The surest way for homeowners to be able to maximise their resale value by purchasing the right property to start with.
Buyers can be particular and if a home only attracts a small number of people, it may stay on the market or get a lower price than similar homes.
Without a major improvement to the property, a home bought cheap now may still be cheap if you sell it in the future.
Meanwhile, a property with lasting appeal will draw attention from a diverse range of buyers, strengthening competition and improving returns when it is time to sell.
First-time buyers tired of searching can be susceptible to committing blunders because they are not trained to look for the features that they should be looking for in a property.
To save money, inexperienced home buyers in particular take a gamble by failing to do their due diligence. There are many first-home buyers that are not getting building and pest reports, especially if they’ve lost out a few times. This is similar to going to the casinos and putting all your money in one table – not a good idea.
Due diligence is essential particularly when you’re buying an apartment. Some of the toughest homes to sell can be apartments in strata with pending lawsuit against the developer or builder, or trying to generate funds to repair defects.
Aside from issues, buyers can also be turned off by the design of a bespoke home. It may have been built to meet the requirements of the original owners, but their taste may not necessarily be ideal for the lifestyle of an ordinary family.
Properties can fetch higher prices when there are plenty of buyers who are competing for it.
The local community is the most important factor that can attract buyers to a property. Buyers don’t necessarily prefer the most prestigious areas, just in a wonderful street or a lovely peaceful environment that is close to amenities such as transport, cafes, shops and schools.
Bigger homes are often eyed by upsizing families, who may have enough funds that they received from the sale of their property. The most sought-after properties are single-level, four-bedroom homes.
In terms of the appearance and vibe of the home, those with wide-ranging allure will attract the most number of buyers. Classic, elegant styling, plenty of neutral shades, many whites and greys, natural stone, middle to high-end finishes, and nothing too weird comprise broad appeal.
What is very popular in the market are light-filled homes with open plan layouts and modern features. These include having north-facing backyards, two living areas and two bathrooms.
Competition is high for period homes in particular. This is because these properties are beautiful and they are likely to have attractive features such as high ceilings, cornices, rosettes and fireplaces. The 1980s and 1990s brown and red-brick homes aren’t really as popular as period homes of a prior age. So if your home falls into this era then you may need to consider making it more modern or adding some classic features.
Cosmetic renovations can help improve the future appeal of the properties. Property experts suggest purchasing property with potential. Old-fashioned bathrooms, carpets, fixtures and fittings always give buyers occasions to add value now and in the future.
Also popular are homes with development potential, including properties on corner blocks or having space to extend for a growing family.
But though upgrading a home can boost its value, avoiding homes that require major repairs is a smart thing to do. Those big structural issues can cost a lot of money and the returns are usually elusive. Likewise if you are selling a home knowing it has major defects, you’d be wise to rectify this before going to the market.