13 strategies on how to put an offer on a house

1. What is an offer?

An offer is a formal proposal to purchase a property at a specific price and on particular conditions. It is a crucial step in home-buying, signalling your intent to purchase the property.

When making an offer, you are presenting a proposal to buy the property under certain conditions. It’s essential to make your offer in writing to avoid misunderstandings. This written offer outlines the purchase price, any conditions you wish to include, and the proposed settlement date.

By clearly stating your terms, you set the stage for a smooth negotiation process and demonstrate to the seller that you are a serious buyer.

2. Understand the market

When preparing to make an offer on a house, it’s crucial to start by researching the properties for sale in your desired area. You should assess current market trends to determine whether it’s a buyer’s or seller’s market, which can impact your approach.

• In a buyer’s market, more homes are available than buyers, giving buyers more negotiating power. You may have the flexibility to offer below the asking price or request more favourable conditions, such as extended settlement periods or additional inspections.
• Fewer homes are for sale in a seller’s market, and more buyers compete for them. This often means you must act quickly and make solid, competitive offers, sometimes even offering above the asking price, with fewer conditions, to increase your chances of securing the property before other buyers.
• Take advantage of resources like the Suburb Report to better understand the area you’re considering, allowing you to evaluate if it’s the right fit for you. Resources like this offer valuable insights into local property trends, similar properties and recent comparable sales.
• Potential buyers should act swiftly to avoid allowing other potential buyers to enter the bidding process.

Understanding market trends helps you adjust your strategy accordingly, ensuring your offer is tailored to the current conditions and maximising your chances of success.

3. Secure your financing

Securing your financing is a crucial step before making an offer. Start by researching what you need to know about buying a house and understanding the essential financial considerations, such as having your deposit ready to go and comparing loan rates.

It’s essential to have pre-approval from your lender so you’re ready to act when you find the right property. Ensure you meet all the bank’s requirements to avoid delays in the approval process. Understanding all the costs involved, such as deposits, stamp duty, and other fees, will help you establish a clear budget.

HKY Real Estate also offers tips for working with mortgage brokers and lenders to ensure you secure the best financing options.

4. Decide on your offer price

Once you’ve identified a potential property, deciding on your offer price requires careful thought. Analyse the listed price with current market trends and your budget, considering the potential for negotiations with the seller.

Based on competition and property demand, you must decide whether to offer below, at, or above the asking price. This strategic decision is vital in ensuring your offer stands out while staying within your financial means.

Remember, both you and the seller must sign the contract of sale for the property to be considered sold, highlighting the importance of mutual agreement in the transaction process.

5. Working with a real estate agent

Finding the right real estate agent is essential when making an offer on a house. A good agent can guide you through the process, provide valuable insights, and help you negotiate the best price.

The skilled agents at HKY Real Estate will help you craft a compelling offer and navigate the complexities of the negotiation process, increasing your chances of securing your dream home.

6. Prepare your offer

When preparing your first offer, several key components, such as the price, conditions, and settlement period, must be included. It’s also important to incorporate contingencies like finance approval and building inspections to protect your interests. Seeking professional advice can provide essential guidance in these areas.

A real estate professional can help you draft a formal, well-structured offer that covers all necessary elements.

7. Submit your offer

After preparing your best offer, the next step is submitting it to the seller’s agent. Understanding the process and knowing the potential for multiple offers is essential. Staying competitive in these situations can make all the difference. Prospective buyers should be well-informed and prepared to act quickly in such competitive scenarios.

8. Wait for the seller’s response

Once your offer is submitted, the waiting game begins, and the excitement builds as you hope the seller accepts. There are several possible outcomes: acceptance, rejection, or a second offer.

During this time, you should seek professional advice from the agent and lender to ensure you’re well-prepared for negotiations or decisions.

9. Negotiate if needed

If the seller counters your offer, it’s time to negotiate. Real estate agents can be invaluable in these situations, helping you secure the best possible deal.

Be sure to consider the key questions when buying property to stay fully informed. It’s essential to remain within your budget and consider any conditions during negotiations to protect your interests.

10. Finalising the contract of sale

Once your offer is accepted, the process moves into the finalisation stage. This includes signing contracts, arranging inspections, and ensuring all conditions are met. It is essential to be aware of the cooling-off period, which allows you to reconsider your property purchase and cancel the agreement without penalty within a stipulated number of business days.

11. Legal considerations

Legalities are a critical part of the home-buying process. Before finalising your purchase, it’s essential to have a solicitor or conveyancer review all contracts.

Be aware of any local legal requirements for property transactions in Western Australia to ensure you’re fully informed and compliant with all legal obligations.

12. Due diligence

Due diligence is a critical step in the home-buying process. It involves researching the property, reviewing the sale contract, and conducting inspections to ensure you are making an informed decision.

As a serious buyer, it’s essential to conduct due diligence to avoid potential pitfalls. This includes reviewing the property’s title, checking for any outstanding debts or liens, and conducting a building and pest inspection.

Doing your due diligence ensures you get a fair deal and avoid costly surprises.

13. Celebrate your purchase

Once all contracts are signed and conditions have been met, you can call the property yours. Celebrate this exciting milestone and begin planning your moving checklist.

Securing your new home

Buying a house is a complex process, but understanding how to make an offer is key to securing your ideal home. HKY Real Estate has a team of experienced and qualified professionals across Perth who understand the ins and outs of the real estate market. If you want to make an offer on a house, contact HKY Real Estate today for expert advice and assistance in making your property dreams a reality.

For more information on our services, contact our friendly team or visit our buyer’s resources page.

This article offers a detailed checklist alongside essential tips for moving house, designed to streamline your moving process from start to finish. We’ll help you prepare, pack, and settle into your new home with ease. So, let’s get started and make your move as smooth and stress-free as possible.

Planning your move

Stress levels could quickly rise when moving boxes start piling up and the deadline to move approaches rapidly. The secret to a smooth move is planning. We’re here to show you how to create a realistic moving timeline, breaking down big tasks into manageable chunks, whether you’re selling your current home or looking to buy your first home.

