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Prudential Real Estate Publication - Issue Forty

Is now is the time to sell? D L SO

50 Congressional Drive, Liverpool sold for $917,500

In this issue of Property News: • Things to do before selling a property • End of year achieves great sales results • Renovating ideas - part 2

02 9822 5999

www.prudential.com.au


LETTER FROM THE PRINCIPAL Dear Readers, The property market is still alive, with some properties continuing to sell quickly, like 5a Ashcroft Ave, Casula which sold within a month. For more information about this sale, please see our page 3 story. If you have decided to sell a property there are some things you can do to help make the process a bit easier. Our page 2 story discusses some of the planning and preparation that can assist you in this process. In this issue we continue the renovation theme, with a page 4 article about planning for some more major renovations on your investment property. So if you are thinking of buying or selling, or changing Property Managers, give us a call today.

Kind Regards, Simon Perri Principal 0407 042 023

325 Hume Highway Liverpool, NSW 2170 P: 02 9822 5999 E: simonp@prudential.com.au

www.prudential.com.au Disclaimer Notice: Neither Simon Perri, Prudential Real Estate, nor Newsletter House Pty Ltd, nor the publishers and editors of articles in this issue, accept any form of liability, be it contractual, tortious or otherwise, for the contents of this newsletter or for any consequences arising from its use or any reliance placed upon it. All the information contained in this publication has been provided to us by various parties. We do not accept any responsibility to any person for its accuracy and do no more than pass it on. All interested parties should make and rely upon their own enquires in order to determine whether or not this information is in fact accurate. ©Newsletter House Pty Ltd 2018 Ph: 02 4954 2100 www.newsletterhouse.com

Things to do before selling a property

How to make sure a property is ready to go on the market

So you’ve decided to sell your property and you want to know how to make it as pleasant and profitable an experience as possible. With the help of a savvy real estate agent you can prepare your property for the market and decide on the right price for it, but first you need to decide what you will do after the event. If you are currently living in your property and it sells quickly, you don’t want to find yourself with nowhere to go, or paying expensive rent while you think about what to do. So the first thing to do is decide why you are selling and where you want to live afterwards. Are you upgrading or downgrading? How many bedrooms will you want? Are you moving to another area or staying in the same neighbourhood? Do you need to be near amenities such as shops and transport? Are you a gardener or would you prefer a low maintenance yard? What type of price range will you be considering if you receive the expected price for your property? These are all things you need to think about before putting up the For Sale sign. Decide on the area where you want to live after selling and check out the properties and prices. Talking to

real estate agents is a great way to learn about the advantages and disadvantages of various areas and to find out about any planned developments. It’s then time to get your property ready so it presents in the best possible way to would-be buyers. Expensive renovations won’t pay off but look after any maintenance issues, clear the decks as much as possible and make sure both the interior and exterior are as clean and tidy as possible. You’ll also need to talk to your agent about setting a price for your property. While you want to get as good a price as possible, be guided on this, as an overpriced property can sit on the market for a long time, causing people to wonder if there is something wrong with it. If you follow these steps, you’ll find selling a property is a positive experience rather than the stressful event it could be if you didn’t prepare properly.


End of year achieves great sales results

According to the media, now is not the time to sell your home. However, the team at Prudential Real Estate Liverpool completely disagrees. Their 20 years of experience in the industry says that now is definitely the time to consider selling. In fact, February always sees more success for their clients than any other time of year. Even the months of November and December, a period usually advertised as being bad for real estate, achieve great success with satisfying property sales. The recent sale of 5a Ashcroft Avenue, Casula, is an excellent example of what can be gained at this time of year. The average time to sell a property in the area is 46 days, however the modern three-bedroom home, situated in a prime locale, was listed and sold in a month. After 6 open inspections attracting 13 parties, there were 3 offers made and a sale achieved for $690,000, a price well above the area’s median. The team at Prudential Real Estate Liverpool has a proven strategy to ensure smooth and successful sales for their clients. Buyers are brought through the home before it goes on the market so the agents can make sure they get correct feedback with regards to pricing and presentation. This means they know that

