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5 questions with our real estate guru Mark Foy

By Olivia Shead •

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As the principal director of Belle Property Surry Hills, Mark Foy really knows his stuff. Not only has he been the number one seller in Sydney’s Darlinghurst for the last three years, he also has a long history of exceptional sales results in the broader inner city. So we thought there was no-one better to answer the difficult questions on where to spend the big bucks when renovating for profit, how to pick the best agent and how to buy a property when you really have no idea what you’re doing! Mark will be Reno Addict’s go-to guy for all things real estate.

mark foy reno addict

1. What is ‘buyer beware’ and what should I look at?

Buyer beware basically means buyers need to do their own due diligence on a home. They can’t expect all the information to be given to them. If you’re buying a house you need to get a building inspection done or if your buying an apartment you should get a strata report done; a strata report is like a building report, it shows you the financials and the history of the building so you understand what you’re buying into. Also other things like doing council searches and seeing whether there’s going to be a building popping up across the road are important to do; it’s not the agent’s duty to disclose, but rather the buyer’s duty to seek out that information through their solicitor. And finally the buyer should have the contract reviewed by a lawyer prior to exchanging.

2. What value does a new kitchen add to a house?

It definitely adds a lot more salability to the property. You’d definitely get your money back and possibly a bit more. A kitchen is such a critical part of the house, you spend a lot of time there entertaining and preparing meals; so I think updating a kitchen for a sale is important.

3. How should I go about selecting an agent when selling?

The most important part of selecting an agent is understanding their experience. Are they local and active within the area, do they speak to buyers in the region and are they in touch with the market? You also have to find out how they’d go about handling the selling process. Starting from how they conduct their open homes and communicate with the owner and potential buyers, all the way through to picking an auctioneer come auction day. All these things come into play and they’re the things I’d want to know.

4. What are the big-ticket items to concentrate on when renovating to sell?

More important than kitchens and bathrooms is presenting a property that’s got a certain feeling about it. When a buyer walks into a property you’ve only got one chance to create that emotive feeling and it’s not through having a nice kitchen! It’s through making sure it’s furnished nicely, that it’s looking sleek with a new paint job, that the floorboards look nice or there’s a new carpet, that the garden’s presented well, that there’s music playing and then that it all comes together by being represented by a fresh looking agent out the front. All those things come into play, so that’s what I’d be focusing on when you’re renovating.

5. How much notice should I take of building inspection reports and should I ever buy without one?

I’d definitely get a building inspection report, 100%! It’s $400-500 and it’s peace of mind. Buyers aren’t builders and they don’t know what to look for, I think it’s critical that you get one. However, one thing to consider when you’re reading a report is the builders that do them are always going to describe the house in its worse condition, because realistically they’re protecting themselves. But in saying that it depends what and where you’re buying. If you’re buying an old 150-year-old house in the inner city then you need to understand that it’s going to need work done. However, if you’re buying a brand new house and it’s getting a bad condition report, then there’s something wrong. Therefore it’s important you consider where you’re buying and how long the building has been erected for.

–Contact Mark via his website or submit a question for him here.

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January 23, 2015

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Victorians, are you still allowed to have gas in y Victorians, are you still allowed to have gas in your home? We share the ins and outs on what you need to know about the new rule in Victoria when it comes to your energy.

The good news is, for most people nothing will change, however if you are planning a new build/renovation that requires a planning permit – you will need to speak to your builder to get your permit lodged before 1 January 2024!

 We’re here to answer all your questions with the help of @australiangasnetworks! Read more via link in bio now.

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Our ever popular top places to buy Australian bed Our ever popular top places to buy Australian bed linen online post has been updated for 2023! Head to the blog now via link in bio to get some bedroom inspiration!

Whether you liked classic stripes, fun florals, moody linen or cotton covers, we have something for you!

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The owner of Noosa homewares and furniture mecca @ The owner of Noosa homewares and furniture mecca @coastalvintage, Sally Oulton travels the globe looking for amazing interior finds. And now you can join her on one of her bespoke interior sourcing tours to Bali where you’ll be taken far from the crowds to discover the best homewares and furniture that the Indonesian paradise has to offer. Read all about it via link in bio.

#baliindonesia #balishopping #balishop #balisourcing #balihomewares #balihomedecor #balitrip #balistyle #baliinteriors #baliinterior #baliinteriordesign
Just capturing Mr 5 here before he stops going to Just capturing Mr 5 here before he stops going to daycare and preschool next month and becomes a school boy. All the feels 😭❤️🙏🏻
Need a great housewarming gift under $200? Bonus, Need a great housewarming gift under $200?

Bonus, you can use these as inspiration for Christmas gifts too, for the interiors Addict in your life.

Trust us, they'd be delighted to receive any of these and there are even more ideas with links on the blog too, via link in bio now.

You're welcome!

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At home with interior stylist @emma.blomfield Sw At home with interior stylist @emma.blomfield 

Swipe for a sneak peek of the before and afters and head to the blog now via link in bio to see how Emma transformed her Art Deco apartment on Sydney's lower north shore.

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It's time for our annual Christmas candle roundup and I swear what's on offer gets better by the year! The packaging too! All of these would make wonderful gifts (hint hint 😉).

I always treat myself to a Christmas candle and buy a few as gifts. You can't go wrong!

Whether you like a more traditional fir kind of fragrance or something more reminiscent of Aussie summertime, we've got you covered. There's even a fragrance free beeswax option.

Head to the blog via link in bio to find all these with pricing and links to buy.

Do you treat yourself to a Christmas candle each year? If not, we really think you should start!

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Enjoy!
This giveaway has now closed. The winner is @jenny This giveaway has now closed. The winner is @jennymccown 🥳

Win a year's supply of laundry AND dishwashing detergent sheets!🚨

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Give your bathroom a makeover without a full reno. Give your bathroom a makeover without a full reno.

Great ideas from @missapriltowels on the blog today via link in bio.

Do you consider your bathroom a room where you can style and accessorise like you do elsewhere in your home? What are some of your favourite brands and products for zjooshing your bathroom or powder room?

You can also search on the website for our top hand soap pump finds!

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About Olivia Shead

When she's not writing for Interiors Addict, Olivia is now a TV and radio news producer. She's a journalism graduate of UTS Sydney.

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Reader Interactions

Comments

  1. AvatarJess - A Little Part of the World says

    February 2, 2015 at 3:01 pm

    Great to see Mark here. Jx

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