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 youโre doing! Mark will be Reno Addict’s go-to guy for all things real estate.
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 canโt expect all the information to be given to them. If youโre 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 youโre buying into. Also other things like doing council searches and seeing whether thereโs going to be a building popping up across the road are important to do; itโs not the agentโs duty to disclose, but rather the buyerโs 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.ย What value does a new kitchen add to a house?
It definitely adds a lot more salability to the property. Youโd 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.ย 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 theyโd 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 theyโre the things Iโd 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 thatโs got a certain feeling about it. When a buyer walks into a property youโve only got one chance to create that emotive feeling and itโs not through having a nice kitchen! Itโs through making sure itโs furnished nicely, that itโs looking sleek with a new paint job, that the floorboards look nice or thereโs a new carpet, that the gardenโs presented well, that thereโs 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 thatโs what Iโd be focusing on when youโre renovating.
5. How much notice should I take of building inspection reports and should I ever buy without one?
Iโd definitely get a building inspection report, 100%! Itโs $400-500 and itโs peace of mind. Buyers arenโt builders and they donโt know what to look for, I think itโs critical that you get one. However, one thing to consider when youโre reading a report is the builders that do them are always going to describe the house in its worse condition, because realistically theyโre protecting themselves. But in saying that it depends what and where youโre buying. If youโre buying an old 150-year-old house in the inner city then you need to understand that itโs going to need work done. However, if youโre buying a brand new house and itโs getting a bad condition report, then thereโs something wrong. Therefore itโs important you consider where youโre buying and how long the building has been erected for.
–Contact Markย via his websiteย or submit a question for him here.
Comments
Great to see Mark here. Jx