SOLD

5a Ashcroft Avenue, Casula sells within a month! they’re marketing your home to the right potential buyer, at the right price. It also means that your home is not endlessly on sale for months with no result. And if you’re not happy, you pay nothing at all and avoid embarrassing your home on the market. The market is not nearly as bad as the media makes out. In fact, it can be a great time to sell, leading up to the New Year when so many people want to start afresh. The team at Prudential Real Estate Liverpool can still get the result that you hope to achieve, and also give buyers the opportunity to buy quality, good value

OUR GUARANTEE FOR A STRESS-FREE SALE FOR YOU We'll guarantee to sell your home in 6 weeks, following our proven strategy. If we don't, you're free to sell your home with another agent. *T's & C's apply.

homes, and not just the bargains. Now is the time to take action. If you want to achieve the best price, then now is the time to do it, as the remainder of the year is uncertain. And even if you’re not considering selling now, the agency advises that you start talking to one of the their team members. A quality agent, like those at Prudential Real Estate Liverpool, knows when to sell and when not to sell – and will offer more practical and insightful advice than you would ever gain by listening the doom and gloom reported in today’s media.


Major renovation ideas for your Investment Property - Part Two

A well maintained investment property is the best way to maximise your return. Knowing how to renovate your property is an essential part of being an investor.

Here are some tips for when you need to do major renovation work. Before you start The key to a good renovation is understanding the target market. Talk to estate agents in the area to find out what tenants want and you can renovate accordingly. Have the property valued and research what it might be valued after a renovation. This will give you an idea of what you can spend to avoid over-capitalising, which is when the cost of the renovations outweighs the value they will add to the property. Where to renovate Whilst you should look at your individual property overall, kitchens and bathroom renovations generally give a higher return on investments and make the biggest impact. Kitchen and bathroom A well thought out kitchen and bathroom renovation will increase the value of the property and your rental potential. It will also help attract quality tenants. It may be you can get away with a simple facelift if your kitchen or bathroom is currently well-equipped. A resurface, change of fittings, new appliances, repairs, replacement handles and a good re-paint may be all that is required to

brighten up and modernise the space. But if the rooms are out of date and lack functionality then you may need a complete remodel. It may be the bathroom is in better condition than the kitchen or vice versa in which case you may need to remodel just one. If you do a complete renovation hire professionals to do the job as they will be quicker and the finish will be superior. This is not the time to try DIY. When selecting fittings think low to mid-range. Don’t go so budget that you will have to replace things sooner, but forget luxury items. You can give tenants a clean, modern space without blowing out the budget. Other Areas Attracting and keeping quality tenants is often as important as rental income. The greater the turnover of tenants, the more potential for damage and financial loss. So think about what tenants want and what they will pay more for. Air conditioning is not the luxury it once was and many tenants see it as a must. Consider security and install screens, security doors and locks. Modern day living means being wired up. Think about remote garages, Foxtel and phone wiring. Mistakes to avoid Don’t under-renovate. Just renovating one room can highlight how terrible the rest of the property is. If you have limited funds ensure the property appears more appealing overall. Keep an eye on the budget. There is

OUR GUARANTEE FOR A STRESS-FREE INVESTMENT FOR YOU 1. If your tenant does not pay the rent, then we will  2. If you don't find a tenant within 14 days, we will pay      the rent for you 3. Not happy? Pay nothing! 4. No lock in contracts 5. Switch from any other agent at no cost, no stress.  *T's & C's apply.

a fine line between making your property more desirable and over-capitalising. Make sure you don’t cross it. If you have more than one investment property think about bulk purchasing. Many investors choose the exact same colour scheme and fittings for every property. It means savings in time and money. Renovating an investment property can seem daunting, but done correctly it will make a huge difference to your rental income and the value of your investment.

Prudential Real Estate - Property News - Issue 40  
Prudential Real Estate - Property News - Issue 40