Preparing a home for sale can mean a lot of different things depending on what state or province you live in, but for the most part, there are 10 basic things that will add maximum value to the final price when you sell it on the open market.
1. Accentuate Curb Appeal
Suzana Wade from Locate Property claims that the most important thing to preparing the home for sale starts with the roadside appeal. The final price of your home can be heavily influenced by how appealing and attractive it appears from the road.
Good curb appeal is key to selling a house as quickly as possible for its highest asking price. “It’s important to make sure that grass is cut regularly, fertilize the lawn, the greener the better, manicure the shrubs and trees, and keep your house looking neat. This is our biggest single tip that amazes Suzana Wade just how often it is overlooked.
2. Remove Clutter
All the clutter has to go. It is amazing how much “stuff” accumulates in a typical home over time and if you were coming to look at it for the first time then you might wonder how anyone actually lives there. Hire a storage unit for a few months and relocate all of the unnecessary items so that we can present the home if the best possible light.
3. Professional Home Staging
House staging involves making your home look ‘lived in’ and inviting, with great care taken to ensure that it appears as if someone really does live there.
The effect of this kind of housing staging can be quite striking on buyers, lots of potential buyers will visit your house just to see how nice it is. Home Staging really “sells” the home.
4. General Home Maintenance
Keep your property in good shape for resale by maintaining it regularly and keeping it looking nice will minimize major problems later on. You don’t have to do extensive renovations or anything expensive to increase the value of your home, but you will have to maintain it regularly.
5. Get a building and pest inspection
Before you list your home for sale, ensure you get a building and pest inspection done upfront. This way you can address any problems or issues that may arise before bringing the buyers through.
6. Remove the Building and Pest Inspection clause from the contract
Now that you have the report, ensure that the agent distributes it to all prospective buyers so that they can make their offers with all the relevant information but it is a common tactic for buyers to use the use report to negotiate the final price once they have control of the property. Give them the report, remove the clause. Simply put, the final price will always be higher. You’re welcome.
7. High-Quality Images and Video
Yes, you want to put your best foot forward and actually show prospective buyers what it is they are buying. These days almost everyone that is selling their property has pictures and video online so be sure that yours is of high quality.
8. Virtual Tour
Home buyers want to be able to ‘touch and feel’ the home that they are potentially purchasing. Virtual home tours today allow them to do just that. You can now tour your home online, and if you have a smartphone you can even walk through the property as well with just the tap of a button! Services like Little Hinges https://www.littlehinges.com.au, Australia’s largest Virtual Tour Agency has seen a 300% increase in inquiries since 2020 thanks to COVID.
9. Simple Renovation
Homebuyers are happy to pay more for improved features, extra bedrooms, or larger living areas. By adding a bathroom or renovating something like the kitchen you can achieve an average of 10 – 15% more for your property than if it didn’t have these improvements.
10. Appointing the right agent
Home sellers should appoint an agent that is local and has experience in the area. It’s best to keep this simple by just sticking with agents that have a track history of results that include achieving high prices for their clients. With the market and approach to selling changing over the previous years, marketing is a lot easier with focusing on a campaign online. Do your research, look a the agents with the best results and highest sales volume in the area where the property is located.
The most important thing is knowing your tenant’s rights and responsibilities. If a tenant breaks a lease, they may be liable for rent until their new tenancy begins or until the end of the term, whichever occurs first. Keep in mind that if a renter breaks their rental agreement with you before it expires.
Breaking a lease is not something that most tenants want to do, but sometimes it happens. If you are considering breaking your lease for any reason here’s what you need to know:
– Lease termination fees will vary based on the terms of the original agreement and other factors such as how much notice is required before moving out. Giving your property manager as much notice as possible will help minimize the costs. Communication is your best friend. The more you communicate the less likely there will be down the road.
– Lease termination fees are typically non-refundable and payable in full to cover any losses incurred by your early departure. You will not be able to transfer this fee or apply it towards future rent payments, for example.
– It is important to remember that breaking a lease can have serious consequences on your TICA file. Lease violations are considered to be serious and may result in the termination of your tenancy affect your ability to be approved
– Lease break fees can range from $150-$1500 depending on whether you’re breaking an apartment lease or house rental agreement. If you don’t know how much it will cost where you live, ask us for your current property manager.