Thinking of selling? Take the first step – Request a sales appraisal today!

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Importance of early planning

Early planning is crucial for a successful move. Preparing your house well in advance gives you ample time to address any unforeseen issues and ensures that everything is organised by the time moving day arrives. A good rule of thumb is to begin planning at least two months before your move.

Create a timeline

Stress levels could quickly rise when boxes start piling up and the deadline to move approaches rapidly. The secret to a smooth move is planning. Create a realistic moving timeline, breaking tasks into weekly goals to make them more manageable.

Budget for your move

Moving can be expensive, so create a budget to avoid any financial surprises. Consider all potential costs, including hiring movers, purchasing packing supplies, and any additional services you might need, such as cleaning or temporary storage. A clear budget will help you manage your expenses and keep your move within your financial limits.

Preparing for moving day

Sorting and decluttering your belongings

Do you still have unpacked boxes from your last move? Before you start packing, take the time to sort through your belongings and declutter your home. Organise a garage sale, donate or sell items you no longer need or use. This reduces the amount you need to pack and makes unpacking easier and more organised in your new home.

Gather packing supplies

Stock up on packing supplies well before you start packing. You’ll need sturdy packing boxes, packing tape, bubble wrap, packing paper, labels and markers. Consider investing in specialty boxes for fragile items such as dishware or electronics. Having all your supplies ready will make the packing process more efficient.

Create an inventory of your items

An inventory list helps you keep track of your belongings during the move. Write down each item and its condition before packing it away. This will be invaluable if any items are lost or damaged during the move and can also help you prioritise which boxes to unpack first in your new home.

Visualise the layout

When preparing for moving day, review your home’s layout and map each room to the floor plan of your new home. Measure the dimensions of each room and furniture, to determine the best placement for each piece, ensuring everything fits perfectly. Mark the destination of each piece, to make it easy for movers to place items in the correct rooms.

Tips for moving house: Packing

Pack room by room

Imagine unpacking boxes in your new place, knowing where everything is because you packed room by room. Start with the rooms you use the least, such as guest rooms or storage areas. Using your map, label each box with the room it belongs to and a brief description of its contents. This will make unpacking much easier.

Label boxes clearly

Clear labelling is essential for an organised move. Use a permanent marker to label each box with its contents and room destination. Colour-coding boxes by room and priority can also be helpful for unpacking. Additionally, mark boxes containing fragile items to ensure they are handled with care.

Pack fragile items safely

Properly packing fragile items can prevent damage during the move. Fill any empty spaces in the boxes with packing paper or soft items like towels to prevent shifting. For extra protection, consider using double-walled boxes for fragile items.

Essential items to keep accessible

Pack a separate box or bag with essential items you’ll need immediately upon arrival at your new home. This might include toiletries, a change of clothes, important documents, and basic kitchen supplies. Having these essentials easily accessible will make your first night in your new home more comfortable.

Managing moving day

Confirm details with the moving company

Pre-move communication with your moving company is important, as it keeps everyone informed on the situation. Confirm your moving date, time and new address with your removalists a week or two before your move to allow buffer time for addressing any last-minute changes or unexpected situations.

For complex moves, contact them two to three weeks beforehand if you have bulky items, such as pianos, if you’re moving out of a high-rise building, or if you need storage.

Moving yourself?

If you’re doing the heavy lifting, you’ll need the right transportation to avoid unnecessary trips. Rent a suitable vehicle well in advance and check that you have all the equipment you need, such as dollies and moving blankets.

Preparing your old house

Before you leave your old place, do a final walkthrough to ensure that you have secured all the doors and windows, removed all of your possessions, and left the key with the new owner, landlord, or property manager.

Preparing your new house

On moving day, ensure your old and new homes are ready for the movers. Protect floors and doorways from damage by using covers or mats.

Tips for moving house: Utilities and bills

Transferring utilities to your new home

Arrange to transfer your utilities, such as electricity, gas, and water, to your new home. Contact all your utility providers a few weeks before your move to schedule the transfer. Ensure that essential services at your new home are activated by the time you arrive.

Final metre readings and payments

Take final metre readings for your utilities and inform your providers. This will ensure you’re only billed for the services you used. Pay any outstanding bills to avoid any future complications.

Tips for moving house: Update your contact details

Update your address with key institutions

Notify key institutions of your address change. This includes your bank, employer, home and contents insurance, and any subscription services. Updating your address promptly will ensure you continue to receive important correspondence.

Plan ahead

Make a note to inform other organisations of your correct address at a later date. Online shopping, doctors and the electoral office are often not urgent, however, can easily be missed once the move is over.

Notify family and friends

Don’t forget to inform your friends and family of your new address. Send out change of address cards or use digital means to notify them. Keeping everyone informed will help you stay connected after your move.

Redirect your mail

So you don’t miss any important mail during the transition, get mail redirected to your new address. Australia Post offers a change of address notification service, along with a mail redirection service.

Tips for moving house: Settling into your new home

Unpacking tips for efficiency

When you arrive at your new home, start unpacking essential items. Then, unpack room by room, prioritising high-traffic areas like the kitchen and bedrooms. Finally, it’s time to unpack your personal belongings, photos, artwork and interior decor. This approach will help you settle in quickly and avoid feeling overwhelmed.

Make your new house feel like home

Personalise your new home by arranging furniture, hanging pictures, and adding personal touches. Creating a familiar and comfortable environment will help you feel at home faster and ease the transition.

Security and safety

Once you’re in your new home, prioritise security and safety. Change the locks, test smoke detectors, and familiarise yourself with the layout of your home in case of an emergency.

Get to know your neighbourhood

Take some time to explore your new neighbourhood. Introduce yourself to your neighbours, locate nearby amenities such as supermarkets and pharmacies, and learn the best routes for your daily commute.

Ready to make your move?

