6 questions to ask yourself before you renovate

What are your current and future needs? Will you need space for the kids, will they be moving out any time soon? Now map out the must have’s vs the nice to haves.For example, a 3rd bedroom for your teenage boy may be a must have whilst the skylight in the hall may not be.

How much will the renovations costs, do you have the available funds, how much is the expected value to be added to the property, will the renovations actually cause your home to lose value?

What is the condition of my current home – Will I be renovating more than 50% of my home?In many states and territories, if you renovate over 50% the rest of the home then will need to comply with current building regulations, such as new wiring, plumbing and energy rating and this can add a significant cost to your renovation. We buy houses ASAP

What do you want to achieve from your renovation and would it be cheaper to buy a different home rather than renovate?

Will my renovation be in keeping with the style of homes in my area or will it stand out like sore thumb?Often many people like an area for its style of properties and a poor design that doesn’t compliment the surrounding homes can devalue yours.

Am I renovating to sell or to live in as this will dictate budgets, scope of work, design and the finishes you choose.

Benefits of selling your property via auction

We’ve all seen the drama of an auction on TV – the auctioneer with their quick fire speech, waving hands and pointing fingers – but what is an auction and what are the key benefits?

An auction is a public sale, usually conducted by an auctioneer or a qualified real estate agent and is governed by strict rules. It is advertised or a specific place, time and date and prospective buyers bid for the property with the property being sold to the highest bidder.

But what are the benefit of selling by auction?

Quicker sale and shorter marketing campaign

A typical auction campaign runs for 3-4 weeks and consists of a high intensity marketing strategy focused on reaching the most amount of people in a short period of time

The most transparent way of selling

The fact that an auction is happening in real time gives buyers piece of mind that the bidding and sales process is 100% transparent and that the sales price reflects true market value.

Unconditional sale

When the gavel comes down the property is sold, there is no cooling off period – the buyer is legally obliged to buy your property.

Vendors are protected by the reserve price.

You set the reserve together with your real estate agent and you don’t sell unless the reserve is met or you are happy with the highest bid.

Competition fuels emotion and drives a premium price

If more than one person wants to buy your property, the competitive nature of an auction can cause people to bid higher than they originally wanted to, often leading to a much higher sales price.

High chance of an early sale

When competition is high, buyers often feel the urgency to put a pre-auction offer in, which can mean you sell for a great price without even getting to auction.

Easy negotiation after auction if the property passes in

If the property doesn’t sell at the auction – don’t worry as your agent is an expert at negotiating successful sales after auction. In my experience nearly all properties sell at, or immediately after an auction.