Veronica Morgan, Buyer’s Agent and Presenter on Foxtel’s Lifestyle Channel, presented a fantastic segment at the recent Grand Designs Live Sydney, called “10 things to look for when buying a property”.
And, if you’re thinking – well I’m not buying a property at the moment, so I’m going to stop reading now … it’s worth remembering that, at some point, you will come to sell your home. I believe it’s always worth understanding what enhances a property’s perceived value so that any renovation work (minor or major) you undertake moves towards improving these specific assets.
Veronica began by debunking the myth that “location, location, location” is what matters when it comes to finding the right home. She confirmed that whilst it is important at the beginning, once you’ve decided on the location, you need to understand that there are still overperformers and underperformers in EVERY location.
So, here’s Veronica’s top 10 things to look for when buying a property (in no particular order), and my take/personal experience on each.
Certain areas have particular architectural styles or aesthetics. Think of the traditional weatherboard cottages around Rosalie and Paddington in Brisbane, or the terrace houses in Paddington in Sydney, or the bluestone cottages in certain parts of Adelaide.
Chances are, that most people buying in these areas prefer the specific style that the area is known for.
So, if you buy the odd one out, the home that doesn’t seem to fit – or you decide to build something that is significantly different, this may not work for you in maximizing your appeal to buyers looking in your area.
Our last renovation was in Ashgrove, in Brisbane, in an area known as The Avenues. Leafy streets lined with big Queenslanders, and the ‘triple-gabled-Ashgrovian’ the main architectural style. We bought an art-deco Queenslander – which I LOVED for its quirkiness and that it wasn’t like everyone else’s. It had been built at the same time as the other old houses, and I liked the fact that (when home owners would have been choosing a builder and their home from a catalogue-of-sorts), that the original home owner had chosen to do something a little different. I admired the non-conformance and the bravery of that (says more about me than anything else!).
We created a home that celebrated the art-deco façade, and renovated it as a contemporary home to suit modern family life. The inspections were packed – lots of sticky-beaking – but also LOTS of interest as this area of Ashgrove is always in demand. And also some contention about the façade and the fact it wasn’t a triple-gabled Ashgrovian.
We still sold for the top price in the suburb that year. Not as high as the top price in the suburb the year before – which had been taken out by a renovated triple-gabled Ashgrovian. And we sold to an out-of-area purchaser, who wasn’t as attached to the architectural style of the area.
My point is – we limited our pool of buyers and whilst it still sold very well, it took longer.
Think about what style is prevalent in the location you’re buying in, and if you’re renovating, how can you incorporate this style in what you’re doing to help your home appeal to more buyers when you sell.
To continue reading: http://undercoverarchitect.com/veronica-morgans-top-10-things-to-look-for-when-buying-property/