Whether selling your property or stepping into your new dream home, the journey requires meticulous planning and a strategic approach. Our tips for moving house are designed to make your transition as smooth and stress-free as possible.

At HKY Real Estate, we understand that moving is more than just a physical process – it’s a significant life event. Our experienced team of real estate agents and property managers are here to guide you through every step, from listing your old home to handing over the keys to your new one.

Take the next step with HKY Real Estate

Ready to sell your current home, or looking to buy in the vibrant Perth market? HKY Real Estate is your trusted local agency committed to helping you achieve your real estate goals. With a team of highly qualified professionals, we ensure that every part of your selling, buying, or moving process is handled with care and expertise.

Contact us today to discover how we can make your real estate experience exciting and utterly seamless. Let’s make your next move together!

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In this comprehensive guide, we offer a fantastic insight into the home-buying process. From finances and property requirements to house inspections and compliance, the following questions will put you on the road to property success.

Home buyers: Questions to ask when buying a house

There are probably more than 100 questions to ask yourself before buying a house, but the following 32 are a great place to start:

Financial readiness and budgeting

Before you even think about house hunting, you need to review your finances. This will impact every decision you make, so it’s important to be accurate and thorough. While no one has a crystal ball, you need to forecast future income, housing costs, and lifestyle expenses to create a working budget.

Be upbeat but conservative in your estimates, learn all about interest rates, and be honest about how much you can afford. If you’re buying your first home, tools such as payment calculators are available to make this process easier.

1. What’s my housing budget?

2. How much should I save for a deposit?

3. How much are closing costs?

Property wish list vs requirements

Once the finances have been dealt with, you can start thinking about your potential new home. What are you looking for in a house? How much can you afford? And are your needs likely to change in the future? Answering these questions often involves compromise, so think about what you need and how it’s different from what you want.

4. Does the property have enough space for my needs?

5. Will the house need renovations or upgrades?

6. How much upkeep will the property require?

7. How will I furnish and decorate the house?

Location and lifestyle

Location is fundamental, as it impacts everything from initial cost to future value and lifestyle. It’s important to look at the location on every scale, from the state and city to the suburb and street. If you plan on living in the house, how will the property affect your lifestyle on a day-to-day basis? Is it on a busy street? If it’s an investment property, how can you appeal to tenants and future buyers?

8. What is the orientation of the house?

9. How safe is the surrounding area?

10. Is the property close to my workplace?

11. Is the property located near public transport and schools?

Long-term considerations

Property is not an impulse purchase. You need to think about your medium and long-term goals. What are you trying to achieve from this purchase? Are you willing to make sacrifices to your lifestyle? What kind of homeowner do you want to become? Whether you’re looking to buy a second home, generate rental income, or grow capital over time, these specific questions will influence your decision.

12. What are the long-term goals for my property investment?

13. Will this property fit into my lifestyle over the next 5-10 years?

14. Is there room for expansion or remodelling in the future?

Real estate agent: Questions to ask when buying a house

Asking questions to yourself is rarely enough. Real estate professionals can offer valuable insights and advice into the homebuying process.

Market value of the property

Each house comes with its own unique story. Experienced real estate agents know how to uncover the history of the property and its previous owners. With property report data at your disposal, you can compare houses and negotiate with more confidence. Real estate agents can provide you with an accurate picture of each property and its position in the neighbourhood.

15. How long has the house been on the market?

16. Can you provide a recent sales report to indicate the house’s value?

17. Why do the owners want to sell the property?

Property condition and home inspection

Regardless of age or location, each property presents buyers with challenges and opportunities. To understand the true market value of each house, it’s important to analyse its condition. Broad historical data can only tell you so much; you need to carry out a thorough inspection of the property. Real estate agents offer property appraisals, and they also have working relationships with property inspectors.

18. What is the age of the property?

19. What appliances and fixtures come with the home?

20. Are any visible repairs needed?

Financial assessment

Each property purchase should be analysed with a fine-toothed comb. You may be buying a new home for your family, but emotions need to be put aside. A detailed financial assessment looks into every aspect of the house, from upfront costs of buying a house to future expenses. When you analyse property costs against potential income and capital growth, you’re likely to make a better decision.

21. How much are the council rates and any other ongoing costs?

22. What’s the potential rental yield?

Legal and compliance checks

Depending on the jurisdiction, there are numerous legal and compliance issues associated with property purchases. When you connect with an experienced real estate agent in your area, you can learn more about individual properties and relevant regulations. For a reliable compliance review, you need someone with local knowledge and market expertise.

23. Are there any restrictions, easements, and covenants on the title?

24. Are there any zoning issues or land use restrictions?

25. Are there any known issues with the property, land, or neighbouring properties?

Future value and investment potential

Property values go up and down all the time, but they also follow long-term trends. To find the right house, it’s important to understand the cost of each property against surrounding suburb market reports. An experienced real estate agent can help you balance the cost of buying a property with its future income and growth potential.

26. How much have other houses in the area sold for recently?

27. What’s the expected growth rate in the area?

28. What’s the suburb profile like, and how has it changed over time?

29. Are there any planned infrastructure or developments that could affect property values?

Negotiating and finalising the contract

Before you even think about signing on the dotted line, it’s vital to negotiate the purchase price. There are lots of things to consider during the final stages of a property deal, and they’re not always obvious. During this stressful time, you need a real estate expert fighting in your corner. The negotiation phase can have a huge influence on the final price, so it pays to be prepared.

30. What’s the sales history of the area?

31. What is the asking price?

32. Are the sellers open to negotiating on the price?

Step confidently into your new home

Buying a house is never straightforward. Numerous questions arise throughout the process, both before and during the sale. From finances and compliance issues to property values and lifestyle considerations, it’s important to seek the advice of a professional real estate agent.

At HKY Real Estate, we can help you navigate the complexities of the property market. From market research and sales appraisals to selling your house and negotiation, our experienced team will help you move forward with confidence and clarity. We offer a range of real estate services, including listing properties, managing home open days, and delivering suburb and property reports.

