Tag: Belle Property

Categories
Design Expert Tips RENO ADDICT

3 reno tips for selling your property this spring

Storage and more storage. Photo credit 306/417 Bourke Street, Surry Hills represented by Belle Property

As the weather gets warmer it’s time to highlight the best renovations that will see you attract interest and win over buyers. Keep in mind that as we head into summer, people think about spending more time outdoors and that some of the things you can get away with in winter, become essential to fix when the market heats up.

Light it up

You can make a dim room look cosy in winter but as the days get longer, getting in enough light becomes crucial to nailing a sale. If a room can be improved by introducing more light—whether that’s enlarging a window, removing a wall, or adding a skylight—do it.

Also consider where shadows fall at different times of day. You may already have an instinct about what time might best represent your property: do you have bright mornings or stunning sunsets? Schedule an inspection at the optimum time.

Light and bright. Photo Credit: 1/102 Albion Street, Surry Hills represented by Belle Property

Some rooms need light more than others, so if you’re on a budget focus on bringing light into spaces where people gather during the day, like the kitchen, dining and lounge rooms. Bedrooms look nice with natural light but because they are used mostly at night it’s not nearly as important.

Show some space

You might get away with relabelling a poky property as ‘intimate’ in colder, less competitive seasons, but in spring you need to lift your game and open up the space. Older style properties are often made up of many rooms, which makes the property come across as poky. Combining a couple of these spaces to make it open plan will definitely improve what buyers see. Space is something buyers look for subconsciously, so if you can increase the feeling of roominess, that will help your place sell.

Storage and more storage. Photo credit: 306/417 Bourke Street, Surry Hills represented by Belle Property

Also consider if there is enough storage. If your renovation can add storage without cutting into the floor space —think high and low— then that will make the property more attractive. And if you haven’t done your spring cleaning, do it before you show your property, as clutter is a big turn off. Better yet, move out and let a property stylist bring in furniture that fits proportionately and shows the space at its best.

Private property

A sense of privacy is another element that’s largely subconscious but makes a huge difference to how comfortable buyers feel in a place. It helps if you can’t see the neighbours and vice versa, but if you can, make sure your reno addresses this. Consider screens or awnings that don’t block the light, or fittings like frosted windows or glass bricks that let in light but reduce visibility.

This also goes for backyards, especially if you have a terrace that opens up to a back area such as an entertaining deck or a garden. Use hedges and other natural elements like bamboo screens, wood fences or living walls to disrupt the line of vision but maintain that outdoorsy feel.

Urban oasis. Photo credit: 164B Bourke Street, Darlinghurst represented by Belle Property

Sellers often think buyers are primarily influenced by size and location, but these factors only serve basic needs. What will make a difference is how the property feels and that intangible feeling is based on light, space and privacy. Ensure your renovation improves those three things and you’re set for a competitive selling season.

Mark Foy is one of our resident experts and a director of Belle Property Surry Hills in Sydney.

Categories
Bathrooms Expert Tips RENO ADDICT

A guide to what BUYERS want from a bathroom renovation

Image: Kyal and Kara

A bathroom can make or break a property sale. Make sure your bathroom renovation leaves the best impression on buyers with this guide.

Image: Kyal and Kara

A bathroom is never the biggest room in the house but it can make a significant difference to the way a buyer sees a property. While a bad bathroom may not kill a property sale, it will definitely dampen the price if buyers believe they will need a sizeable budget to fix or update it.

Here are some considerations for your next bathroom renovation.

1. Create space

Space is one of the first things buyers will notice about a bathroom. Cramped bathrooms won’t add value to your property so if you can make space by shifting fixtures towards the walls or slimming them down it will help to create more room.

If you don’t have the time or budget to replace fixtures there are design elements that will help make the bathroom feel more spacious. Consider light-coloured walls and fittings, large rather than small tiles and well-placed mirrors of a generous size.

