Should I Renovate or Sell?
Many property owners are faced with the decision to either add
extensions to their existing home or to sell and purchase a
larger home elsewhere. This decision will be made easier if you
consider answers to the following questions: -
§ Are you completely happy with
the home and its location?
§ Will the proposed extension
appeal to others, if you decide to sell later?
§ Will the proposed extension add
value to your property equal to its cost?
§ Is the necessary finance readily
available at an affordable interest rate? Have you allowed for
unexpected costs?
§ Will your local council approve
the alterations you propose?
§ Will the alterations involve
costly plumbing and electrical work?
§ How much disruption will
renovating cause to family life ? Will you have to move out of
your house during renovations? If so, what is the availability
and price of alternative accommodation?
§ Will the completed extensions
have architectural appeal or detract from the existing building
design?
Pittwater Real Estate will be able to provide guidance and
answers to many of these questions. A local builder and an
officer of the local council building department in your area
will also be able to provide additional advice.
It is also wise to check out the availability of other homes for
sale with the accommodation you require and compare the values
of these against your present home’s worth plus the cost of the
additions you propose. You may well find that it is cheaper to
sell and repurchase a larger home in the area, thus avoiding the
hassle and inconvenience that usually occurs during the building
process.
Following are some useful links which may help you with your
renovate or sell question.
www.homeone.com.au
www.homesolutions.com.au
5
back to top
Retirement & Downsizing
By the time you reach retirement age, the family home is usually
too large and the garden is too difficult to maintain, which
prompts the decision to consider selling and moving into
something smaller.
There are many options available, such as a duplex, a home unit,
or perhaps your name is now at the top of the list for a
retirement village.
The decision to relocate in retirement is one that should be
carefully considered. There is certainly no need to rush into
smaller accommodation if your health and lifestyle make this
move unnecessary. Regular retirement seminars and study papers
are available which will assist you in making a final decision).
Here are some hints that may help:
Have Pittwater Real Estate carry out a free market appraisal of
you present home to establish its realistic worth.
Inspect properties that may fit your retirement needs. If moving
is starting to look like an appealing option be careful to
factor in your selling and buying costs such as agents and
solicitors fees, stamp duty and other associated costs.
Care should be taken if you are contemplating the purchase of a
retirement villa. A true retirement village should be convenient
to shops, transport, have on-site medical staff and provide you
with security of title and the ability to re-sell later. It is
wise to carefully examine the contract, or have it explained to
you by a qualified person, e.g. a solicitor. Be very aware of
the hidden costs associated with some villages.
If you find a retirement village that you are happy with, speak
to the residents who will give you an honest opinion of
retirement village life.
Finally, make sure this is your decision. Well meaning family
sometimes think they know what is best for you, but will you
ultimately be happy?
The following link may help clarify the retirement process.
www.villages.com.au
5
back to top
How Much Is My Home Worth?
Pittwater Real Estate will provide you with an honest and
professional estimate of what your property is worth in today’s
marketplace. We won’t give you an “on the spot” estimate or an
“educated guess” We do our homework.
First we check Local Council records to compare recent sales in
your area. Land value and replacement cost are also factors
taken into account.
Your property is compared with other similar properties
currently for sale but remember, “asking price is rarely selling
price”. However, it is important to know what properties buyers
will be comparing your home to.
From our detailed buyer database and current level of enquiry we
can gauge the strength of the current market.
Supply and demand is also a very important factor in determining
the value of your home.
Once all of the above is completed we can confidently present
you with our recommendations for a realistic selling price. We
will be able to explain the many influences that have been
considered. It is important to set aside time to go through all
aspects of the market appraisal with you. If there is more than
one owner we recommend that all parties be present so that
nothing is lost in the passing on of important information.
To get an idea of property values in your suburb you may like to
visit www.homepriceguide.com
If you would like to make an appointment with one of our agents
to appraise your home please complete the following.
5
back to top
Free Market Appraisal
For free market appraisal of your property,
click here
5
back to top
Signing Up with An Agent
Before an agent can sell your property, they must sign a
contract with you. This written agreement is called an Agency
Agreement, which is a legally binding contract. It is important
that you read and understand it. If you are not sure about the
agreement terms you should get legal advice.
Signing an agency agreement means that you authorize an agent to
do certain things such as arranging advertising and inspections
and receiving deposits from buyers. The agreement will also
state all commissions payable and any other costs you may be
liable to pay.
