MAKING THE MOST OF YOUR GREATEST ASSET
If someone won $10,000 in Lotto, they’d probably shout, maybe even jump up and down. If someone were to reap a windfall of $50,000 more than they’d expected, we’d celebrate with them; acknowledge the significance of that sum of money.
So why risk the similar or even more significant win you could have in the game of ‘Property Lotto’? Your place of residence is one of the last tax-free assets in the world. Plan the sale of your home carefully to capitalise on this, and give the process more loving attention than you would give to the sale of any other asset. If you sell your property $50,000 above reserve for $300,000 more than what you originally paid then that money is yours – all of it – tax free.
So what can you do to make the most of this unique opportunity and maximise your profits? That’s where we come in! Here are our tips:
Pretend you are a buyer
You love your home; the wear and tear, the dents and creaks – they all represent fond memories to you. However, when it’s time to sell you need to ditch the rose-coloured glasses and think like a potential buyer. Walk around your home with a critical eye. Ask yourself – if you were about to purchase this home, what would attract you? What would you need to fix? What improvements might you feel compelled to make?
Get your phone out
As you’re walking around your property use your phone to take photos. This creates a visual ‘to-do’ list of required tasks and ensures you don’t forget the details – positive or negative.
Obtain a building and pest report
Forearmed is forewarned – you need to be the first to know the hard facts about your property to be in a strong negotiating position at sale time. Obtain a building and pest report from the contractors that your potential buyers would normally use. This will allow you to:
a) Be clear on what you’re dealing with
b) Fix any problems that are identified, and
c) Have peace of mind if the report comes back all clear!
Investing in a report will allow you to take your property to market confidently. You can pre-empt your buyers by providing them with the report along with details of any reparative action you’ve taken. The buyers will be reassured knowing there’s nothing to fix and no hidden costs. If a buyer is in doubt about the hidden integrity of the property then their offer is likely to bear the brunt.
Finally, working with an experienced, dedicated agent in the sale of your home is imperative. Take the time to read reviews and find the best fit for you. The right agent will know how to identify and showcase your home’s assets, and will have the tools to ensure your property reaches its potential on the market.