2. Neutralise

While brightly coloured, boldly patterned or themed bathrooms often have a ‘wow’ factor on TV and in magazines, it’s best to go neutral if you want to appeal to a wider range of property buyers: you don’t want to stand out for the wrong reasons in a buyer’s mind.

Image: Caroma

This means finding a neutral colour for the walls and fixtures. I’d advise against anything too dark, which can be overly masculine and make the bathroom look smaller. Light and neutral is the way to go.

3. Let there be light

A well-lit bathroom helps this hard-surfaced space look welcoming. Natural light is always good, so make sure you maximise windows and skylights. Also look at where overhead lighting falls and whether you can add lighting options such as under mirrors or over the bath or shower. Take your cue from five-star hotels rather than nightclubs.

4. Favourable fixtures

The most popular bathroom features that buyers like include:

  • Dual vanity/double sinks
  • Separate bath and shower
  • Toilet separate from bathroom
  • Wall-hung or close-coupled toilet
  • Underfloor heating
  • Heated towel rails

Don’t go overboard, though. If installing a dual vanity or a separate bathtub will make the bathroom smaller, I’d recommend keeping the space instead.

Image: Caroma

5. Add another bathroom

If space and budget allows, adding a bathroom is a surefire way to add value to a property. It wasn’t until the late 1980s that builders started to add an extra bathroom to places, so if your property was built before that, chances are you can make it more appealing to buyers with another bathroom or an extra toilet.

Overall, the bathroom should fit with the rest of the home. If you’ve modernised other rooms but the bathroom hasn’t been updated, it will have an impact on how buyers view your property. Any way you can ensure your bathroom is in harmony with the rest of your property will benefit the sale.

Mark Foy is one of our resident experts and a director of Belle Property Surry Hills in Sydney.

Read all Mark’s articles

Categories
Expert Tips RENO ADDICT

Selling in spring: Property makeovers for a competitive season

As soon as the calendar hits September you can feel the property market wake up from its winter hibernation. Welcome to spring, one of the most competitive times of year to list your property. Here are some tips on how to prepare your place at this hectic time and make your property stand out from the crowd.

mark-foy-landscape-reno-addict1
Mark Foy

Advice for selling in spring

For the past few years I’ve been cautious about encouraging people to sell their property in spring. Why? Lots of people think this is the best time of year to sell, but actually a healthy buying market has less to do with the season and more to do with stock levels.

It may surprise you to learn that the number of buyers in the property market is fairly steady throughout the year. When there are fewer properties on the market, demand and prices go up, but if everyone thinks they should sell their property in spring, there’s a glut and results may not reflect the quality of the stock.

This spring is a little different to the past few. Interest rates are low and people aren’t selling at the rate they have in recent years, so the lack of stock means it’s a better spring than most to list your property. That being said, it’s still a competitive time to sell, so you’ll need to make sure your property is at its best.

belleexterior
Image courtesy of Belle Property

Preparation and presentation

You only get one chance to impress a buyer, so make it count. Milder weather means people are happy to spend a little more time outside looking at the exterior of the property, so pay attention to the condition of your home. The facade should be neat, well maintained and inviting.

If you have a garden, make sure it is tidy and well kept. If it’s too early in the season for flowers or lush greenery, consider hiring a landscape gardener to plant something that blossoms early.

I strongly encourage homeowners to engage a property stylist to neutralise the space and enhance its positive features. The more you can remove your personality from the place, the easier it is for buyers to overlay their vision for the property, which encourages better sales. If you have psychedelic walls, for example, paint them white. A good stylist will give your place the edge over comparable properties for sale, so it is well worth the money to hire one.

belle-interior
Image courtesy of Belle Property

Timing is everything

Every property has an optimum time for inspection, dependent on ambience. As the days become longer during springtime, the best time/s in terms of favourable natural light and comfortable temperature will change compared to winter. Identify the best time to show your property and schedule an inspection as soon as possible to ensure you secure that timeslot.