Further information on agency agreements can be found at
www.fairtrading.nsw.gov.au
You will also need to instruct your solicitor to prepare a
Contract For Sale of your property. The agent is not permitted
to offer your property for sale without a complete contract.
5
back to top
Methods of Sale
There are two main methods used for selling property: Private
Treaty or Auction. Following is a brief outline of both methods,
which will help you make an informed decision on which method is
best for you.
Private Treaty
This method of sale simply means putting your property on the
market for sale at a definite asking price. Interested
purchasers will inspect your property with the agent. If they
would like to buy the property they will enter into negotiations
with the agent acting as the “middle man”. These negotiations
will be an agreement on price between you and the buyer and may
also involve discussions as to settlement date and inclusions.
For Sale by Auction
Selling your home by auction involves setting an auction date
where all interested parties will bid against each other. You
set the reserve price, which is the minimum price you will sell
the property for. You also set the terms and conditions in your
contract for sale. If buyers wish to vary any terms or
conditions this must be agreed to by both parties prior to the
auction.
Both methods of sale, if handled correctly, are highly
successful.
5
back to top
The "For Sale" Sign
The for sale sign is your 24 hour salesperson. Studies show that
up to 30% of enquiry is influenced by the for sale board.
Our office views enquiries from signboards as one of the best
sources of buyers. It shows that prospective buyers already like
the location and the look of the house from the outside. This is
why first impressions such as a tidy street front are so
important.
If there are special features about your house that cannot be
seen from the street, a photo signboard can be a big advantage.
5
back to top
Presenting Your Home
You may have heard the phrase; you don’t get a second chance to
make a good impression. First impressions are what count if
achieving a premium price for your property is your goal. First
impressions are easy to achieve if you have an eye for detail,
everything in good repair, a neat garden and diligent gardening
skills.
The second factor that buyers are looking for is “the right
feeling”. You need to tantalise and stimulate all the senses of
the buyer to create a positive feeling.
Fresh fragrant flowers in the house make it more like a home, as
does the smell of home cooking. Try baking a cinnamon teacake
prior to an open inspection to make your home smell inviting. If
you are not a baker, display mangoes or other fragrant fruit on
the kitchen bench. Open the curtains to create a feeling of
light and airiness.
Install a running water feature at the front of the home or hang
a sweet sounding metal wind chime near your front door. Have
some soft, relaxing music playing in one of the front rooms of
the house so when buyers enter their emotions will be
stimulated.
Some other elements that must be considered to gain a premium
price for your property are;
1. Gardens.
The first rule for creating a good first impression is having a
great looking front garden. This is where potential buyers first
see your property and it is important for it to look well
maintained and appealing. Make sure the front porch is clean
with no shoes discarded outside the front door.
2. Clean and tidy
Kitchens and bathrooms are the main areas buyers are interested
in, so have yours looking spotless. Clear as much bench space in
the kitchen as possible. This will make the kitchen look bigger
& more user friendly. Presenting a tidy, yet lived in home with
plenty of light and space, will do wonders for its’ attraction.
Often, all that is required is a good wash and vacuum, but if
stains remain on walls or ceilings, they may need painting.
Neutral tones are best as this will appeal to a wide range of
buyers.
3. Clear the clutter
Show off the rooms to their best advantage. Remember, you are
selling your home not showing off your furniture, so take away
any pieces that clutter the rooms. Rearrange your furniture if
need be to create a maximum feeling of space. Pack away as much
clutter as you can and store in the garage if necessary. It is
amazing how much bigger a room will look if it is perfectly
organised. Make sure washing baskets are not full of dirty
clothes. Bookshelves should be dust free & tidy.
 4. Crystal clear pool
A swimming pool is a superb attraction to buyers looking for a
home with entertainment and recreational facilities. Ensure your
pool is vacuumed, the water crystal clean and clear of leaves
and other debris. Clean the edging tiles and store away pool
equipment including the creepy crawly, hoses and covers. Outdoor
furniture should be displayed to present an attractive and
warmly inviting entertaining area.
5. Pets.
Clear away pet beds, blankets & bowls so they don’t detract from
the garden. Make sure there are no little surprises on the lawn
for buyers or their children to walk in.
5
back to top
Showing The Property
to Buyers
The general rule is to let your agent show the property without
interference. Potential purchasers are usually happier if the
owner is not present when they are inspecting the property.
