Property executive Caleb Pikoulas shares some tips when determining the condition of a home.

Shower tiles and grout 

Leaking showers can be expensive to repair and an extreme inconvenience. Check the amount of grout on the shower recess. An indication of deteriorating tiles is peeling paint on the wall behind the shower or a musty smell in the room behind the shower 

Look for signs of ceiling collapse 

Homes built between the 60s and 00s are all at risk of the ceiling collapsing due to the use of grout straps, glue, and insufficient fixing screws which age and become less reliable over time. Some of the signs of potential ceiling collapse are cracks on sheet joints and sagging cornices particularly on face brick wall areas

The condition of your tiled roof 

The condition of a tiled roof gives an indication of how well the homes have been maintained. Some of the things you should check on the roof are: 1) Whether the ridge caps are free of cracks in the bed joints, 2) does the roof have any undulations, 3) are there any corrosion in the valley trays and gutters and, 4) if the eaves linings are stained. The cost of a roof inspection is less than the cost of reparations 

Are the flexi hoses worn? 

These are usually found under the sink and rupture far too frequently. Some of the telling sign of whether or not one of the flexi hoses are about to burst are: if they’re kinked, twisted, or rusting.

What are the common house problems that should be addressed?

• hazardous materials (if the house hasn’t been previously renovated, it may have small amounts of asbestos, lead paint, or both.)
• foundation and structural
• electrical and mechanical equipment
• roofing
• plumbing
• mold/mildew

Houses do age and would constantly need upkeep and maintenance. How it is taken care of by the previous owners would be revealed by looking at these conditions.

For more expert tips on anything real estate, head on to our Youtube channel.

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At Collings Real Estate, we understand how important it is to assess a property’s true condition before making a purchase. As a top-rated real estate agency in Northcote, our experienced team provides local insight and trusted guidance to help you make informed decisions. Whether you’re a first-time buyer or a seasoned investor, we’re here to support you every step of the way.

Investing in real estate is no joke that is why it’s understandable that for a first time buyer, there are a lot of looming questions that need to be answered. One of these questions is “Is this the best time to buy?”

Technically, there is really no good time to buy a property because of the dynamic nature of the real estate industry. This is both good and bad in the sense that the majority of the considerations are on the buyers’ side. The state of the real estate market is outside of one’s control. What’s manageable is an individual’s current situation.

Do you consider yourself financially stable enough to invest in a property? If yes, then a big box is already ticked and there are only a few more left to consider.

The other questions that you need to answer are:

• Why would you want to buy a property

What are your plans for this investment? Do you plan to actually live in the property or are you planning to rent it out? The duration of your stay could possibly give you an idea of how good it is as an investment.

• What is your timeline

Your timeline in processing the purchase affects the cost of the property as well. Is this an immediate investment? If yes, then it might incur additional costs due to expedition of the processes.

• How much is your budget

The question of budget would recur every now and then because as mentioned, real estate is a big investment. Hence, this is a money-dependent decision-making process. With all things considered such as the location of the property, the transportation system around it, your lifestyle and other things, how does this purchase affect your budget as a whole?

What benefits do first-time homebuyers get?

Once you have already made a solid decision of purchasing a property, you should equip yourself with the right information as doing everything right increases the benefits of owning a property such as:

• Strong return through passive income (should you decide to rent it out)
• Tax breaks
• Equity gains
• Etc.

Initially, these two things are the most important considerations to manage your expectations:

What are your other fixed expenses

This further validates the idea of being financially confident before buying a home. The fixed expenses that you’ll need to consider are, (but are not limited to) property taxes, insurance, HOA fees, general upkeep costs. Aside from fixed expenses, there are also variable expenses that are more difficult to predict.

How is your emotional state

Homeownership is not for everyone. Buying a home is a huge commitment that not everyone is ready to sign up for. Your life changes a great deal when you go from being a renter to an owner. There are adjustments that one should foresee when finally deciding to purchase a home to call their own.

If you felt excited after reading this blog, then take it as a sign that you are ready to take the next step. Get in touch with us today and let us help you through the process of buying your own property.