Because more sellers tend to list their properties at this time of year, it’s also a good idea to line up all the professionals you need to help you sell yours—your choice of real estate agent, property stylist and/or auctioneer—as early as possible. Keep an eye on demand for other services you may need, for example someone to make minor repairs, paint your property or landscape your garden, so you can engage the people you need when you need them.

Spring may be a traditionally competitive time of year to sell your property but with a bit of planning and knowledge about what’s going on in the market you can certainly edge out similar listings and use the season to your advantage. As I mentioned, this year stocks are lower than usual so it’s a good time to put your place on the market because the weather and the competition are less fierce.

Mark Foy is one of our resident experts and a director of Belle Property Surry Hills in Sydney.

Read all Mark’s articles

Categories
Outdoor & Exteriors RENO ADDICT

Hot property: how to sell in summer

Spring has always been the darling season on the property sales calendar, but summer is hot for sales too—if the timing’s right.

lt-44-44P1104-1116583395-rsd

When is the best time to sell a property? Many people assume it’s spring, but the answer is not a season. The best time to sell is when there’s not much stock on the market. The best sales results are achieved when your property is selling in isolation, not competition.

Summer then, is a great time to sell property, but you need to get your timing right. A lot of ‘new year’ stock comes on the market in February after everyone has had a break and has finally gotten around to talking to an agent. The best time to sell in summer is therefore January, before everyone lists their property.

lt-44-44P1535-0611060847-rsd

There’s a myth that there aren’t as many buyers during summer but, the truth is, buyers are always looking. On a lazy summer’s day people browse property listings and start dreaming of a new life and plenty of new year’s resolutions centre on finding a new place to live. Sellers should take advantage of this.

Want to sell in summer? Follow this schedule:

December

If you’re going to sell in December, the first two weeks is the best window you have before everyone (including most agencies) take a break over Christmas and new year. Buyers will still be looking during the holidays but very few agencies will show a property during this time.

lt-44-44P1104-1116401897-rsd

Otherwise, December is the best time to prepare your property, especially the garden. Lawns need a decent lead time to look their best, so cut and treat the grass so it looks lush by January. Clean the gutters, give the property a lick of paint and declutter. When you retrieve the Christmas tree from storage, it’s a great time to look around and see what you can sell or throw away.

Talk to your agent in December and have photos taken after sprucing up the place but before the holidays so you are ready to list the property in January.

January

List the property and get ready for inspections. If your house tends to heat up, consider scheduling showings for the morning or evening. A sunset viewing when the days are longer is one advantage summer has over other seasons.

lt-44-44P1104-1116407268-rsd

While it may be too hot for baking bread or burning a candle, seasonal scents from fresh flowers or fruit can set a good mood. Have fresh cold water or lemonade on hand to give to visitors.

Summer showings are also an excellent time to play up any appealing outdoor area your property may feature. Set up your deck, courtyard or balcony as an inviting space so buyers can instantly see it as a place for friends and family to gather. Highlight other warm weather features such as breezeways and, if you have one, your pool—which you have cleaned, of course.

February

If all has gone well, you’ll have exchanged contracts by February. If your property is still on the market, however, rest assured that you don’t have to compete for tradespeople and painters and agents to get your property ready.

lt-44-44P1104-1116408176-rsd

If you’re selling at auction, book the auctioneer for late January or early February, giving you enough time to show in January but closing the sale before the rush in February.

In my experience, the best times to sell are before the rush periods. For me that’s August, before the spring listings, and January, before lots of stock comes on the market in February. With a bit of planning, you can get the jump on the summer sales period by listing in January, making it a very happy new year indeed.

Photography by Belle Property Surry Hills

Categories
RENO ADDICT

Renting vs buying: expert tips

While there is nothing quite like owning your own little piece of suburban paradise, whether to buy or rent depends on your view says Mark Foy, principal director of Belle Property Surry Hills.

mark-foy-reno-addictMark Foy of Belle Property Surry Hills

“For first homebuyers, you need to consider your personal position. If you take a long-term view you will always build equity over time, riding out the peaks and troughs in the market. You can then draw on your equity to invest in more property so you are building wealth through real estate,” says Mark.

