Puzzle Finance Blog

Time to get serious about flaws in your property

ARE you serious about selling your home?

It is often the case that there are some issues with your property you're aware of, but, because they have never caused you any concerns, you have put them to the back to of your mind.

If you want to blissfully ignore any potential problems and insist on demanding your agent achieve a maximum price just as you would for a property that is flawless - then I would argue you are not serious about selling your home at all.

Only serious sellers really sell homes. In my experience, it is only the serious sellers that will do what it takes not just to get any old buyer who will take it off your hands for nothing, but who will do the work to ensure they attract more than one genuine offer. This is one of the great secrets of the sales process - it's not about getting the property sold, it is about doing the work to attract more than one buyer, so that a bidding war ensues and you achieve maximum price.

It is one of the great truths of real estate that any issues or negatives are always best disclosed in advance (in fact you are legally obliged to). But just disclosing them is not enough to completely minimise the negative. To ensure you don't lose ­valuable buying interest, it pays to not just know every last detail of the problem to hand, but to come up with solutions for potential buyers. Here are some tips:

Structural issues: Get the experts in. Ask for solutions on how to remedy them, have all the paperwork together and obtain several quotes for remedy.

Easements: Make sure the facts are clear - where the easements are and what they mean for future residents. Facts upfront will minimise negative ­impact.

Nearby rezoning or development plans : Ensure you get accurate information from the council and make it available to potential buyers.

Flooding or bush fire areas : This is also about clarity of information. When did the last incident occur, where are the possible escape routes, and how easy is it to access them? Have you made any provisions for this in your home design? If so make sure this is clearly promoted. If not get quotes to show it can be done.

Body corporate or strata management issues : If you have unusually higher costs are associated with your house or unit complex it can scare buyers away. Establish what the plans are and provide this information to potential buyers.

Whatever the issue, knowledge is power. Knowing the facts and then how to remedy any perceived issues can only be a benefit to you.

■  Andrew Winter is the host of Selling Houses Australia on the Lifestyle ­channel.

Posted by Andrew Winter - News Limited Network on 4th October, 2013 | Comments | Trackbacks

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