Should you make repairs or renovations before selling on the Gold Coast?
The short answer is yes, you should make repairs or renovations before selling on the Gold Coast, as first impressions really do matter. Improving the exterior of your property can attract potential buyers and increase its overall appeal.
The decision to undertake repairs or renovations before listing your property for sale can have a significant impact on the sales process and the final sale price. Here are some of the factors to consider:
Assessing the Condition of Your Property
Before listing your property for sale, it’s crucial to conduct a thorough assessment of its current condition. Identify any major issues such as structural problems, roof leaks, plumbing issues, or electrical faults. Properties that fail to meet building and safety codes may deter potential buyers and result in lower offers.
Common Challenge: Failing to address significant repairs can lead to buyers backing out or demanding price reductions during negotiations.
Solution: Engage a qualified building inspector to assess your property. Addressing major repairs before listing will ensure your property is compliant with safety standards, making it more appealing to buyers and reducing the likelihood of complications during the sale process.
Enhancing Curb Appeal
First impressions are vital when selling property, and curb appeal plays a significant role in attracting potential buyers. The exterior of your property is the first thing buyers see, so it’s important to make it as inviting as possible.
Common Challenge: Neglecting the exterior can result in fewer interested buyers and lower offers.
Solution: Invest in landscaping, repainting, and repairing any visible wear and tear on the exterior. Simple improvements such as planting flowers, trimming hedges, and ensuring the entryway is clean and welcoming can make a significant difference in attracting buyers.
Making Cosmetic Improvements
While major repairs are essential, small cosmetic improvements can also have a substantial impact on your property’s perceived value. Buyers are often drawn to homes that look well-maintained and modern.
Common Challenge: Outdated or worn-out features can detract from the property’s appeal.
Solution: Consider repainting the walls in neutral colours, refinishing the floors, updating the fixtures, and replacing outdated hardware. These improvements are relatively low-cost but can significantly enhance the overall aesthetic and appeal of your home, making it more attractive to potential buyers.
Upgrading the Kitchen and Bathroom
The kitchen and bathroom are two of the most critical areas in any home. Buyers often place significant importance on these spaces, and outdated or poorly maintained kitchens and bathrooms can be a deal-breaker.
Common Challenge: Buyers may be hesitant to purchase a property with outdated kitchen and bathroom spaces.
Solution: Consider upgrading these areas to reflect current trends and preferences. Simple updates, such as new countertops, modern appliances, or refreshed cabinetry, can make these spaces more appealing. However, ensure that the cost of renovations aligns with the expected return on investment (ROI).
Understanding Market Trends
Research local market trends and preferences. Renovations that are in demand in the Gold Coast area can help your property stand out to potential buyers.
Common Challenge: Investing in the wrong renovations can result in poor return on investment (ROI) or an unsold property.
Solution: Research the local market or consult with a real estate agent to understand what buyers are currently looking for. Whether it’s open-plan living, energy-efficient features, or modern designs, aligning your property with market demand will help it stand out and attract serious buyers.
Evaluating Return on Investment (ROI)
Consider the potential return on investment (ROI) for any repairs or renovations. Will the cost of improvements significantly increase the sale price, or could you risk over-improving for the neighbourhood?
Not all renovations will yield a high return on investment. It’s important to carefully consider which improvements will add the most value to your property without overcapitalising.
Common Challenge: Over-improving for the neighbourhood can lead to limited returns or even losses.
Solution: Focus on improvements that offer the highest return on investment (ROI), such as kitchen and bathroom upgrades or enhancing curb appeal. Avoid extravagant renovations that may not align with the expectations of buyers in your area. A real estate agent can provide insights into which improvements are likely to offer the best returns.
Preparing for Home Inspections
Buyers typically request a home inspection before finalising a purchase. Addressing potential issues beforehand can prevent last-minute negotiations or the sale falling through.
Common Challenge: Unresolved issues discovered during a buyer’s inspection can lead to price reductions or delays in closing.
Solution: Consider arranging a pre-sale home inspection. By addressing any identified issues, you can present a clean report to potential buyers, thereby building trust and reducing the likelihood of negotiations over repairs. This proactive approach can also speed up the sales process.
Navigating Disclosure Requirements
In Queensland, sellers are legally required to disclose certain information about the property to prospective buyers. Transparency is crucial for avoiding legal complications and ensuring a seamless transaction.
Common Challenge: Failing to disclose known issues can lead to legal disputes and damage your reputation as a seller.
Solution: Be upfront about any repairs, renovations, or known issues with the property. Provide buyers with all the necessary documentation, including warranties and permits for any work done. Full disclosure not only builds trust but also protects you from potential legal challenges down the line.
Use a Good Real Estate Agent
Use a good local real estate agent who is familiar with the Gold Coast market. They can provide valuable insight into what repairs or renovations are likely to yield the best results.
Staging Your Property
Consider staging your property to showcase its potential to buyers. Proper staging can make a property feel more inviting and help buyers visualise themselves living there.
Common Challenge: Buyers may struggle to envision themselves living in a space that is either empty or cluttered.
Solution: Consider hiring a professional staging service or working with the advice that your real estate agent provides about staging your home effectively. Remove personal items, declutter, and arrange furniture to highlight your property’s strengths. Staging helps buyers visualise the property as their future home, increasing the likelihood of a sale.
Streamline the Selling Process
Preparing your property for sale is a strategic process that requires careful consideration and planning. By addressing necessary repairs, enhancing curb appeal, making smart cosmetic improvements, and understanding market trends, you can significantly increase your property’s appeal and sale price.
Consulting with a real estate agent and preparing for home inspections and disclosures will further streamline the selling process. With the right approach, you can successfully navigate the challenges of selling your property and achieve the best possible outcome.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Burleigh
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