Truly, big risks entails big rewards. Arguably, having a property to call your own is one of the most fulfilling goals as an adult.

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Last time, we talked about bathroom renovation to increase the value of your property. Today, we would talk about another way of upscaling your property which is home styling. In this blog, we will answer these questions:

• What is the difference between home styling and interior design? Which do you need?
• How does home styling help in upscaling your property

What is the difference between home styling and interior design

These two terms are often interchanged because they are somehow related to each other. However, they are extremely different in three ways:

Function

One quick way to differentiate home styling from interior design is its function. Home styling is meant to pique the interest of potential customers, therefore the art direction is meant to appeal to the general buying public. Interior design, on the other hand, is more personalised as it is tailor-fit to the owner’s personality and preferences. 

Selection

The selection of what pieces to include in the art direction is closely related to the functions of both home styling and interior design. In home styling, the goal is to make the areas of the property spacious, making it more appealing to the buyers. It’s more likely that home stagers will use smaller furniture, light-colored palettes, and eye-catching pieces to further create an image of a spacious property. While these art directions may appeal to some, some homeowners might prefer a different style and this is where interior design comes into play. It’s needless to say that the selection of materials in interior design is more personalised akin to the homeowner’s preferences.

Cost

Essentially, the cost of these two services would vary depending on the work that needs to be done on your property. However, home staging is less expensive compared to interior design. Since functionality is out of the picture for home staging, the pieces of furniture that will be used are not necessarily considered to be practical.

Why home staging works:

• It helps in establishing a strong visual first impression.

Having visually pleasing promotional materials such as photos and videos of your property especially helps in making a strong visual first impression to the buyers. An aesthetically pleasing property is a marketable property, making it a considerable option to some.

• It helps the buyers to envision their lives in the property

A well-staged area might spark a connection between the buyer and the property. While it might not be the exact representation of how the buyers would like to design the property, a well-designed area could give the buyers possible functions of the room or area. It helps them visualise what they can do with it.

• Gives the buyer an assessment of the property value

The value of a property is easily justified when the assets of the properties are highlighted.

Some people who have a knack for design do home styling themselves while some opt for the help of professionals. This is of course, in consideration of:

The location of the property. Home styling surely does great wonders for your property when it comes to making it more attractive for sales. However, some locations’ property value would not make a great ROI for professional home styling services

Related: Location, Location, Location – Why it Matters

Budget. Home styling consultation fee costs between $150 and $50 depending on the property. The actual styling would depend on the size of your property. If this cost seems to be reasonable for you then you might want to consider tapping a professional home stylist. However, some property owners who have a knack for design and the arts easily do this on their own.

Home stylists have an eye for art that helps buyers view the property as if it’s their next one. At Collings Real Estate, our sellers have the option to get our home styling package as well. This saves them time and effort in preparing their property. Give us a call and let’s discuss your selling requirements: +61 3 9486 2000.

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Fedja Bilic walks us through the process of making an offer on a property by providing us with some valuable insights.

This video is a part of our Collings Tips series on our Youtube channel.

Tip 1: Attend the first open for inspection.

Aside from being among the first to inspect, you may also get the chance to get a lower offer as the vendor will most likely offer the property for a lower price.

Tip 2: Put in your offer quickly and early.

If you notice that there are any potential buyers, make a great first impression of the vendor and put your best offer. Be ahead of the possible competition. 

Tip 3: Ensure your offer is unconditional

Vendors are more likely to take the low offer with no conditions attached versus the offer with the high offer and with more conditions attached, especially on the subject of finance. 

Tip 4: Offer your best price

Put your best foot forward. Don’t be scared to spend an extra $10r so that in 6 months’ time, you won’t look at the decision with big regrets. Don’t play games with the agent. Being honest with the agent shows that you are a genuine buyer and you’re not just window-shopping.

Bonus tip:

Write an expression of interest (EOI) letter to the seller. This extra tip is easy to do yet creates a big impact to make a good impression on the seller. The letter would show how professional, interested and suitable you are to make an offer.

Can you withdraw an offer on a property?

