Changing market, but questions remain the same
You know that old saying that suggests “The more things change, the more they remain the same”? I was reminded of this expression again this week, as the real estate market is one of those fields where this saying is particularly relevant.
You see, whilst the property market in the north of Melbourne is constantly changing in response to different seasons, different interest rate settings or different confidence levels in the economy, (just to name a few), many of the questions we get asked by property owners when they are thinking of selling are much the same as we were being asked a year ago…a decade ago…and even further back!
One of these timeless questions relates to whether you should renovate your home before selling, or to leave it as is. We get asked this one all the time, but the simple answer is not so simple…it really depends both on the property and the individual priorities of the seller.
In some circumstances, a cost-effective update can make all the difference to the appeal that a property has for prospective buyers, impacting both the number of buyers who come to inspect the home and the price it will achieve, particularly when it generates competition between buyers.
In other circumstances, however, any efforts to renovate the property might be a waste of time and money. For example, what if the key asset of the property is the land rather than the building? If the most likely buyers are going to be focused on building a new home on the site, or even multiple dwellings, then improvements to the home are pointless. Similarly, if your planned renovations are totally different to what most buyers are picturing for their own renovations, you’ve wasted your time and money again.
Our recent sale of a three bedroom home in Quandong Street in Thomastown (pictured) was a prime example of this, as we knew that the main appeal lay in the variety of renovation options for buyers as well as the possibilities offered by the well located block of land of around 650 square metres. This property was successfully sold prior to this week’s scheduled auction.
The solution for anyone planning a sale is clear, as I mentioned in a post in these pages AS RECENTLY AS EARLY AUGUST. If you’re considering making a move in 2024, get experienced and objective advice about your specific property BEFORE you head off to Bunnings. That advice is as easy to access as calling our team Barry Plant Thomastown this week on 9466 3233.
We’re always happy to be of assistance.
Best wishes,
Con Constantinou
Barry Plant Thomastown