At Penrose Real Estate, we're committed to helping you navigate the complex property market with ease and confidence. Recently, Christina teamed up with Louise Mifsud, a property lawyer from NB Property Law, to chat about preparing your home for sale, and understanding key changes in property law. Here's some key highlights from their discussion about how to maximise your property's selling potential.
Or you can watch the full video above.
Setting the Stage for a Successful Sale
Preparing your home for sale is crucial to attracting buyers and securing the best price. Christina recommends starting with a thorough evaluation of your property, considering everything from tenant arrangements to garden presentation. Here are some critical areas to focus on:
Tenant Considerations
If your property is tenanted, assess lease agreements and the tenant's willingness to cooperate. Fixed-term leases may be more attractive to buyers, but tenant cooperation is key to showcasing the property effectively.
Garden and Curb Appeal
First impressions matter. Invest time in enhancing your property's exterior, from the lawns to the gardens. A well-maintained, inviting front yard can significantly impact buyer interest.
Repairs and Improvements
Tackle necessary repairs before listing your property. Addressing issues like non-compliant pool fencing or outdated smoke alarms can prevent buyer hesitance and boost your property's appeal.
Presenting Your Property: Furnished or Unfurnished?
A common dilemma for sellers is whether to present their property furnished. Christina encourages furnishing your property where possible. The advantages of furniture include creating a welcoming atmosphere and aiding buyers' visualisation of how to use the space. If furnishing isn't an option, consider virtual staging to enhance online appeal.
Styling and Photo Presentation
Effective styling can transform your property's marketability. Partial styling using your existing furnishings with professional guidance can make spaces appear larger and more well-lit. Furthermore, professional photography emphasising your property's best features can make a significant difference online.
Legal and Disclosure Considerations
As Louise highlighted in our chat, regulations can change and it is important to understand new legislative requirements affecting property sales:
Disclosure Statements
Starting August 1st, 2025 sellers must provide disclosure statements and certificates before signing contracts. This encompasses property details, title searches, tenancy agreements, and land use information.
Capital Gains Withholding Tax
Recent changes require all sellers to obtain a clearance certificate to avoid buyers withholding 15% of the purchase price for the ATO.
Preparing for Settlement
You can take the stress out of your settlement transaction by being aware of what's needed at settlement:
Mortgage Releases and Adjustments
Notify your lender promptly about the sale to avoid delays. Also, account for rate, water, and tax adjustments that might affect your final proceeds.
Considering everything from property presentation to legal obligations can be overwhelming.
If you want more personalised advice or need help navigating these changes, reach out to Christina at Penrose Real Estate for a confidential chat. Let's get your property sale ready for success!