Technically, you can, as an offer is not a legally-binding contract until it has been signed by both parties. So as soon as you have finally decided that you want to withdraw, inform the agent and the seller through writing and don’t waste time. Once the offer has been signed, it becomes a legitimate document that brings about a sale.

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If you are considering a home renovation, it is either that you want to enjoy your space more or to add more value to your home. However, the problem is that not all renovations result in increased value to your home. Some renovations come with much less value than you might have thought.

Related: Cost-Effective Kitchen Renovation

What about a bathroom renovation? Will it increase your home’s value or is it purely for aesthetics?

Of all home improvements, a bathroom renovation is the most popular. And also, whether you do a small renovation or a large bathroom renovation, the returns have gone up. This is welcome news if you are contemplating doing a bathroom renovation. This is even more important if you are considering selling off your property in the near future.

Before you call your builder though, here is everything you should know about just how much a bathroom renovation can increase the value of your home.

How much value does a renovated bathroom add?

As a homeowner, you need not be worried about finances when it comes to renovating your bathroom.

Renovations, whether minor cosmetic works or major structural redesigns have proven the most obvious way to boost the value of a property if thoroughly researched and expertly executed.

One of the most important factors affecting a home’s value is the present condition of its bathrooms. And bathroom and kitchen renovation, according to research, are the most common home improvement projects. This is because they have a very high recovery of rate-75%. For instance, a $20,000 renovation of a bathroom can increase the value of a home by $15,000.

Apart from the return on the bathroom remodel, homeowners can also enjoy a home that’s more comfortable for living.

But the good thing with renovated bathrooms is that they go well beyond their great selling features. Also, they make the home a more comfortable place to live in every day. Good bathrooms come in handy on those mornings when you want to take a shower first and be off for work, or in the evening when you just could do with relaxing in a hot bath.

5 Ways Bathroom Renovation Increase the Value of Your Home

If you want to only tackle a few upgrades in your bathroom or to renovate your bathroom on a budget, you should consider doing renovations that are most profitable. This way, you will put your money into the areas that are guaranteed to pack the greatest punch. Also, it helps you to prioritize your tasks.

These 5 renovations are sure to stretch your dollar furthest, whether they are on their own or when combined with others. Now, the question is where to start when remodeling a bathroom. Below are just a few simple steps that you can do:

1. Installing new plumbing fixtures

In the same way, old fixtures make a room appear dated, new fixtures can transform an entire space and give it an inviting and a modern look. This means that homeowners can swap showerheads and faucets at a much fairer rate.

If you only want to upgrade plumbing fixtures, then make sure that you choose fixtures complementing the rest of your bathroom. By simply upgrading your bath or shower area (or both), you are already adding value to your property.

2. Vanity upgrades

Upgrading the whole vanity will pay off immensely. This includes not only the mixers but also the basin and the entire cabinetry. You can purchase vanity fittings consisting of all the fitting & fixtures you require at a single price or even compile the perfect vanity yourself. Ensure you choose materials that appeal more to buyers. For instance, granite and marble are usually the best for countertops, while laminate and tile can appear a tad bit retro.

3. Applying new paint

If you are looking for the simplest way to create a dramatic impact on your room, giving it a new paint colour should be the top of your agenda.  This will even be great if your room had started showing mildew or water damage signs. In the latter case, you will be advised to tackle the actual cause and not just hide behind the paint.

Painting is one renovation project that you can do by yourself, especially because the bathroom isn’t a big space. To streamline its look, use painter’s tape. Also, consider choosing a neutral colour as this is sure to have a larger appeal.

4. Installing New Flooring

Want a dramatic change? If so, a good place to start is to upgrade the bathroom flooring.  Bathroom flooring cost average $15+ per square foot on the low end and could be as high as $30+ not including the labour costs.

5. Energy-efficient updates

The benefits of updating energy efficiency in your home go well beyond the environmental. More crucially, it also increases the resale value of your home. You can optimize your toilet, shower, and sink for optimized flow, meaning less water usage, which translates to more savings on the amount you pay for your water bills. Also, this is a strong appeal for buyers. Therefore, when choosing bathroom fixtures, insist on those that promise to save energy the most.

