Buying and selling your home can be a stressful experience for everyone involved. Experienced and respected real estate agent and partner at McGrath North Canberra, Justin Taylor, shares his top tips for buying and selling property, to make for a smooth sailing investment.
BUYING
- Speak to the bank or broker
Mr Taylor’s first buying tip is to speak to the bank or broker to confirm what you can afford and get your pre-approval in place. If you’re making an offer on a property, you must have your pre-approval.
- Research
Make sure you’ve researched in areas you may want to live in and check out as many internet sites as possible, as everything is not all bunched together on one site.
“For example, it’s important in the older suburbs around Canberra to check for termite infestations as there’s much more of a risk than in newer suburbs, so really check the pest reports,” Mr Taylor said. “It’s also important to check for unapproved structures. Things like decks and pergolas aren’t a huge issue, but it’s important to have approval for extended living areas and swimmimg pools.”
- Attend inspections
It’s important to form a good knowledge base of what homes are of quality value, and what is overpaying for a home. Attending as many private inspections as you possibly can is a great way to build up that knowledge for yourself.
- Bid strong
When you find a property you really like, and it’s within your budget, don’t be scared to bid strong. Mr Taylor said you’re not going to find bargains in this market, and if you don’t bid strong, you’re just not going to be successful.
“When it comes to bidding at an auction, if you set what your max price limit is and it looks like it’s going to reach that, try and land on it before your opposition does. The one who lands on that figure will be the successful one,” he said. “Don’t extend beyond your limit though; don’t get caught up in emotion unless you’ve got reserved savings you can dip into.”
SELLING
- Home staging
When selling, Mr Taylor highly recommends property styling to prepare your home for sale.
“My partner Dimi and I use The Look Property Stylists, and if your home is vacant, we thoroughly endorse you style your home,” he said.
- Add value
Minor touch-ups are the best way to add value to your property and get a return on your investment, according to Mr Taylor. Get some new carpet, fresh paint and make sure the home is styled.
- Pick the right agent
Speaking to two to three agents to find one you feel you will work well with, personality wise, and feel comfortable around, is one of Mr Taylor’s best pieces of advice. He said the cheapest option isn’t always the best option.
- Marketing campaign
Mr Taylor believes in a strong marketing campaign to help sell your home.
“Don’t skimp on the marketing! I recommend a vendor invest half a per cent to one per cent of the value of the property into a marketing campaign,” he said.
- Timing
According to Mr Taylor, the best time of year to sell is when it suits you! Sellers always think seasonally, and buyers are out all the time. Although do try to avoid selling over Christmas-New Year because everyone’s on holiday and there’s usually a four-to-five-week window when buyers have switched off.
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