In the last edition of Real Talk, we explored the tips and tricks to making 2017 a successful year with property for renters and buyers, this week we pick up where we left off and will give sellers and investors some hints to ensure that property works for them in 2017.
According to LJ Hooker’s head of real estate, 2017 is the year for the seller, the markets are highly in favour for those who wish to sell so now is the time to act. Here are some top tips to ensure that you maximise your property’s potential at sale time.
- Be realistic about your plans after settlement – factoring in multiple scenarios
Many people opt to sell their home before they have secured another property but can often be left stressed due to tight settlement timelines. To ensure the transition from your current home to new home is as smooth as possible, be realistic that you may not find and obtain your perfect property immediately. Identify and discuss your option and the possibility that you may need to rent for a short term period until you find your dream house and come to terms with this fact. Selling your home is stressful enough without adding extra strain of finding your perfect home immediately, so prepare for all different outcomes and take it as it comes.
- Get your property in ship shape
Before you put your house on the market, make sure that you address all maintenance issues. Prospective buyers will walk in with a keen eye for any additional money they will need to put into the property to get it to their standard, so be one step ahead. Repaint the internals, fix the fence, ensure the garden is neat and tidy and so on. This hard work will be rewarded come auction day.
- Do your research on the area
Just because Joe down the road got an amazing price for his property, it doesn’t necessarily mean you will have the same fortune. Do proper research (and not just rely on local chit-chat), attend open for inspections and multiple auctions of similar properties to you own in your area to get a more realistic expectation of your market value.
Investing is an exciting stage in your property journey and one that can be very prosperous for you in 2017 and beyond if you make smart choices and choose good investments. Here are some of our tips to consider if you’re thinking 2017 is the year for you to invest in property.
- Look to the future not the past
Whilst the past plays an important lesson in trends and success, it is important to be more focused on the future of your investment. Do research into what will be happening in suburbs in coming years not just in previous years – property investment is about the present and the future, not the past!
- Be realistic about cash-flow
Your investment should be there to make you money, not to be a burden on your finances. Get advice from an expert about your realistic capacity to invest and to help you with budgeting your own finances to make sure that you are not leaving yourself too out of pocket. Some small sacrifices may be necessary at the beginning to create a successful investment but you do not want to drown yourself. Seeking professional advice will protect you from overextending and overwhelming yourself and your finances.
- Don’t focus on yourself
The biggest mistake people can make is to focus too heavily on their own personal taste and ignore the trends that are around. Remember you are not buying this for you, you are buying it to rent out to someone else. You will always need to consider the needs of your tenants when picking out an investment property. What’s the transport like? What’s the cafe culture? Are there gyms, shops and supermarkets close? These things may not seem like a big deal to you, but for prospective tenants these can be deal breakers. Choosing an investment surrounded by amenity will ensure that there will always be demand for your investment.
For more information about making 2017 a prosperous property year for you, please contact Solid Investment Property on (03)9690 2666