But if you are looking for a short-term cash cow, buying is definitely not the wisest move. “We have seen 20 to 30 per cent growth in the inner city and outer suburbs of Sydney over the past couple of years, and the likelihood of seeing the same growth again soon is slim,” says Mark.

It’s good news for many first homebuyers though. “If you are a first timer and you are looking at a long term investment, and by this I mean seven to ten years, you can buy at any time as you’ll ride out the fluctuations in the market,” says Mark.

Darlinghurst_405_138_Barcom_Avenue_Living_Dining One of Mark’s recently sold properties. Photo credit: Belle Property

The wise renter
For those who may be saving for a deposit or simply can’t afford to buy, there are smarter ways to rent. “My advice would be to go for a shared rental. Rent a two bedroom apartment so you can share the costs but still get decent living accommodation,” says Mark who has been surprised by the cost of one-bedroom apartments of late – they often approach that of two bedroom abodes. “I guess it suits the demographic. Single people or couples that are willing to share small spaces seem to have pushed up the price of one-bedders,” he says.

And it may sound odd, but winter is the best time to take out a lease – wait until then if you can. “There are fewer changeovers in winter with more stock on the market. You can generally negotiate a better deal and you won’t be competing with 20 or 30 others,” says Mark.

Paddington_1_Hampden_Street_LivingOne of Mark’s recently sold properties. Photo credit: Belle Property

Advice for first-time buyers
While it is far from glamorous, Mark is a big advocate of saving in order to get a foothold on the property ladder. “Save, save save! Don’t go out to restaurants and really set out a budget as to how you are going to spend your money. You’ve got to be wise when saving for a deposit and if this means taking your lunch to work, or catching a bus instead of a taxi, there are many small ways you can cost cuts. It’s what our parents did,” says Mark who sees credit cards as the enemy of savings. “I would advise against a credit card as if you don’t have a credit card you don’t have the money therefore you won’t spend it,” he says.

Redfern_A903_Bourke_Street_LivingOne of Mark’s recently sold properties. Photo credit: Belle Property

Buying & renting: a mixed approach
If lifestyle is important to you, there is a definite argument to be made for buying an investment property in a suburb that you can afford, while renting in a more desirable area. “In my view, you really want to get in and start somewhere so you can build financial wealth and security. The first property is always the hardest but once you have secured that you can sit on it for five years before thinking about pulling out the equity to buy another,” says Mark of a trend that has been widespread over the past few years.

If you are going to look further afield when it comes to purchasing an investment property, just make sure to consider infrastructure. “If you can’t buy in the inner-city, try and buy along the train line as most people work in the city,” says Mark.

Waterloo_10_1_Danks_Street_LivingOne of Mark’s recently sold properties. Photo credit: Belle Property

Real estate vs shares
While investing in property isn’t the only way to make money, it offers relative certainty when compared to other investment types such as super or shares. “Real estate is tangible and that’s why people like it. Stocks and shares can be lucrative and worthwhile if you know how to buy and sell them and you follow the market daily but real estate is always a good long-term hold,” says Mark.

And with interest rates at historic lows, Mark sees it as a great time to get into property. “Take advantage of the rates if you can and lock them in for a three or four year period,” says Mark who favours a fixed interest rate in times such as now. “They provide a lot of certainty as you can do up a budget and know exactly what your outgoings will be for the next few years,” he says.

Categories
House Tours

Darlington Brickworks: Sydney’s stylish new apartments

I seriously want one of these apartments! Due to be completed by late 2016 (but available for purchase off-the-plan now), the new Darlington Brickworks development will feature five one-bedroom apartments and 12 two-bedroom apartments.

bathroom

Close to both the CBD and Sydney University, and within easy walking distance to fellow upcoming suburbs Redfern, Chippendale and Newtown, Darlington is a desirable location with established dining and entertainment scenes.

living-1

kitched

Reflecting the bold character of the neighbourhood, Darlington Brickworks is remarkable in both design and vision. From the architectural concept to the materials used, each element of the building has been crafted to endure the test of time, aspiring to enhance the surrounding environment, even as the years progress.