Conclusion

If you are thinking of maximising the value of your property, one of the sure-fire ways is doing a bathroom renovation. This is because the state of your bathrooms plays a great role in determining the value of your home. As such, this is one investment you can never go wrong about because you are sure to recoup a great part of the cost of bathroom renovations in Melbourne. You just have to make sure that your renovations are aligned with the required standards.

If you decide to update your bathroom, value is only but one factor to consider. An upgraded bathroom will also enhance your life and increase your property value in case you decide to sell it and move to another place.

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The world of real estate is highly rewarding for those with the know-how, however, for a first-time seller, it is a whole different story. Selling your home in Australia for the first time may turn out to be the most overwhelming and stressful experience if you have no idea how it works. Here are ten tips for the first-time seller to help you successfully sell your home stress-free.

Timing

I understand you may want to sell your property as soon as possible, but timing is crucial. If you do not sell at the right time, you may not realise the properties full potential. You will need to do a little digging to see the prevailing trends in real estate. Holding off on putting the property on the market for a couple of weeks as you wait for the right time won’t be as bad as having to sell at a price that does not meet your expectations. Periods which may not be the best time to market your property include holiday periods such as the months of December & January and long weekends. The property market is driven by supply and demand, and it is best to list your property when demand is high, and supply is low. You’ll need to do your own research on the property market in your local area. When the market conditions are right for sale, then go ahead and list your property for sale.

Pricing

A common misconception is that it is more beneficial to price the property well above the market value and negotiate down to ensure market value is achieved. This method of sale generally backfires, as it deters potential purchasers from even considering the property as they believe the property is overpriced. This is especially the case in a buyers’ market when there is a lot of property for sale. A more rewarding strategy is to ensure the property is priced at a level that attracts multiple interested parties, which will create a multiple offer situation that will drive the price beyond expectations.

If you are unsure about the current market value of your property, you should engage either a valuer or trusted Northcote real estate agent to assist you. Your council rates notice will also give you a free, approximate indication, however, I wouldn’t rely too heavily on this.

Home Improvement

Preparing your home for sale is a great way to attract potential buyers and also increase the property’s value. You don’t want a potential buyer to find any structure or cosmetic damage. There are two tricks that will ensure your home sparkles like a new one: cleaning and repairs.

It is time to thoroughly clean the house inside out. It needs putting in the work from floors, walls, curtains, cabinets, closets, kitchens, bathrooms to the ceiling. I am not suggesting a full renovation, but make sure everything is presentable. You can replace the curtains with affordable new ones. Painting the walls is also a good way to give the house a new look. Most purchasers will pay a premium for a property that is ready to move in, so ensure you make the most of this.

Repairs will go a long way in making the sale easier and more rewarding. Undertake the repair of leaking faucets, door handles, closet doors, cabinets and any other part of the house that needs repairing. Anything that is left unrepaired will impact negatively on the value of your house. Remember not to spend too much on repairs and cleaning that you run into a loss when you finally sell the home. Keep the budget under control.

The exterior makes the first impression of your home. Regardless of how good the inside looks, if the outside is not appealing, most buyers will be disinterested. You need to prepare the exterior to present so well that the buyer makes up their mind to buy it as soon as they land their eyes on it. The exterior ranges from the landscaping to the walls and roof.

Plant some shrubs and colourful flowers. Make the front yard highly appealing with the right landscaping. Paint the walls with the right colours and have the entryway look welcoming. Experts reveal that a house that looks good from the outside sells faster and at a higher price than an average looking exterior.

You can add a couple of accessories to your exterior like a bench, flower vases with fresh flowers, a patio and anything else that will bring the exterior to life. Remember to stay within your budget even as you do these improvements to your home.

Property Presentation

You will need to remove clutter from the house. Make it look as clean and as spacious as possible. Most real estate experts call this cleaning process ‘depersonalising’.

Staging the property with furniture is a great way to present it at its full potential as most buyers do not have the vision to project what property may look like furnished. The stylist who elects the furniture will be able to match the right colours/styles dependant on the properties characteristics and will select the right size furniture to ensure it is presented immaculately. Lighting is also a key factor in ensuring the property is well presented, and it could be worth investing in better bulbs and lampshades should your property lack the appropriate lighting.