If the weather is fine, perhaps you can move into the garden
while the inspection is taking place. Buyers are conscious of
the fact that they are invading your privacy and may rush the
inspection if you are too close at hand. If is far better to
leave them and your sales consultant to enjoy a relaxed stroll
through your property so that they can get the true feel of it
as their possible future home
If you have pets, all evidence of these should be removed from
the house. Take your dog for a walk during inspections and be
very aware of doggy smells and pet hair around the home.
5
back to top
Open House Inspections
This has become an extremely popular way of presenting a
property for sale to potential purchasers. Purchasers can
inspect with the sales consultant in attendance, but without any
obligation to start negotiations.
Our statistics show that around 12 per cent of properties sell
as a direct result of the home being opened for inspection. But
many more sales result from the salesperson meeting the
purchaser at another home open and matching the buyers to more
suitable properties. The rule is open for inspections work and
work well so please allow and encourage them.
Your agent will always be present during an open house, to
escort potential purchasers through the property and act as the
caretaker in your absence. It is wise however, to lock away
valuable items such as jewellery, money boxes, expensive
ornaments, etc. Incidents of theft from properties being open
for inspection are extremely rare, but it is nevertheless wise
to remove these temptations from sight.
A tip to make the home smell sweetly is to place a cinnamon
stick in a heated oven for a short period prior to the home open
or to bake a loaf of bread or a cake during the home open. A
vase of flowers and the dining table set for a dinner party will
also show off your property to its best advantage.
5
back to top
Negotiating With The Buyer
The best advice for sellers is to always negotiate through your
real estate agent. In explanation, a potential purchaser will
sometimes attempt to negotiate directly with the property
vendor, perhaps to establish what is the lowest price you are
prepared to take. It is wise to politely refer the purchaser
back to the person you have appointed to act on your behalf.
Any agreement to purchase your property will be made in writing.
Offers made verbally cannot be legally enforced and are there
for worthless.
When your agent arrives with the customer’s written offer, you
should clarify every clause ensuring you completely understand
what is proposed. You may then decide to accept the offer, or to
“counter” the offer at a higher price that is acceptable to you.
Your agent will then present your “counter-offer” back to the
purchasers for their acceptance or rejection.
You should be aware that if the purchasers do not wish to accept
your “counter-offer”, they can withdraw their original offer
leaving you without a purchaser. Therefore your decision to
counter the original offer at a higher price should be made with
the clear understanding that you may run the risk of losing your
purchaser altogether! However, have confidence in the advice
given to you by your sales consultant. All sales staff at
Pittwater Real Estate undertake regular training and education
on the skills of negotiation in order to achieve the best
possible price.
Once a price has been agreed between buyer & seller the agent
will attend to the necessary steps to making the contract
legally binding. For further information on this process see
“two ways of buying property” under the Buyer Resources section
of our web site. The standard time from exchange of contracts to
settlement (the day you move out) is generally 42 days, but can
be negotiated with the buyer to suit your required time frame.
5
back to top
Handing Over The Keys
The keys to the property are usually handed over after final
settlement, i.e. when the vendor and agent have been notified
that the transaction has been finalised by both parties’
solicitors and the vendors solicitor is in receipt of the full
purchase monies.
Generally a pre settlement inspection will take place on the
morning of the settlement. The purchaser who will be accompanied
by the agent carries this out. The purpose of this inspection is
so that the purchaser can confirm that all inclusions listed on
the contract for sale have been left in the house.
Disputes sometimes occur if the vendor is unable to provide keys
for every lock on the premises. It is fair to ensure that all
keys are provided and this will help ensure a happy transition.
5
back to top
Things To Do When
Moving House
Catastrophe money
Budget for some extra costs after you move into your new home.
Inevitably, some type of minor catastrophe occurs: the hot water
system dies, the oven refuses to work, or their may be plumbing
or electrical problems. Whatever form the unwanted disaster
takes, you will need some extra cash to cover such emergencies,
which are sometimes inevitable, no matter how carefully you
check your new home.
Four Weeks Before The Move
§ Start a central file for your
move documents
§ If using a moving company obtain
at least 3 quotes
§ Choose a moving company and make
a booking
§ Start collecting boxes for
packing - you will need more than you think! An easier option is
to purchase boxes from your removal company. Once you have
unpacked the boxes at the other end the boxes may be returned to
the removalist for a refund. Standard sized boxes all with
closing lids are much easier for the removalist to stack. You
can also obtain wardrobe boxes that have a hanging bar in them
for your clothes.
