Preparing & Maximising Your Home for Profit – Step 1

 

Regardless of whether you’re considering putting your home on the market or completely resolute on the idea of selling, this guide will guide you through the steps to maximise your outcome and ensure the result is the very best one. In the following blog posts, we will outline everything to help you in this process, over three key phases.

Step 1 – What to Consider

Your home is your greatest asset

In life and real estate, it is often said that your principal place of residence is possibly your biggest asset. As industry professionals we find this true for so many people in the community who we represent.

With this in mind it is important that you do all you can to maintain the property throughout its lifetime, in order to protect and grow your asset. This way, at the time of eventual sale, you receive the best possible cash profit from your investment.

Your home could deliver you a tax-free windfall

Selling your home is a valuable opportunity for wealth and profit. Unlike other financial investments, your principal place of residence is free from capital gains tax and stamp duty.

Selling is a one-off opportunity for profit

Therefore, a chance of a tax-free gain is rare and should be seized with both hands. Selling is a one-off opportunity for profit Selling your home presents a unique opportunity to make a good deal of money without you having to work hard for it.

Typically, every dollar your home sells for over the perceived market value is worth two dollars of your hard-earned labour. Secure the dollars you deserve for the property you own. You get only one chance to sell for profit and then the value passes on to the next owner – so make the most of it!

Clean and tidy homes generally sell better

If you do the work for a potential buyer and your property is clean, crisp, complete and:

  • is well maintained and freshly painted;
  • has manicured lawns and the gutters and downpipes are free from rust and holes.
  • has eaves that are spotless and fresh.

This could have a significant impact at sale time. You have the potential to earn significantly more than you expect. The magic happens when you take the hard work out of the equation. Everyone is so busy, potential buyers are often prepared to pay for somebody else’s sweat and effort. You can profit from that.

A home that doesn’t require work is more attractive

Maintaining and preparing your home for profit is a successful strategy for everyone involved.

Often incoming purchasers are stretched to their limit and would not qualify for a renovation loan. This is the reason why people will pay more for a finished, neat and well-maintained property.

A bank will loan on a property’s actual current value. A bank does not favour lending on unfinished or damaged properties. However, if the property has a clean bill of health, the new purchaser is effectively getting a renovation loan on a product with no risk.

Preparing YourHome For An Open For Inspection

 

Potential buyers are looking for love at first sight. They are seeking that immediate attraction, something that makes their heart beat faster, complimented by good looks and a little charm. Here are ten tips on getting buyers to fall for your place.

Looking Your Best

Street appeal is so important and first impressions matter. Your home’s exterior is the first thing people see when inspecting so tidy the yard, put out fresh mulch in the garden and add a new latch to the fence so that it opens easily. Give the fence a fresh coat of paint, wash the house and acid wash your pavers or concrete paths.

Meet You At The Front Door

Your agent will greet your potential buyer at the front door. They may take their shoes off and will definitely have time to look around at this point. The front door needs to be clean with a homely touch, such as twin pot plants or as simple as a nice doormat.

Spring Clean

This can be difficult but display your property like a house and not your home. De-cluttering will make the whole house feel larger and take away distractions from the buyer so that they can focus on the house, keep things simple. Remove family photos, take all appliances off the kitchen bench tops and all those sticky notes off the fridge. You should present a blank canvas for the buyer to picture their own lives in.

 

Let There Be Light

If the temperature is right, open up your windows, French doors and curtains, creating light and breezes. This allows potential buyers to feel comfortable as soon as they walk through the door. Put the lights on, even in the daytime, especially in kitchens and bathrooms, lamps are also effective. A well-lit home is more attractive to buyers.

Expecting Someone

Present the house as if you are about to have friends over. Put a jug of water and nice glasses out. If you have a deck or courtyard, focus your efforts there rather than the formal dining area that is not regularly used.  

In Bloom

Use fresh flowers, they can really lift a room and give it a touch of class. Choose flowers that are in season, single colours, or at most two and use colours that complement the colour scheme of the room.

Bedroom Etiquette

Make sure your bedspread is crisply ironed and the bed is perfectly made. Purchase a new doona cover if the ones you have are old but keep it neutral. A blanket neatly folded at the bottom of the bed is very effective. Ultimately, you want it to look like a hotel so add extra pillows and make your bed the feature.

Styling The Bathroom

Soaps, hand towels, towels, and bath oils should be displayed in the bathrooms again to look like guests are coming over. Buy a beautiful set of towels and new quality soaps that you just use for inspections.

Creating The Mood

Music works extremely well as buyers can freely look and talk about the house without feeling like someone is watching over them.  We want the experience to be as comfortable as possible for the buyers. We also want buyers to linger longer as the more time they spend in your home the more chance of them loving it!

Your Best Hour

Finally, know the best hours of the day to present your house. If your house faces West, it is better to do an open house in the morning. This is important if you do not have an air-conditioner. If your house has a lot of shade, hold open houses in the warmer hours. Work out when the entertaining areas are sunlit but not too hot.