If you want personalised advice delivered by a trusted Perth team, contact HKY today. With our support, you can make your property dreams come true.

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Still, buying a second property is often more complex than buying your first home. For starters, a good credit score and a substantial down payment are mandatory requirements in many cases.

What should you consider when buying a second home?

A thoughtful approach now can lead to a successful second home ownership experience down the road. If you’re thinking about buying a second home, you may want to consider the following:

Know your credit score

In Australia, when considering a home loan, your credit score plays a pivotal role. This score, which can range between 0 and 1,000 or 0 and 1,200, depending on the credit reporting body, acts as a key indicator of your creditworthiness.

Generally speaking, a minimum credit score is required for a home loan, and it’s important to be aware that having a score below 500 could significantly hinder your chances of approval. This threshold is not a strict cut-off, but rather a guideline, as various lenders may have different criteria for loan approval.

However, it’s widely recognised that a score falling below this range may make it more challenging to secure a home loan, as it suggests a higher risk to lenders.

Define your goals

Do you plan to sell your current house before buying a new property? Whatever your goals are, clearly articulate them before you decide on buying a new house. Whether it’s a family retreat or an investment, your goals will determine the type of loans you qualify for.

Financial implications of buying and selling

Housing prices have risen over the years, so you’ll likely pay more than you did for your first home. If you plan to buy before selling your first home, you should note that interest rates for second homes are slightly higher than for primary home mortgages. You could also consult a financial advisor to explore financing options, mortgage interest deductions, and their impact on your long-term financial goals.

Ongoing expenses and maintenance

The initial purchase price is often just the tip of the iceberg. Consider ongoing expenses, including renovations, insurance, energy, Wi-Fi, and landscape care. A property appraisal will help you assess the potential wear and tear, and property managers can help you spruce up the place, especially if you plan on renting out the property.

Explore the area

Take a trip to the neighbourhood. When looking at properties for sale, consider factors like potential property value growth and long-term suitability. You can also consult real estate agents who can provide insights into the local property market.

Understand tax implications

The tax breaks applicable to your primary residence may differ for a second home. Location, income, and rental plans usually influence property taxes and deductions.

Why do you want a second home?

Many second homeowners fall into the trap of getting a second house simply because they can afford it (or assuming they can). However, buying a home is a significant financial commitment, so it is essential to buy for the right reasons and a carefully thought-out plan.

Vacation or investment property

Most Australians look for a second home as a vacation or investment property. However, every buyer’s situation is unique, so be honest with yourself, research, and seek professional advice. Whether you fancy weekend getaways, monthly retreats, or extended annual vacations, how you use your second home will affect maintenance needs and justify the cost of buying a house.

Investment property considerations

If you plan to use the second home as an investment property, identify your ideal tenants. Are you targeting families, students, or professionals? Your preferred tenants will guide your research so you can look for ideal locations with high rental demand and low vacancy rates. You can also calculate potential income based on property type, location, and market trends.

Financial considerations

Ensure the rental income covers mortgage payments, taxes, insurance, and maintenance. You may need to consult an accountant to understand tax benefits and deductions associated with owning an investment property before you make a final decision.

Managing dual properties

If you’re planning on buying a second home, it’s important to acknowledge that managing two properties has its set of potential challenges. However, having a sound property management plan can make it easier to transition and make the most of your homes.

Will you take on the responsibilities personally or use professional property managers? Our property management services offer several advantages, such as maintenance and overall property upkeep. This significantly reduces your stress and time commitment as a property owner.

It’s also important to create a realistic visitation schedule. Assess your availability objectively and establish a visitation schedule that works with your personal and professional commitments to ensure a manageable schedule. This will help you avoid investing thousands of dollars in a second home that you’re not likely to use as often as you imagine.

Tips for homeowners

1. Market research and budgeting

• Understanding trends: Keep abreast of both local and national property market trends. Look for areas that show promise in terms of property value appreciation.
• Financial planning: Remember to factor in the additional expenses such as ongoing maintenance, property taxes, insurance, and possibly higher mortgage rates.

2. Financing options

• Two mortgages: You might consider getting a second mortgage or refinancing your current home to free up funds.
• Home equity loans: If you have significant equity in your first home, it can be utilised for the down payment on your second property.

3. Purpose and maintenance

• Determining usage: Clarify whether the second home is for vacations, as a rental property, or a bit of both.
• Property management: If you’re considering renting out your property, think about whether you need a property manager, especially if it’s located far from your primary residence.

Tips for people selling a home

1. Capitalising on your sale

• Strategic timing: Use the proceeds from selling your current home to fund the purchase of the second home. Timing this right is crucial.
• Tax considerations: Be aware of the potential capital gains tax implications and seek advice from a tax professional.

2. Transitioning smartly

• Renting vs selling: Consider renting out your current home for additional income during the transition.
• Ownership overlap: Try to have an overlap period where you own both homes, allowing for a smoother transition.

Tips for first-time home buyers

1. Planning for the future

• Assessing long-term needs: Think about whether your second home will serve as a holiday spot, an investment, or a retirement haven in the future.
• Location choice: Select a location that aligns with your long-term aspirations, be it city life, countryside serenity, or beachside living.

2. Investment considerations

• Rental viability: If the second home is intended as an investment, research the rental demand and potential income in your chosen area.
• Portfolio diversification: Purchasing a second home can be a way to diversify your investment portfolio, potentially offering a hedge against market volatility and inflation.

Buying a home with HKY

At HKY Real Estate, we specialise in helping people navigate the exciting journey of acquiring a second home. Whether you’re buying a new home, selling your current property or both, our real estate agents can help you find the ideal property or buyer. To find out more, contact our friendly team today.

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Here, explore different aspects of staging, from tasteful decorating to strategic arranging highlighting your home’s best features. This guide will help you with tips and tricks to make your house stand out in a competitive real estate market!

