Monday moneyvator: Spring into the property selling and buying season

Monday moneyvator: Spring into the property selling and buying season

It’s that time of year again, where homeowners spruce up their properties to sell and buyers spend endless hours scanning real estate websites for that perfect property.

So if you will be one of the many Aussies jumping into the spring property season, here are some quick tips to keep in mind.

SELLERS

  1. Choose your agent carefully. Word of mouth is extremely important when it comes to choosing the real estate agent who will sell your property. Whether it’s a recommendation from a friend or using a website like ratemyagent.com.au which let’s you read reviews from other sellers, it’s important to know exactly who you’re dealing with.
  1. Make the entrance inviting. There are so many jobs you can take on over the weekend to spruce up the property and make it look as good as new, come open day. One of the most important areas to concentrate on is the entrance, as first appearances mean a lot to potential buyers. It might be as simple as giving your front door a fresh coat of paint and adding potted plants to the front door, to instantly give your property that curb appeal.
  1. Style your home like a pro. One of the common rules when it comes to staging your property is to keep things simple. Neutral colours are usually the way to go when it comes to the wall colours and the furniture, but that doesn’t mean you can’t add a statement piece or a splash of colour by placing items like artworks and floral arrangements throughout the home.
  1. Consider auction vs private treaty. Which one you choose will really depend on the area you live in. For instance, while an auction can be a great choice if you live in a major city like Sydney or Melbourne where competition is high, it’s probably not your best bet if you live in a quieter area with less demand. If you’re unsure, speak to your agent as this is something they can help you decide based on the recent sales in your suburb.

BUYERS

  1. Become an expert in the area you’re buying. Before you start making any offers yourself, get to know what properties are worth in the suburb/s you’re looking to purchase in. By attending auctions and scouring recent sold prices on websites like realestate.com.au and Domain, you’ll quickly be able to see how much you should be paying and when it’s smart to walk away from an overvalued property.
  1. Consider new vs old. This is especially important for first home buyers, as most of the states and territories in Australia offer a first home owners grant and exemption from stamp duty for new properties. On the other hand, if you want to try your hand at renovating, an older property could also be a good option, as you’ll be able to add value and will generally pay less than a new or off the plan property.  
  1. Hunt down a competitive home loan deal. Once you have a clear idea of the type of property you’re going to go for, the next step is locking in your home loan pre approval. With many mortgage packages coming with rates under the 4% mark, the good news is the home loan market is really in your favour at the moment. Apart from a great rate, also keep your eyes peeled for a loan with flexible features like an offset account.  
  1. Get a building inspection. Before you sign the contract of sale, make sure you get a building inspection report from a qualified surveyor. This usually costs around $500, which is minor compared to what you’ll pay if you purchase a property with major underlying problems. If you do find some problems, this could give you more power to negotiate on the sale price and the conditions of the contract.  

Have we missed any home selling and buying tips? Let us know in the comments section below…

Monday moneyvator: Spring into the property selling and buying season was last modified: September 5, 2016 by Rebeccah Elley

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