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Property Market Report April 2009:

“Selling & Buying in The Same Market - Makes Dollars & Sense!”

The Australian property market is enjoying strong levels of activity and turnover. Buyers, particularly the first home buyer sector, are keenly snapping up affordable properties while the First Home Buyer Boost remains in place, and investors are returning to the market. Both groups are capitalising on the lowest interest rates seen for over 45 years.

National house prices softened moderately by 2.9% in 2008 but the first quarter of 2009 has seen a growth of 1.6% in residential property values, according to RP Data. However, many vendors aren’t aware that selling and buying in the same market can procure the same net result.

“Any losses incurred when selling in a slightly lower market,” says Tony Triglone, Sales Manager of Elders Crows Nest, “are compensated for when purchasing in the same market. The changeover figure can be the same as if conducting the same transaction in a more buoyant market. Over and above that, buying now also means enjoying capital gains as the market strengthens”.


For information on buying or selling contact Tony Triglone at Elders Real Estate Crows Nest on: Ph: 9901 3333.

Brown & Brown e-Newsletter
by Garth Brown

“Tips for improving the value of your House”

Renovations are an effective way to increase the value of your home and maximize the selling price if you move in the future.

To assist you gain the most benefit from a home improvement here are some tips for getting your renovation right:

Ask yourself: How long do I intend to stay here? The longer you stay, the longer you'll have to wait for to get a return on your investment.

Contact Real Agents and designers to find out what buyers and renters are looking for! Compare other properties for sale with yours and what you want to achieve in price and finished product. Read Home Improvement magazines, visit showrooms and familiarize yourself with the latest in design and technology.

BUDGET

Set a budget and carefully do the sums, renovations can blow out and you have to be very disciplined to ensure you stick to the agreed amount YOU can afford to spend. Know the products and brands you want to use; compare prices; prepare a spreadsheet and work from it to keep you on target.

COUNCIL APPROVAL

Some renovations may require Council approval, check with your Builder before starting any structural changes, or adding an extension or demolishing anything.

LICENCES AND INSURED TRADESPEOPLE

It’s wise to only use Tradespeople who have a registered, up to date licence and who are insured. This is a protection for you if there is a dispute with workmanship, quality of materials used and/or if anything goes wrong.

Always seek fixed competitive quotes from 3 different professional trades people; a fixed quote will assist with your budget; ask for references from other jobs; visit previous work sites and check with the Client to make sure they were happy with the result and quality of the work.

WHERE TO START

First impressions are lasting. Concentrate on cosmetic changes that improve the look and feel of the house, both exterior and interior, these are the most cost effective way to add value inexpensively and spark winning impressions.

A simple face lift may mean just a new coat of Paint exterior and interior, but a word of caution - use neutral colours [bold, bright fashion colours may appeal to you but not to a prospective purchaser).

Other renovation ideas that add a substantial value to properties and may result in a good capital gain include:

1. Bigger more functional bathrooms and adding an extra toilet in the laundry.
2. Modern kitchen. [But be careful not to overcapitalize; bathrooms and kitchens can consume much of your budget; make sure you do the homework first.]
3. Adding an extra room with an extension e.g. timber deck or outdoor living areas (these may have to be Council approved, see above).

DIY HINTS

Not all renovations will bleed your wallet dry; here are some handy DIY hints:
• DIY kitchens are inexpensive and easy to install; you can also buy a very good second hand kitchen and install it yourself.
• Leave kitchen or bathroom layout as it is - changing can mean expensive plumbing and electrical work.
• Changing kitchen and bathroom sink taps; bench tops, doors and/or door handles without major carpentry work being needed.
• Re-grout bathroom tiles.
• Paint the tiles in bathroom.
• Polish floorboards or lay new carpet.
• Update light fittings and install energy efficient light bulbs.
• Update blinds and/or curtains.
• Changing bedroom doors and/or door handles; add built-in wardrobe (if there’s space).
• New laundry tub and taps.
• Install new front door and add a bell; new backdoor. New doors can make a big difference to the appearance of a home.
• Attend to gardens; replant if necessary; add garden seat; make the outdoors look clean and inviting.

GO GREEN:

Another interesting option (if you have the budget) is to consider Solar, there are very attractive rebates to install Solar Hot Water and you may find it will cost you less than you thought but may add a good capital gain as an energy efficient home.

BUILDING INSPECTION REPORTS:

After you have completed your home renovation project and you want to verify that works completed are according to Australian Standards, our recommendation is that you consider organizing a building inspection report (refer our April 2009 eNEWSLETTER available on our website).

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Thank you again for your valued custom.

License No: 1055854

Our next eNewsletter will feature:

“First Home Benefits” – July 2009

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