What is home staging?

Home staging is more than just preparation to sell your property. Staging a home for sale is a marketing tactic involving styling and furnishing a house to enhance its appeal through strategic decor and furniture arrangements. It creates an inviting atmosphere that appeals to potential buyers. Home staging may range from declutters to full-scale redecorating and furnishing.

First impressions matter

Curb appeal is the first impression many home buyers experience before stepping inside a house. Preparing your house for sale is not just for the inside. It starts outside. The level of attractiveness buyers feel for a property often begins from a street view and then heads inside—this includes online viewers. Most buyers will start looking online first, so if the home’s first impression is appealing, home buyers will continue to look and may schedule an in-person visit.

Decluttering is key

Decluttering is essential for successful home staging because it presents a property that looks and feels clean and spacious. Removing excess items and personal belongings creates a clean slate, allowing potential buyers to envision themselves living in the space. Decluttering helps a home feel bigger and enhances its attractive features, like crown moulding or other interesting details.

Neutralise and depersonalise

Neutralising and depersonalising your home is crucial in a diverse real estate market. Adopting a neutral colour palette helps create a blank canvas for potential buyers. Removing personal items like family photos, quirky art pieces, or unique decor will allow people looking at the property to envision their belongings in the space.

A neutral space creates an inviting option for a broad range of buyers without the risk of making anyone feel uncomfortable or like they may not fit into the community.

Highlight the home’s best features

When staging a home, it is important to highlight the home’s best features. Accentuating natural light by opening curtains, ensuring windows are spotless, and ensuring light sources are not blocked by furniture allows the area to be illuminated with sunlight and warmth.

Homes with unique architecture or design elements should be staged to draw attention to those features. Other tips include using mirrors to reflect light to enhance the space and arranging furniture to create a natural flow throughout the home.

Effective use of furniture

Minimise furniture without removing all of it. If you have bulky furniture in your living room or too many tables and chairs in your dining room, your space can appear smaller than it is. Finding the right balance using pieces that make the space feel comfortable and livable while optimising the natural flow and maximising the spaciousness of each room is critical when arranging furniture.

Another important part of home staging with furniture is defining each space for potential buyers. If you have an empty room, add furnishings that show what the space could be used for. For example, a small room you use for storage may make a great baby nursery or a guest bedroom—help buyers see the full potential of rooms and imagine their future home.

Attention to detail: Accessorise

Details and small, thoughtful touches can elevate a home when staging it for potential buyers. Make your house stand out by adding elements like plush, colourful cushions, a coffee table book, or tasteful but neutral artwork.

Fresh flowers and indoor plants add a splash of colour and create a healthy, inviting atmosphere. Other details that add character and interest include thoughtfully placed books, candles, or decorative bowls on coffee tables or nightstands.

Cleanliness counts

A clean home is paramount when selling a home. Dust-free surfaces, sparkling clean windows, and immaculate floors reflect a well-maintained house. Cleanliness that can be felt as potential buyers walk through the door helps build trust and creates a welcoming, healthy atmosphere.

Use a professional cleaner to ensure the interior is free from allergens and odours, foul odours or allergens such as pet dander can hinder sales in a competitive real estate market.

Lighting

Maximising natural light sources is the first step in optimising lighting in your home. What about other lighting elements? Potential buyers will look at and evaluate all of your light fixtures. If you have an older house or standard lighting, consider swapping it out for something more modern with a bit more style.

While you want to create a blank canvas for potential buyers, you also want them to appreciate what you have to offer with the house as-is. Another critical lighting tip when staging your home is ensuring all light bulbs work. Check and change any light bulbs that are burnt out before showing your house.

Invest in small upgrades

When staging your home, some minor, affordable property upgrades add value and can quickly elevate your space—for example, framing the bathroom mirror using a DIY frame kit or changing out old hardware with newer, modern hardware. Other ideas include decorating with mirrors and applying a fresh coat of neutral paint.

Check out these additional ideas for small upgrades that make a big impact:

• Upgrading window treatments
• Changing door knobs.
• Updating light switch and electrical outlet plates.
• Adding fresh mulch to outside landscaping.
• Steam cleaning tile grout.

Final touches

After decluttering, arranging furniture, and other significant staging efforts, it’s time to add some final touches to your home before potential buyers arrive.

Make a lasting impression on buyers using fresh flowers or potted plants throughout the house. Lightly scented candles or diffusers can fill the house with a pleasant, inviting scent. Other ideas include plush towels in the bathrooms and ambient lighting in appropriate places.

Tips for staging for photos

83% of buyers rely on photos to determine which houses they will visit—staging your home for pictures is critical! Staging your home for photos is different than staging your home for visitors. While having bowls of fruit or fresh flowers is a good idea as potential buyers peruse your house, leave these things out of your photos.

• Clear flat spaces like bathroom and kitchen counters, tables, and tops of bookshelves.
• Hide all wires from TVs or other sources.
• Clean everything from top to bottom.
• Fluff the carpets.
• Steam the beds to free them from wrinkles.
• Lighting is key! Take photos when natural lighting is optimal, and turn the lights on inside!

Marketing the staged home

Marketing your home today starts online, and real estate staging makes a difference. High-quality photos are essential for showcasing your home’s best features and creating the best first impression to entice buyers to schedule in-person visits.

Social media and seller resources can help you have a broad reach and get the word out about your home for sale. Another important aspect of home marketing is writing a compelling property description, including all the important details about your home and property.

Are you ready to sell your home in Perth?

Reach out to HKY Real Estate for expert guidance about Perth home staging and home sales. We understand the importance of presenting your home in the best possible light to maximise its marketability and attract the right buyers swiftly.

Our team of local real estate agents is experienced in the nuances of the Perth real estate market. Our selling agents can tailor a sales strategy just for you that aligns with your specific needs and goals. Contact us today for a property appraisal to start your home sales journey!

