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Preparing to sell in Sydney now

Discussion in 'The Buying & Selling Process' started by Adam_W, 3rd Jul, 2015.

  1. Adam_W

    Adam_W Member

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    I am about to list a property for sale in Western Sydney. The market remains hot, with a lot of interest in the suburb. Speaking with various agents I'm getting (not surprisingly) conflicting advice on preparing the property for sale.

    One has said "make it tidy and list it" through to another "replace carpet, freshen the paint, decorate it with rental furniture".

    So I'm wondering what advice you would provide? My sense is it's somewhere in between, but what do the buyers expect in the current market?
     
  2. Biz

    Biz Well-Known Member

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    A house that looks good and tidy with fresh paint and carpet usually sells for more than what it costs to do imo. The agents telling you otherwise don't have your best interests are heart as the extra commission on the sale price you would get with imporvements isn'ts much to them. They just want the listing NOW!
     
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  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    ^ ^ what he said. Properties that have been "styled" also achieve significantly more in sales price, especially if you are appealing to a FHB market (not so much the seasoned investor market who can see through all that).
     
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  4. Biz

    Biz Well-Known Member

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    Another thing to consider is also that some people are really strapped for cash and would rather buy something already done because they can just borrow the full amount for the house complete. They don't have the spare 10k to spend on the improvements.
     
  5. timetoact

    timetoact Well-Known Member

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    Definitely agree, a well presented property always sells better.
    Although I've also noticed that absolute dumps are selling better than they should too, gets more people interested as the think they are going to get a bargain, mostly builders with $$ in their eyes.
     
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  6. skater

    skater Capitalist Premium Member

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    I would normally agree with the above, however I haven't seen much different in prices between reno'd properties & those in original condition (in where I'm looking at this point in time). I would go out & look at what is for sale in the area, and what prices they are achieving, because 'Western Sydney' is a big area & buyers in 2770 have different expectations to buyers in, say, St Clair, which isn't really THAT far away.

    Also, when getting a property ready for sale, you don't want to overcapitalise.

    We've got one hitting the market next weekend. We painted & put in a (almost) new bathroom & removed the jungle from the front. There was a heap more we could have done, but we don't believe that the effort was worthy of the time & expenditure.

    The bathroom was cheap! We were going to paint the tiles, but half of them were broken. When Hubby started taking them off, the panelling came off with them, so we had to re-panel & tile the whole room, but with tiles on sale for $14.90sqm, and a new vanity courtesy of an auction on Ebay, the costs were kept quite low, and it looks great.

    So....in saying that, maybe the agents ARE giving the right advice at this time in the market.
     
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  7. Biz

    Biz Well-Known Member

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    Skater, this property is in Newcastle not Sydney, it's not quite as hot up there. In Sydney I would be inclined to agree with you at the moment
     
  8. skater

    skater Capitalist Premium Member

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    :confused: But he said............:confused:
    So I made comments based on Western Sydney.
     
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  9. Biz

    Biz Well-Known Member

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    It's Friday arvo Skater...Be gentle on me...
     
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  10. skater

    skater Capitalist Premium Member

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    Just this once, OK? :D
     
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  11. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    My two cents is just to ensure you invest in having the place professionally styled. Big return on investment.
     
  12. skater

    skater Capitalist Premium Member

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    I think this might be dependent on the market. It might work a treat in Marrackville, but not so much in Willmot.
     
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  13. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    You may well have a point @skater :)
     
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  14. JustInTime

    JustInTime Member

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    Take time to research similar properties for sale in the area. Have a look at how other properties are presenting themselves, as every area is different, and a little research will save on unnecessary expenses.

    I recently visited 2 townhouses on the same strata title for sale in Auburn, One had work done, whilst the other had been left as is.

    At auction the one with work sold for $430k, whilst the other sold for $395k.

    I dont expect that the one with paint, carpet, and kitchen, had spent more than $15k.

    Just my observations :)
     
  15. ZachAnsel

    ZachAnsel Well-Known Member

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    Is Parramatta consider as Western Sydney? :D

    Anyway Dec last year I helped one of relative to sell their IP. We use property styler, cost $5k ish. Sold price was $40k more than comparison price.

    The property condition just normal, they didn't reno cosmetic before.

    Actually I may reno it cheaply/cosmetic. And buy cheap lighting, etc from target and style it my self. Can get idea from interior design website:cool:
     
  16. krisdavant

    krisdavant New Member

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    my advice (novice seller - 1 place)....

    1. Who is your target market? Think investor vs owner occupied - think what they would pay more for.
    2. Look at other properties that sold for higher than the median price that fit your criteria (ie 2 bedrooms, land size) and see what they did.
    3. Always look at your ROI - if you can do it for 3k and could get 20k its a no brainer.

    Happy selling
     
  17. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Agree with most of the above. Like skater, I know the western sydney market well and the target market and price point will determine what you do here.

    If its a house in skater and my stomping ground then definitely reno as they go for a premium to owner occupiers.... if its in slumtown then depends and may not benefit apart from tidying it up
     
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  18. balwoges

    balwoges Well-Known Member

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    Last 3 properties I looked at Lake Macquarie area needed painting, new carpets, 1 needed oven, grill, hotplates and sink replaced, yesterday saw one where the garden hadn't been touched for a loooong time. Was going to paint/put in new carpets in my home but have decided it looks great compared to what I have seen. :D
     
  19. Be Developer

    Be Developer Property Developer Business Member

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    Just helped our client to get their property on market in Western Sydney.

    Freshen up included


    Paint exterior
    Paint interior
    New kitchen doors
    Landscaping
    Wash and paint pathway
    General cleanup


    Probably cost around $5-$8kk

    But we believe spending above amount will definatly pay its dividend at upcoming auction.

    Freshen up of that particular property will now attract FHB instead of just IP investors!
     
  20. MindMaster

    MindMaster Well-Known Member

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    What area/suburb was your client's property in?