The price of property is never far from the headlines. The media loves to talk the market up, down and even sideways, depending on the economic circumstances of the time.
But do these articles really have a relevance to the value of your property?
They can definitely influence the mood of the market, but you should never see the New Zealand real estate as a single entity or a clutch of metropolitan and regional markets.
In New Zealand, we have hundreds of micro-property markets, each one attracting a separate set of buyers with different priorities for what they want in a home.
You should feel pretty good about owning property right now. But talk to your local agent to understand how pricing trends affect the value of your property right now. We’d be happy to help you in this regard.
Every area can experience swings in the economy differently.
In one area, buyers might want big bedrooms, or proximity to restaurants and cafes, while others might exchange location for more space and a luxurious lifestyle experience that includes a swimming pool and outdoor entertaining area.
These differences in buying priorities don’t just affect prices but also how an owner should prepare their property for sale.
As an experienced local agent, I work with prospective buyers every day and know the features that are in high demand in our area.
If you’re thinking of selling or renovating, I can guide you on the types of improvement that will maximise the value of your property and deliver a quick sale.
Below is a list of improvements you might consider that will create a memorable first impression with buyers.
- Wow-factor – You don’t get a second chance to make a first impression. So, the front of your home must be immaculate. In real estate, we call this curb appeal. If buyers don’t like the outside, you’ve got an uphill battle inside.
- Fresh look – Consider a new veneer of stone, steel or exterior vinyl to give your home a near-new look. The cost will get to $20,000+ for a single storey home, but it pays back handsomely.
- Go for colour – A bright front door catches the eye. Primary colours are in fashion right now. And while the impression it makes is enormous, the cost is small. A brass house number can finish the job nicely.
- Security detail – A steel screen door is a popular addition. It offers security and peace of mind, and buyers love that.
- Install tech – Keypad locks, security cameras and security lighting give the impression of an expensive home even though the technology is cheap and easy to install.
- Garden gambit – Enhance your front garden with plants that improve privacy. Buyers put a significant premium on this. Small flowering plants, or a box hedge, to line the path to the front door is a nice touch. Put mulch on the flowerbeds to stop weeds and make sure the lawn is always mown.
- Seal the cracks – Cracks in the driveway and path leading up to the front door area should be fixed to avoid any excuse a buyer might have for claiming in a negotiation that property is neglected. Fences should also be in good repair.
- New garage doors – If these are a little weather-worn or old fashioned, you should replace them. Remote-controlled models might cost you mid-$3000s. Prospective buyers will often pick out elements of a home that need replacing and use the cost as a reason to drive down your price in a negotiation.