FAQs about staging a home for sale

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However, it is important to know that property valuation and appraisal are two different services that provide different results. Each process has a unique purpose and outcome, so understanding these differences is important if you are planning to buy or sell a property.

In this blog, you will learn the difference between a property valuation and a property sales appraisal, what each process entails, and who can provide each service.

What is a property appraisal?

To begin, let’s define what a property appraisal is. An appraisal is an estimate of the value of a property provided by an experienced real estate agent. If you’re thinking of selling your property, an appraisal can give you a solid indication of how much your property could sell for, making it a valuable tool to have in your arsenal.

A real estate appraisal takes into account factors such as recent sales of similar properties in the area, the condition of the property, street appeal and any renovations or upgrades that have been made. If you’re thinking of buying or selling a property or refinancing your mortgage, you may need to obtain an appraisal.

Why would you need a property appraisal?

As a property owner, you may wonder why you would need a property appraisal. The answer is simple: It’s the best way to gauge the local market when planning to sell or lease your property. Although an appraisal isn’t a definitive value, it provides you with an estimate of how much your property could sell for. This information is crucial when making decisions about selling your property.

Property appraisals are an opportunity to gain valuable insights into your property’s worth if you are:

• Considering an investment property purchase
• Upgrading or downsizing your family home
• Renovating and want to find out how your upgrades have impacted its value

Overall, getting a property or rent appraisal can be an excellent tool for sellers or landlords looking to understand the local real estate market.

Who can provide a property appraisal?

In Australia, property appraisals are conducted by licensed real estate agents.

When getting your property appraised, make sure to work with a local real estate agent who has a good understanding of the area and recent sales. Avoid using a real estate agent who normally works outside of your area, as they may not provide an accurate estimate.

At HKY Real Estate, we have a team of certified real estate agents who offer professional, accurate, and timely property appraisals.

When should you get a property appraisal?

While appraisals are estimates rather than definitive values, they are still incredibly helpful in gauging the local market.

As a homeowner, it’s important to know the value of your property, especially if you’re considering selling. That’s where a property appraisal comes in. Not only can it help inform your decisions when it comes to putting a selling price on your home, but it can also give insight into the current market and how your property stacks up against others in the area.

It is advisable to have a property appraisal conducted before listing your property for sale as it helps to determine a fair and reasonable asking price.

But appraisals aren’t just for sellers. If you’re planning on renovating your home, an appraisal can help you understand which upgrades will yield the greatest return on investment. If you’re in the market to buy an investment property, understanding the equity you have in your current property can be a valuable tool in your financial planning. Regardless of your situation, getting a property appraisal can provide clarity and confidence in your real estate decisions.

What is a property valuation?

Property valuations are performed by experienced professionals who assess a property’s market value based on several factors. They compile a detailed report which looks beyond just its location and size.

A qualified valuer inspects the property in person, taking into account important details such as zoning, land title, to the physical condition of the property itself. As well as identifying any easements or encumbrances.

Once the valuer completes their assessment, they’ll compile a comprehensive property valuation report that outlines the property’s true market value.

Why would you need a property valuation?

Valuations are essential for various reasons.

• Looking to get a home loan, refinance, or calculate your equity? Market value is a key factor in determining the loan amount.
• Are you going through a property settlement? A valuation can ensure that both parties are receiving a fair split.
• If you need to prove the value of a deceased estate or are in dispute resolution, a property valuation is essential.
• For property investors, it’s crucial to have a reliable valuation to ensure they are not overpaying or undervaluing a property.
• Property valuations are also useful in cases of divorce, deceased estates, legal disputes, and insurance purposes.
• If you’re selling or buying a property, a valuation can provide you with an accurate figure.

Who can provide a property valuation?

In Australia, a property valuation can be conducted by a licensed property valuer or a certified practising valuer (CPV). It’s critical to partner with a valuer who has experience in valuing properties in the relevant area and can provide accurate and impartial advice.

When would you get a property valuation?

If you’re buying a house and planning to apply for a home loan, it’s highly likely that you’ll need to get a property valuation. These valuations are mandatory for most lenders, as they need to know the accurate value of the property before approving your loan.

Property valuations can also come in handy when dealing with family or partnership settlements, helping to ensure that all parties involved receive a fair deal. Additionally, a property valuation is often necessary when calculating capital gains tax or obtaining a building insurance policy.

Property owners should get their properties valued every three to five years, or when they plan to sell, refinance, or update their insurance policy.

Expert real estate appraisal for your Perth property

Understanding the difference between a property appraisal and a valuation is important when it comes to making wise financial decisions about your property. If you’re a homeowner, buyer, or landlord in Australia, consider obtaining a property appraisal or valuation to gain a better understanding of your property’s value.

If you’re in need of experienced professionals to help with your property appraisal, contact the team at HKY Real Estate for expert guidance and support.

Difference between valuation and appraisal FAQs

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But small changes can also make an incredible difference and significantly increase the value of your property. If you are wondering how to add value to your home, here are some valuable tips to guide your home improvement journey.

Top 7 tips on how to increase the value of your home

1. Make a lasting first impression

Are selling your home? Then you need to create a lasting impression on potential buyers. Firstly, ensure your home’s exterior is beautiful and inviting. After all, this is the first thing property viewers see — good or bad.

Start by clearing anything that looks unsightly, tidy hedges, and consider giving your door and windows a fresh coat of paint if they look worn and tired. A fresh paint job can go a long way.

If you have a garden, it can be an excellent selling point if well maintained. However, if overgrown, it can also make the space look smaller and unattractive.

You can make the most of it by cutting the lawn, eliminating broken pots and other additions, weeding, and creating privacy with trees or trellis.

Replacing your old, dented garage door can also make a huge difference to the perceived value of your home.

2. Refresh your living spaces

When you think of selling your property, whether or not to renovate is one of the first questions that comes to mind. Minor upgrades can go a long way in improving your house resale value by up to 20-25% without hurting your wallet.