§ Visit your local butcher &
purchase some white butchers paper. This can be used for
wrapping glassware and crockery. If you use newspaper for this
job you will find black newsprint, which will need to be washed
off at the other end, not to mention the mess it makes of your
hands! Removalists may also supply packing paper in bulk.
§ Have an unpacking plan listing boxes in order of
practical importance. Don’t exhaust yourself unpacking
non-essential items first.
§ Start packing items that will
not be used before the move
§ Draw up a large floor plan of
your new property and mark in where everything should go. Each
room should be numbered or named and your packed boxes should
have a corresponding number or label on it so you or the
removalist can identify where to put the box once it has arrived
at the new house. Make a few copies so you can give one to the
removalist, put one up near the entry way of the new house and
have one for yourself.
§ If you are moving a piano ensure
that the moving company you have booked can accommodate this -
you may need a professional piano removalist. Organise to have
the piano tuned after the move.
§ Complete a change of address form from the Post Office - this
can be done on-line at
www.australiapost.com.au
§ Fill any prescriptions that will
be required a week before and a week after the move
If you have items you do not want to take with you start
organising a garage sale or start transporting things to your
local tip
§ If you are moving yourself
enlist the help of reliable friends and/or relatives. Many hands
make light work and you will need at least 4 people to get the
job done - give them plenty of notice.
Three Weeks Before The Move
§ Keep packing
§ Start using any frozen food and perishable goods
§ Establish cut off dates for phone, electricity, gas and
water
§ Organise child care for the day of the move if
necessary
§ Moving can be very traumatic for pets - make travel
arrangements for your pets or arrange to have someone look after
them from the day before the move to the day after
§ If possible, take pictures or video of your belongings,
record serial numbers
§ Call you insurance company to
see what changes are required to your policy, enquire if moving
is covered and arrange insurance for your new home
§ If you are having a garage sale - have it now or
consider selling on eBay -
www.ebay.com.au!
The Week Of The Move
§ All except essential items
should now be packed
§ Drain fuel from lawn mower, empty gas cylinders/bottles
§ Collect any outstanding lay-bys,
dry cleaning and return any library books or videos/DVDs
§ Use or dispose of any food items
you will not be taking with you
§ Contact electricity, gas and
telephone companies to organise connection of utilities at your
new home.
§ Change your address on your
drivers licence. Visit your local RTA or complete the on line
form at www.rta.nsw.gov.au
§ Change your address on the
electoral role at
www.aec.gov.au
§ If you are a company director
you must notify ASIC of your change of address. Forms may be
obtained on line at
www.asic.gov.au
The Day Before The Move
§ Defrost your freezer, empty
and clean out your refrigerator
§ Do laundry
§ Pack a "Survival Kit" for moving
day - include first aid items, toilet paper, wet weather gear,
tape, keys, snacks, mobile phone and emergency phone numbers
§ Pack of box of essentials that
you will need when you arrive at your new home i.e. the kettle,
mugs, cutlery, paper plates and plastic cups, tea, coffee,
sugar, long life milk, breakfast items, garbage bags. It’s also
a great idea to have a box with bed linen pillows & towels. Keep
this in your own car when moving so you know where to find it.
At least if you are too exhausted to unpack you will have a nice
bed to sleep in.
§ Ensure each person in your
household has packed a bag containing clothes, toiletries and
other personal items to take with them to see them through the
first couple of days when boxes are still being unpacked.
Children may like to include favourite toys and games to keep
them occupied, especially as it is likely other forms of
entertainment such as the television and computer may not be
available immediately before or after the move.
§ Disconnect the washing machine
and allow to drain if necessary. The removalist will not usually
do this for you so if you cannot do it yourself arrange for
someone to help or hire a handyman.
The Day Of The Move
§ Tape remote controls and
cables for electrical appliances to the back of the relevant
appliance
§ When dismantling beds make sure
that all screws, nuts & bolts etc are taped to the relevant
piece of furniture - makes reassembly for that first nights rest
a breeze!
§ Important documents, money,
jewellery and other valuables are best carried with you on the
day
§ Pack an esky with cold drinks, fresh bread rolls & ham for
lunch. This will keep your energy supplies up for the long day.
§ Have some cash available to buy
take away & a bottle of champagne for dinner!
5
back to top
Moving e-Card Notify your family and friends of
your new address,
click here |
