Whether a long term resident or a short term investor, the estimated value of your home or investment is extremely important. For many homeowners, the family property is the single largest investment they will make in their lifetime and in some cases, together with super combines as their long term financial plan. So it might surprise you to know that some property sellers could sacrifice up to $80,000 in the final settlement value of their home and have fewer bidders at auction all due to poor kerb appeal.
In a survey of 1000 people conducted by finder.com.au, a national comparison website, almost 90 per cent of the respondents said they would more than likely offer below the asking price on a property purchase if the exterior was unappealing. On average, they say they would offer 13 per cent below the asking price.
According to figures from the Real Estate Institute of Queensland (REIQ) Brisbane’s median house price has just nudged $615,000 (September quarter 2015). Based on these figures, vendors could see offers up to $80,000 less than their initial asking price if it lacked kerb appeal, be it an untidy garden, dirt for lawn or poor fencing.
ON AVERAGE, BUYERS SAY THEY WOULD OFFER 13% BELOW THE ASKING PRICE OF A PROPERTY
The results show that compared to the rest of Australia, respondents in NSW and Victoria told the survey they would only drop their offers by up to 8%, however in Queensland and the Australian Capital Territory 13 per cent say they could drop their offers by more than 25 per cent. Which is a considerable reduction and in a tough market certainly highlights the importance of good landscaping.
Angela Armstrong, a recent homebuyer in Brisbane’s bluechip western suburbs, says the survey results show a property’s street appeal should never be underestimated.
“We fell in love with our recent property purchase before we even got out of the car” she says.
“If a prospective buyer isn’t impressed by the homes presentation it most certainly would influence how deep their pockets are and sellers could easily be left bitterly disappointed.”
“We wrote off a number of houses just by driving by.”
So what can you do to spruce up your home for sale and ensure the best possible result? At up to 25% of the final value of your property price, you really have no excuse not to spend some time and money getting it right.
Check your local neighbourhood, previous sales in the area, your street and even your direct neighbours. How does your home compare? What features do they display that your’s doesn’t?
Simple projects which can lift the curb appeal include fresh mulch on your existing gardens, a good weed and trim, a few new plants or shrubs in flower in high visibility areas. Some large potted feature specimen plants framing your doorway or garden path.
Other straight forward projects include a new picket or paling fence (or even just a fresh coat of paint). A new green manicured lawn to lift the space, there’s nothing worse than a sparse lawn full of weeds. A fresh coat of paint on the front door and even just a high pressure clean of the visible facade.