Simple, creative updates such as upgrading light fixtures, repainting, adding crown mouldings, a feature wall and incorporating trendy decor can help modernise your home.

Removing vertical blinds with sheer curtains allowing natural light flow is also a great, inexpensive upgrade.

This way, you will have a new, upgraded space without a complete tear-down.

3. Upgrade your kitchen and bathrooms

How do you add value to your home? A well-designed, functional, aesthetic kitchen and bathroom is an excellent place to start.

Note that kitchen and bathroom renovations can be costly, so invest in upgrades that guarantee a return on investment.
For your kitchen, work on improving your storage; updating, painting, and replacing cabinets; upgrading appliances; and replacing countertops.

When upgrading your bathroom, consider remodelling your bathtub or shower and upgrading your floor with ceramic or porcelain tiles, which are inexpensive, waterproof, and long-lasting. You can also consider upgrading your cabinets and vanity area.

4. Increase energy efficiency

With the emphasis on environmental safety and consciousness today, energy-efficient homes are quickly gaining traction and fetching incredible prices on the market.

Besides environmental protection, green homes help reduce utility bills and unnecessary maintenance expenses and enhance general comfort.

If you want to improve your home’s energy efficiency, you can upgrade your insulation, adopt solar power, and move to energy-efficient appliances. You can also consider upgrading your windows, which comes with the added advantage of adding economic and aesthetic value.

5. Outdoor living enhancements

Sure, various factors, including its location, square footage, and interior features, impact its value. However, having a beautiful, well-maintained exterior and a beautiful, functional outdoor living space counts too. Today, a creatively designed and well-maintained patio is estimated to increase your property value by 8-10%.

Other outdoor upgrades that guarantee a great return on investment include building a shaded entertainment structure and adding a fire pit or outdoor kitchen. You can also expand your outdoor space with decks and patios.

6. Investing in property maintenance

Wondering how to add value to your property? Thorough conducting regular inspections, maintenance, and upgrades is one way.

Besides increasing home value, maintaining your home in pristine condition through regular and quality maintenance will help you avoid potential code violations. Some common safety and maintenance tasks include safety checks, regular cleaning, asset repairs, and landscaping.

Remember to renovate and upgrade your home by installing modern appliances and technology. If you are leasing your property, tenants will stay longer, translating to more cash flow while maintaining and increasing your home value.

7. Know your market

Even if your property is in perfect condition, with excellent upgrades, the number of buyers and the nature of the market can affect your home value. Whether you are leasing out or selling your home in Perth, you want to know how to add value to your property.

But before anything else, research thoroughly and understand the current local property and market trends.

If there are many prospective home buyers with fewer properties for sale, then you are in a seller’s market. However, if the properties are more than the buyers in the market, understand that you are operating in a buyer’s market and adjust accordingly.

Analyse your prospective clients and determine their needs, wants, expectations, and how well the local market meets them.

If you want to know what the current value of your property is, speak to the trusted team at HKY Real Estate.

How to increase the value of your property FAQs

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However, since property investment entails a major financial commitment, it’s a decision that requires plenty of consideration. Besides, all types of investment involve a certain level of risk, and property is no exception.

You need to ascertain first whether buying rental property makes sense for your situation. It also involves careful preparation, research, and getting the right advice. And since you’ll be investing in a rental property, you’ll also need to ensure you work with a competent, reliable and trustworthy property manager.

That being said, rental property investment in Western Australia offers certain benefits.

The benefits of investment properties

The benefits of having a rental property are possibly the strongest justifications for investing. If nothing else, most investors aim to build a strong rental portfolio, which might be the finest retirement asset for individuals looking to secure their senior years.

Here are some of the biggest advantages of investing in a rental property:

Cash flow

Buying rental property is just the beginning. When you’re able to find good tenants or rent out your property successfully, you’ll have a reliable source of rental income month after month and year after year. When you’re able to maintain a positive cash flow, meaning you have some profit left over after paying for expenses (mortgage, property taxes, utilities, etc.), that’s the time you can start growing your wealth.

Capital appreciation

Although capital appreciation may not be 100% guaranteed (as it depends a lot on location and other factors), it’s one way you can gain more value out of your investment property. In general, however, property value is known to appreciate over time, and this could prove to be a big bonus if you decide to sell your property after several years.

Passive income

When you have a good property manager taking care of your rental property portfolio, you know you’ll have money coming in regularly without the need to actually do much.

Safe investment

Investing in real estate is typically thought to be the safest type of investment because of its low volatility, despite the presence of other investment options, like equities, bonds, cash, etc. The risk associated with your investment is reduced because real estate is a physical asset. Besides, people will always need a place to live, so the risk of investing in a rental property is much less than, for example, a start-up tech company.

Access to equity

Equity is your property’s current market value minus any outstanding mortgage owed against it. If you have built enough equity, you can leverage it to get another loan which you can use to expand your investment property portfolio or for a different venture.

Multiple profit streams

When you invest in rental property, there are several ways to profit from it; that is, through rental yield, cash flow, appreciation, loan repayment and tax benefits. This means you’re earning money from your rental income whilst it gains value as the years go by. You’ll also be making loan repayments using your rental returns, not your personal income or savings.

Tax incentives

Tax benefits can also be had for any costs you incur on your rentals, such as maintenance costs, council fees, and property management fees. Additionally, if your expenses outweigh your rental revenue, this could offer tax advantages like negative gearing.

Types of rental properties available

When shopping for a rental property, there are many distinct types. Common rental property types include:

• Freestanding houses
• Terrace
• Semi-detached houses (semis)
• Duplex
• Townhouse
• Villa
• Holiday homes
• Apartments

Every type of rental property has its own advantages and disadvantages, so it’s crucial to build a tenant profile based on the community amenities available and the current property market. For example, freestanding homes in suburban neighbourhoods may be ideal for families.

How to find the right property for your objectives

Before taking the plunge, it’s important to consider which property type will give you the best return on your investment. Unlike purchasing a home, your investing goals and financial situation will influence your property choices.