1088_Delivery_Birckworks_Exterior_100_LG_1900wide_Exterior_1

Within the walls, each aspect of living has been intuitively assembled to ensure privacy and space, incorporating these true elements of luxury into a home to truly make your own.

living-2

Designed by architect Glyde Mendis, apartments in the three-level development start from $790,000+ for a one-bedder and $950,000+ for a two-bedder. Available through Belle Property Surry Hills.

1088_Delivery_Birckworks_Exterior_241_LG_1900wide_Exterior2

For more information.

Categories
RENO ADDICT

5 questions with our real estate guru Mark Foy

As the principal director of Belle Property Surry Hills, Mark Foy really knows his stuff. Not only has he been the number one seller in Sydney’s Darlinghurst for the last three years, he also has a long history of exceptional sales results in the broader inner city. So we thought there was no-one better to answer the difficult questions on where to spend the big bucks when renovating for profit, how to pick the best agent and how to buy a property when you really have no idea what you’re doing! Mark will be Reno Addict’s go-to guy for all things real estate.

mark foy reno addict

1. What is ‘buyer beware’ and what should I look at?

Buyer beware basically means buyers need to do their own due diligence on a home. They can’t expect all the information to be given to them. If you’re buying a house you need to get a building inspection done or if your buying an apartment you should get a strata report done; a strata report is like a building report, it shows you the financials and the history of the building so you understand what you’re buying into. Also other things like doing council searches and seeing whether there’s going to be a building popping up across the road are important to do; it’s not the agent’s duty to disclose, but rather the buyer’s duty to seek out that information through their solicitor. And finally the buyer should have the contract reviewed by a lawyer prior to exchanging.

2. What value does a new kitchen add to a house?

It definitely adds a lot more salability to the property. You’d definitely get your money back and possibly a bit more. A kitchen is such a critical part of the house, you spend a lot of time there entertaining and preparing meals; so I think updating a kitchen for a sale is important.

3. How should I go about selecting an agent when selling?

The most important part of selecting an agent is understanding their experience. Are they local and active within the area, do they speak to buyers in the region and are they in touch with the market? You also have to find out how they’d go about handling the selling process. Starting from how they conduct their open homes and communicate with the owner and potential buyers, all the way through to picking an auctioneer come auction day. All these things come into play and they’re the things I’d want to know.

4. What are the big-ticket items to concentrate on when renovating to sell?

More important than kitchens and bathrooms is presenting a property that’s got a certain feeling about it. When a buyer walks into a property you’ve only got one chance to create that emotive feeling and it’s not through having a nice kitchen! It’s through making sure it’s furnished nicely, that it’s looking sleek with a new paint job, that the floorboards look nice or there’s a new carpet, that the garden’s presented well, that there’s music playing and then that it all comes together by being represented by a fresh looking agent out the front. All those things come into play, so that’s what I’d be focusing on when you’re renovating.

5. How much notice should I take of building inspection reports and should I ever buy without one?

I’d definitely get a building inspection report, 100%! It’s $400-500 and it’s peace of mind. Buyers aren’t builders and they don’t know what to look for, I think it’s critical that you get one. However, one thing to consider when you’re reading a report is the builders that do them are always going to describe the house in its worse condition, because realistically they’re protecting themselves. But in saying that it depends what and where you’re buying. If you’re buying an old 150-year-old house in the inner city then you need to understand that it’s going to need work done. However, if you’re buying a brand new house and it’s getting a bad condition report, then there’s something wrong. Therefore it’s important you consider where you’re buying and how long the building has been erected for.

–Contact Mark via his website or submit a question for him here.