The RTA offers a Lease Breaking Calculator to help you estimate the cost.
You can find that here https://www.rta.qld.gov.au/
If you’re looking for a rental property in Brisbane, then it’s important to know which suburbs are performing well. This list of the Top Ten Performing Suburbs is based on data from 2021 and will help you decide where to invest your money.
Being aware of how different areas are performing can be an asset when making decisions about real estate.
The suburb of Morningside has seen the strongest growth in terms of median rental price as well as a strong increase in population. It’s also one of the most sought-after suburbs to live in, which means it’s very popular with renters and owners alike.
This Suburb is another leading performer in Brisbane’s property rental market. It had a strong growth year-on-year, and the median price for rentals has gone up 40%. If you’re looking to rent or buy here, then now may be your chance as this suburb is going fast!
This suburb had an extremely strong performance this year, with the median rent increasing by over 15%. It also has a very high population growth rate, which is one of the things that attract renters to it.
One of the most sought-after suburbs for rentals, this neighborhood saw a significant rise in median rent which was close to 11% year-over-year.
East Brisbane’s current economic performance is steady and it saw an increased number of renters in this area as well as a substantial increase in rental prices.
With a median rental price of $800 per week, Bulimba is one of Brisbane’s leading suburbs, and for good reason. It saw strong population growth and increased demand for renters which resulted in the median rent increasing by 13% year on year.
Hamilton is another suburb that had a strong year in terms of rental performance with the median rent increasing by over 11%. It also saw a significant increase in population.
Wooloowin is one of Brisbane’s most sought-after suburbs for renters. It had an increase of 11% in median rent and a population growth rate that was close to 18%.
\Northgate is a very popular suburb among renters, with plenty of demand for properties and the median rent increasing by close to 11%. The population also increased substantially year-over-year.
Seven Hills was one of the neighborhoods that saw an increase in median rent prices, and it is also a neighborhood where there has been significant growth.
As a Landlord you may be familiar with Landlord insurance, but do you need Landlord Insurance? The most common answer is yes, however, the reason why varies from person to person and property by property.
What Landlord Insurance Covers:
Insurance policies typically cover property damage, rental loss, and in most cases, it will pay for loss of rent or Landlord liability claims. Landlord Insurance does vary depending on the Landlord Insurance company you go with.
Landlords insurance can be fairly expensive, unlike Homeowner insurances, depending on the level of Landlord Insurance needed. Landlord Insurance can cost between $300-$2000 annually, so Landlords make sure to get insurance quotes for Landlords policies before they decide to purchase Landlord Insurance.
All of Locate Property’s clients have a certain level of cover when they come on board.
The companies that we have had the best experience with are as follows:
Disclaimer: The above article should be seen as a guide only. It is highly recommended you do your own research before deciding on your Landlord Insurance company.
When Australians think about what goes into managing a rental property, we mostly tend to think about keeping the property maintained and merely collecting rent not the actual property manager themselves.
However, in reality, it can be a complex headache that bogs down the uninitiated. This is where a property manager can step in and ultimately save the day.
What’s so complicated about managing a property? And how does hiring a property manager simplify it?
Government Mandated Documentation
Filling out the required paperwork can be a hassle, and time-consuming. Paperwork in the form of lease agreements, checking credit ratings of tenants and conducting background checks all takes time and needs to be done properly.
A property manager will manage the aforementioned tasks for you, so why not take advantage of the training and experience they have to offer.
Understanding and Keeping up With the Law
Are you familiar with the Residential Tenancies Act? Have you studied it comprehensively? It might be worthwhile letting someone who knows what they’re doing, handle it for you!
New legislations are introduced, while existing ones are amended all the time, a property manager’s job is to stay in the loop at all times. Detailed and working knowledge of the law will protect you, your property, and your investment.
A property manager will act as a valuable buffer between you and your tenants. From the very first step of finding the right tenant who will pay on time, and enhance the value of the property by taking care of it, to stickier scenarios revolving around disputes and breach notices.
A property manager will ensure you create goodwill and good relations with your tenants, whilst not having to engage personally with every single resident.
Repairs and Maintenance
It feels easy enough on paper, practically it’s an entirely different story. You need to have experience when it comes to tackling such problems, and frankly, most of us don’t have that.
