Best ways to increase price

I am about to sell my unit and have a pretty good understanding of the values of other units in my building.

The property is situated 1 street over from a very desirable suburb. Which is one of the reasons I brought the property in the first place.

My broker has advised that the banks desktop valuation of the unit that sold 2 months ago is 70k above the REA valuation and current sales price.

I was wondering if anyone has any idea on how to best increase the price. I have done basic stuff and will stage the property. I am not prepared to do the kitchen and bathroom because I have decided to use the money to upgrade instead of renovating.

What else can I do to push up the price?

 

Buy some of those slow release oil/perfume air freshener bottles and stick one in the back of each wardrobe/linen closet/laundry shelf.

Everytime someone opens up for a peek they get a waft of a nice light smell (not unlike having the oven on keep warm with almost baked cookies so the place smells "so good" )

 

BUYERS increase the price of a property when they perceive enhanced value v other property. Many things will enhance appeal which entices encouraged offers but token gestures wont enhance the value. Just the buyer appeal. Some buyers will also target poor condition to bid down a value hoping to snag a bargain. eg you cant fix a bad layout or design or a bad street. You cant polish a turd. But if you eliminate buyer objection you will assist offers. But you cant always appeal to all buyers. eg does a pool add value ? Some buyers yes. For other buyers its a absolute "No".

Listen to the agent. They can advise on whether a kitchen / bathroom renovation will add more than its cost. It often can. Not always however. We just spent $30K+ on landscape and other issues and the agent who saw it prior suggested its probably added $100K+ in appeal as how it looked before wasnt what local buyers seek. He thinks before a few bids would have come but now many would love it.

Some properies are worth maintenance speninding and for some buyers they may really just be chasing a demo or a expected renovation and what you do is wasted.

 

Exactly right. It depends on your target audience. If your targeting a FHB then yeah most want a straight move in ready with everything looking spick and sparkling.

If was looking at your place and you chucked $3k worth of paint, did some nice cleaning to the grout and showers or done little things like putting in nice smells - to be honest I wouldn't pay you a single cent extra. I would be buying to value add myself with zero emotional attachment to any property I buy. Its all a numbers game to me. So in this instance you'd be chucking out $10K out the window.

Something to think about.

 

Thanks everyone for your suggestions.

The unit will be super clean and I have fixed stand out issues

My big problem will be the carpets. They need replacing. When I spoke to the flooring sales guy he said let the new owner pick the flooring As body corp will approve a new floor in 2-3 days and are very pro renovation.

The target market is either investors or my inner-city social pad and it may be FHB . The view is pretty amazing and makes the unit feel bigger. eg the I think someone with more money than me could add an amazing breakfast bar that friends could sit at while watching the sunset. An investor could update a whole collection of stuff and then claim the tax deductions as the units are often positively geared.

The onsite manager sells most of the units and I don't think he has a great understanding the value.

Was advised I could do part staging. eg putting pictures up.

Would you prefer to buy a unit with undamaged walls or walls with pictures on them?

 

As an investor, freshly painted also helps

 

thanks, a repaint is already happening tomorrow.

I myself would prefer undamaged walls. When I spoke to the agent they suggested painting for staging.

 

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The plan was to art rail so it didn't damage the walls. Its really cheapness to install.

Art Hanging Systems