Right Professional

As I mentioned earlier, the world of real estate is challenging to the inexperienced seller. You may, therefore, need to get the help of an experienced, trained and licensed real estate professional to help you get the best out of your home sale.

Professional real estate agents do a lot of market research and therefore understand what pricing and marketing will work best in your neighbourhood. They also know the regulations and zoning pertaining to a real estate that you may not understand. If you select one who is tech-savvy, even better. With the rise of digital marketing, some agents are marketing property extremely effectively compared to others. The agent will help you throughout the entire process including contract negotiations. You can count on them to make the entire process smooth and seamless.

When selecting the right agent, don’t just consider selling fees. Ensure they understand the market well, have a previous track record of excellent results, have a multi-faced marketing approach, and are easy to deal with. Communication plays a big role. If you don’t feel comfortable, select someone else.

Online Presence

As opposed to the past, more and more buyers now search online for the homes they want to buy. It allows them to have all the details and virtually tour your home from anywhere in the world. They are able to compare multiple homes and when they finally show up at your doorstep, they have almost made up their minds. You need to capitalize on this opportunity.

Have as much detail of your home as possible online including the price, address, great quality images of the interior/exterior, a video of the property, as well as the size of the land (if applicable), how many beds/baths/car spots, and any other important features. Now that you have done renovations, also mention them in your listing.

Putting it online makes it visible to many buyers who may start “driving by” from the very first day you put it up. Therefore, ensure it is “show ready”.

Cost of Selling Your Home

There are costs that you will incur while selling your house. Ensure your account for costs associated with paying off your loan, conveyancer costs, taxes and other costs specific to your region. Addressing these costs early enough will make the entire process smooth.

If you hired a professional agent, they will let you know the costs associated with selling your property through them. This is generally split into two sections, a marketing fee, and a selling fee. In most cases, the marketing fee will have to be paid to the agent regardless of whether the property sells, as this is a cost they incur to market your property. This fee should cover expenses such as photos, video, signboard & online marketing to name a few.

Where Next

Even as you are immersed in ensuring your house sells, you need to know where you are moving to next. Will you be buying another home or will you be renting? A solid plan will help you smoothly go through the transition. If a buyer showed up and said they are ready to buy it as long as they move in within 30 days, will you be ready? You need to know where next you are moving. If you decide to build a new home in Victoria, it’s important to remember that a 6 star energy rating is obligatory for homes from first May 2012.

This may be the same. Therefore, ensure you have everything organised and ready. If buying a new home after selling your former one, you will need to start hunting for one early enough. It will allow your moving to be smooth and less disturbing to you and your family.

Patience

Whilst selling a house may be a personal and emotional process, you must also consider it for what it is, a business transaction. You will have to put up with strangers checking out your home. One purchaser may inspect the property 3-4 times and not proceed with purchasing. In some cases, the house may not sell as fast as anticipated. If things don’t progress as smoothly as anticipated, it’s okay, you will need to understand and not get frustrated. Consider the feedback from the agent. If the property hasn’t sold within 5-6 weeks, it is generally due to a lack of marketing from the agent, or your expectation on price does not match the markets. If you have had a lot of traffic online & at open for inspections, it may be later, however, if there hasn’t been much traction at all, it may be time to consider appointing another agent. Remember that in doing so, you will incur another set of marketing fees, so choose wisely from the start.

Be Willing to Negotiate

When offers start coming in, remember to be flexible. If your situation allows you to, offer a slightly longer settlement, or a slightly smaller deposit. Ensure you & the real estate agent understand the position of the buyer, and are able to get the deal you want by also accommodating them. Sometimes your first offer is your best offer, so remember to not neglect any interested parties. The best deals are the ones that have both sides feeling victorious.

Conclusion

Selling a home can be a smooth and fruitful process if you know how the real estate world operates. The above ten tips for first-time sellers will enable you to sell like an expert. Whether doing it on your own or getting a professional to help you with the process, the above basics will enable you to get the best out of the sale. Which tip do you think is the most important?

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