Is the property market giving you cold feet?
There’s a lot of tension and uncertainty when you’re buying or selling property, especially now it’s cooling off a bit and given we could be facing a period of unrest in various parts of the world. I’m not an economist, but I’ve seen first-hand what makes a house sell and what gives buyers cold feet. Here are some ideas gathered from the coal-face that could make the whole transaction process easier for everyone.
Get a consent for all unconsented or illegal structures
Before you list your property and if you’ve made any structural alterations, make sure they have the necessary consent. Alterations which were done with an approved Building Consent in the last few years and which have been done to plan should still be able to get their Code Compliance Certificate. Some alterations which have been done without an approved Building Consent may be able to get a Certificate of Acceptance if Council is satisfied that they meet the requirements of the Building Code.
Do your repairs and maintenance
We’re seeing higher levels of stock on the market so buyers have more choice than they’ve enjoyed in the last few months and access to bank finance is getting tougher so those extra bits of post-purchase budget to fix up a dodgy paint job or guttering might not be there. Vendors will need to take responsibility for repairs and staying on top of the maintenance so that their property stands out in a crowded and is easy to buy. It will also smooth the way for bank lending.
Get those reports
Up until now, it’s been the usual practice up to now for a buyer to do their investigations on the property they’re interested in. In a tougher market, vendors will need to come to the party on this and provide a greater level of diligence to kick start the process for buyers. Expect to front up to the cost of a LIM and possibly also the property bag files from Council as part of the cost of sale.
Go the extra mile with marketing
TradeMe, Realestate.co.nz and Hougarden.com offer enhanced features which significantly increase the level of traffic to your listing. In a cooler market, it’ll make sense to buy the extra eyeballs and get traffic to your listing.
Banks and buyers need to know the truth, warts and all. It’s best to be honest and if in doubt, disclose.
Get a good agent
Good agents do well in slow markets because they know how hard they have to work to keep hold of buyers and build excitement around a listing. Download our free eBook ‘The Step-By-Step Guide to Choosing a Real Estate Agent’ or give us a buzz and you’ll be off to a good start.
Thinking of selling?
The Property Market is a licensed real estate agency built to deliver an unbeatable experience. Book a free appraisal or give us a call on 965 3656.