we asked Principal & Sales Agent, Nigel Mukhi from McGrath Lower North Shore to share his top must-knows for buyers and sellers this Spring:
If you are serious about making an offer on a property, do the groundwork at the back-end to make sure you’re ready come crunch time.
With things moving quickly in today’s market, Nigel says inspecting the property early and getting your paperwork organised puts you in a much better position if the vendor is accepting offers prior to auction day.
“Having your finance approved, a completed building inspection and the contract reviewed means you’re in a better buying position than those around you.”
There’s no such thing as being too keen
There was a time when buying property was all about playing it cool, but in current market conditions the rules have changed.
Nigel explains, “with multiple buyers all chasing the same property, being honest with the agent and doing your research will play in your favour.”
“You need to give yourself the best shot and if that means multiple inspections and being up-front with the agent about your interest in the property, then so be it, because at the end of the day, the agent is on your side too.”
No property is perfect
If your property search has lasted months and led you to hundreds of inspections, you’ve probably got an image in your head of your dream property but remember, nothing’s perfect.
“I always tell my clients that if it ticks seven out of ten boxes, you’re doing well. No property is perfect and buyers need to be willing to compromise to make their purchase a reality,” says Nigel.
Come Auction day…don’t bid
Unless you’re confident and experienced when it comes to bidding at auction, what should be a dream day can end in tears when emotion and stress get in the way.
Nigel recommends getting someone else to bid on your behalf, as emotion can play a big part on auction day. “For as little as $500, you can hire a buyer’s agent to bid on your behalf and in my opinion, it’s worth every penny.”
Renovating isn’t always the answer
So many people selling a property assume renovating before sale is the best way to increase your sale price, but that’s not always the case, in fact unrenovated homes often sell at a premium.
According to Nigel deciding to renovate depends heavily on the type of property you’re selling and who you’re trying to appeal to. “A first homebuyer may really value a new kitchen or bathroom in an apartment, while a young family will prefer an unrenovated home so they can put their own stamp on it.”
“Regardless of your audience, a coat of paint and new carpet will always go a long way when it comes to selling property,” he says.
Presentation is key
Whether you hire a team of stylists or simply de-clutter your home, putting effort into how a property is presented can add tens of thousands of dollars value to your home.
“The first thing a potential buyer sees is photos of the property, it’s their first impression, so it pays to get these images perfect and that may mean having the property styled.”
“Having a well presented property creates an emotional connection and shows the potential of the place, while showing a messy, cluttered property can really distract the buyer,” adds Nigel.
Have realistic expectations
As the Spring season hots up and more properties come on the market, buyers will have more choice so it’s important to manage your expectations.
While we read and hear a lot about record-breaking property sales, Nigel says it’s important not to get ahead of yourself by ensuring your expectations align to the feedback from potential buyers.
“The best thing you can do is choose a good agent, spend some time and money to present the property in the best possible way and listen to the market. Combined, these factors will deliver the result you want.”