It is far more likely that a Property Manager not only knows the best crew in the immediate area to efficiently repair and maintain your valuable property but will also get you the best price for it.
Property Managers are an invaluable asset, and completely worth the extra cost.
Number of Properties
If you have multiple rented properties that need looking out for, hiring property managers becomes a requirement. It is impossible for a single person to take care of multiple properties.
A property manager is no longer a luxury, it’s a business decision that ensures efficiency and profitability.
Property Managers Cost
Most Property Managers in Australia will charge a tax-deductible percentage fee on your rent earnings for your property management.
Which is totally worth the trouble, in fact, you end up saving money if you factor in the amounts saved by getting reliable repairs, maintenance and good tenants.
Different managers have different fees, but like most things you get what you pay for.
What a Property Manager Takes Care Of
A property manager will take care of everything for you, starting with advertising the rented space, employing background checks on prospective renters, collecting rent on your behalf, maintaining the property, repairing as required, and handling all the complaints in an efficient manner.
Hiring a Company is Better Than an Individual Property Manager
You want a company working for you that is tried and tested. A company that has a dearth of experience to offer, lower prices and better management of rented properties. Your prize investment deserves an expert looking out for your best interest.
With around 29 million pets in our country, according to the Animal Medicine Australia report, it stands to reason that pets are pretty popular.
According to another AMA report, 31% of pet owners are willing to pay extra for the privilege of having one in their rented property.
Recent Changes in Rental Laws Affecting Pets
Recently laws have been passed that ease the process of keeping pets for tenants.
However, the process as it currently stands is tedious and runs the risk of ruining a tenants’ relationship with their landlord and property manager.
Pets Do Cause Damage
There is no point sidestepping this; pets will inevitably cause damage to the property. However, this factor is diminished when you have strong tenants who have a history of acting responsibly.
Rewarding Landlords Who Allow Pets
It will be a win-win for all the stakeholders if we manage to create incentives for landlords to allow tenants to keep pets.
The extra rent tenants are willing to pay for pets will easily cover the cost incurred by our furry friends damaging the property.
Seize the Opportunity
Attention landlords, there is an opportunity to provide a pet-friendly rental property in Queensland, Australia.
Rental properties that allow pets might experience fewer vacancies since the demand for properties might be less than the supply because of the economic downturn.
Pet Owners Earn a Higher Income
According to the Animal Medicine Australia report, 68% of pet owners earn in the $70,000 – $100,000 bracket. A well-settled tenant will not only pay more rent but will also submit it on time regularly. Pet owners are more likely to stay longer.
They tend to earn well and are looking for an excellent place to settle in. Young people without pets are moving around more often—tenants living long-term increases a landlord’s revenue since it equates to less vacancy.
Some Tenants Hide Pets Anyway
Some tenants will attempt to hide pets. Accepting this and declaring your property a pet-friendly zone will help you expand your potential tenant base.
Screen Bad Pet Owners
There is no denying that pets can be a potential liability to your property. What we offer at Locate Property is professional screening of all prospective tenants, using our years of first-hand experience to make sure your tenants respect your property as their own.
We will sift through the wide array of candidates and single out the lousy pet owners for exclusion. We are cautious with our process and ensure the tenant selected is responsible for a properly trained pet.
We take reference letters from previous landlords and property managers into the equation. Rest assured, we will find the perfect tenant who is responsible for his or her pet.
Pet Clauses in Leases and Rental Agreement
Pet clauses can be added to ensure that any damage caused by pets is reimbursed by the tenant himself to the landlord. This keeps the landlords’ property value intact, and he doesn’t have to face losses in repairing damages to the property.
Landlord / Rental Insurance
The landlord or the tenant can get potential pet damages covered by their insurance. This will further mitigate the risk of allowing tenants to keep pets.
“The new law might force you to allow pets in certain circumstances“
Landlords are wary of the new rule, and I understand the skepticism. It’s best to get ahead of the problem and tackle it head-on.
Anticipating and engaging the market is your best bet as a landlord. A lot of landlords are considering increasing the rent in anticipation of the inevitable damage caused to the property by pets.
It is best to include pet clauses to cover damage in the lease and hire a good property manager to screen irresponsible pet owners.