Never underestimate the powet of potential
Let’s face it, you’ve only got to turn on the TV nowadays to be inundated with various ‘Reality-style’ programs which are all based around the importance of presenting your property at its best in order to achieve a strong sales result. Dare we mention ’The Block’ for example? What many people forget, however, is that many of those properties on TV started out with the one key ingredient…Potential…and it is that vital factor that many buyers go looking for when seeking out their own opportunity to improve a
This is particularly relevant to local homeowners who may be considering dressing up their property for sale over the coming Spring, as by styling your own home you may end up completely changing the likely buyer profile, without necessarily improving your financial outcome. Indeed, we have seen cases where property owners increased the value of their property by LESS than the amount they spent fixing it up, not to mention the time and stress that process involved!
We were reminded of this during the recent sale of a three-bedroom home in Sylvester Grove, Preston. As you can see from the photo, this three-bedroom home had ‘potential’ written all over it, whether because of its generous 651sqm allotment, its period charm or its close proximity to so many of the amenities that Preston is known for like the trams, cafes and Preston Market.
Whilst the vendors of this property had undertaken some improvements like a Smeg-equipped kitchen, it was the future potential that really captured the attention of buyers, particularly with a wide side driveway and substantial rear yard raising thoughts of future extensions, subdivision or total redevelopment. A strong mid-week sale was the result.
The lesson to be learned from sales like these is to seek out experienced advice from someone who knows and understands the local property market BEFORE you start planning your renovations. A professional assessment of the full potential of your property could suggest some strategic improvements, but it may also suggest you sell the property as is enabling your buyers to decide exactly what the future might look like.
If you are planning on selling a property with that special ingredient…Potential…don’t hesitate to chat with one of our team at Barry Plant Preston and Northcote.
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