Location is everything

• Close to the city or the suburbs? In which suburb will you be looking and why?
• Is there an underlying demand for rentals in this area?
• Will the property appeal to your target market?
• Is there proximity to public transport, schools, parking and outdoor space?

Apartments versus houses

• Do you want a freestanding house or a strata-titled property?
• Do you want a property with the potential to be subdivided?
• Is your goal long-term capital growth or higher rental yields?
• What other costs are there – insurance, repairs and maintenance costs – and are they affordable?

These are just some questions that should serve as your guide to finding the right rental property for you.

To determine how much of your own money you’ll need for property expenses, make an assessment.

• Will the projected cash flow be sufficient to pay for improvements you’ll be making to make it more enticing to tenants?
• Will the renovations result in superior capital gains and higher rental returns?

Any planned work on the property must be based on your investment strategy to ensure your money is not wasted.

How to set up and manage your rental property effectively

The next important choice you’ll need to make after investing in a rental property is whether to hire a property manager or take care of managing it yourself.

If you’re renting out a property for the first time and don’t know a thing about finding and screening tenants or other property management tasks, getting a professional onboard is your best choice.

With a property manager, you can have a consistent source of income and get quality tenants. They’ll assist you in getting the best results by analysing rental rates periodically and taking care of marketing, tenant screening, tenancy contracts, property inspections, repair and maintenance, and more.

What to look for in a tenant

Finding the ideal tenant for your rental property may take some effort and patience, but it’s well worth it.

Fortunately, there are traits to look for in prospective tenants that will help to simplify the screening process:

• Stable employment or source of income
• Good credit standing
• Clean criminal and eviction history
• Keen interest in the property
• Courteous, punctual and upfront
• Efficient documentation work
• References that check out
• Has long-term plans to live on your property

Investing in property with HKY Real Estate

Buying an investment property is a great way to grow your wealth. If you’re looking to buy an investment property or buy your first home in Perth, HKY Real Estate can help you find the perfect property for your needs.

For expert advice, get in touch with our friendly team today.

Rental Property Investment FAQs

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There are a few different costs associated with buying a property that you’ll need to factor into your budget. Some of these costs include:

Bank fees

Deposit

The first is the deposit, or down payment for your home loan, which is typically around 20% of the purchase price. So, if you’re looking at buying a $500,000 property, you’ll need to save up at least $100,000 for the deposit.

Lenders Mortgage Insurance

If you’re unable to come up with a 20% deposit, you may still be able to buy a property but you will likely have to pay for Lenders Mortgage Insurance (LMI). This insurance protects the lender in case you default on your loan and allows you to pay, for example, only a 5% deposit.

The cost of LMI can vary depending on the size of your loan and the deposit amount, but it’s typically around 0.20-0.95% of the loan value. So, on a $500,000 loan, LMI would cost between $1000 and $4750.

Home loan application fee

Most lenders will charge a home loan application fee, which is usually around $500, however this may vary depending on your bank. This fee covers the cost of processing your application and verifying your financial information.

Valuation fee

Your lender will also need to get the property valued before approving your loan. The valuation fee is typically around $300, but it may be free if you’re taking out a package loan with the same lender.

Government fees

Stamp duty

You’ll also need to pay stamp duty, which is a tax on property transactions. The amount of stamp duty you’ll need to pay will depend on the purchase price and your circumstances (e.g. whether you’re a first home buyer or investor).

Use our Stamp Duty Calculator to estimate your stamp duty in your state or territory.

Conveyancing fees

Conveyancing fees, also known as settlement fees, are charged by your conveyancer or solicitor for their professional services in relation to the purchase. These fees will vary depending on the complexity of the transaction and the location of the property, but you can typically expect to pay between $500 and $1500.

Registration of your mortgage

Once your loan has been approved, you’ll need to register your mortgage with the relevant state or territory government body. The registration fee is typically around $200.

Moving costs

Costs associated with moving, such as removalists, packing materials and temporary accommodation can also add up. It’s important to factor these costs into your budget when saving for a home.

Other costs

Legal fees

You’ll need to budget for legal fees, which will be charged by your conveyancer or solicitor for their services in relation to the purchase.

These fees will vary depending on the complexity of the transaction and the location of the property, but you can typically expect to pay between $800 and $2000.

Building and pest inspections

Before buying a property, it’s a good idea to get a Perth building and pest inspection done. This will help identify any structural damage or other issues and defects with the property. The cost of an inspection will vary depending on the size and location of the Perth property, but you can expect to pay between $200 and $600.

Ongoing costs of owning a home

You should also factor in the ongoing costs of owning a home, such as connecting gas and electricity, council rates, water bills, insurance, and repairs and maintenance.

Connecting gas and electricity

If your new home doesn’t have gas or electricity connected, you’ll need to pay for this as well. The cost will depend on the provider and the type of connection you need. There will also be the ongoing costs of gas and electricity usage.

Council rates

Council rates are another cost you’ll need to factor in when buying a home. These are set by your local council and go towards the upkeep of public amenities like parks, roads and libraries in your area.

Water bills

You’ll also need to pay for water usage at your new home. The cost of water will depend on the state you live in, the size of your property and how much water you use.

Home and content insurance

It’s also important to factor in the cost of insuring your new home and contents. Home insurance will protect your property against damage from events like storms, fire, theft and vandalism. Contents insurance will cover your belongings if they’re damaged, lost or stolen.

Repairs and maintenance

Owning a home also means being responsible for repairs and maintenance. From fixing a leaky tap to repainting the exterior of your home, these costs can quickly add up. It’s important to factor them into your budget when considering how much you can afford to spend on a property.

Buying a house with HKY Real Estate

When you purchase a house in Perth through one of our real estate agents, you can rest assured that we will guide you through the entire process. From finding a house that suits your needs, to making sure you are aware of costs and other factors involved with buying a house. To find out more, get in touch with our friendly team today.

Costs involved with buying a house FAQs

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