Selling older properties can come with a host of problems.
When a serious seller lists a property the intention is usually to get rid of the property in a reasonable length of time with minimum hassles. (Currently houses have an average period of 39 days on the market before sale.) With this in mind let’s look at some areas about property which could cause deals to fall over. Absentee landlords can sometimes find it difficult to keep their finger on the pulse when selling a property but it is well worthwhile to make sure that the following areas are either addressed prior to sale or at least be aware of them so that a realistic price can be negotiated.
- know about any pest problems that there may be at the property – if necessary have the property inspected before listing if for sale – most of the time where a property is inspected by a purchaser and they find that there are pests and termites the property sale does not go ahead – better to know the situation beforehand
- wet areas – bathrooms, laundry and kitchen – have these areas checked for rotting timber and seals around the wet areas – do they need replacing and being brought into good condition – it can make a lot of difference to the mindset of a purchaser if these areas appear negelected as the buyer may perceive that the whole house has been neglected
- subsidence or settlement – are there any cracks in any of the concrete work, either in the building, on paths or retaining walls – any problems in this area can lead to prolonged exploratory work and delay a sale for many months – remedies are usually costly and therefore proposed sales where these defects are evident usually do not go ahead
- below standard finishes – work such as wall linings or claddings, poor joinery detailing, drainage and general poor substandard buiding work
- work that needs approval and has not been approved – non-compliance with building regulations in any shape or form can cause serious headaches for sellers and buyers (when purchasing properties always make sure that everything is compliant because council inspectors can ask for patios etc to be taken down and the property reinstated to its original form – this can be costly and it can also affect your eventual sale of the property)
Building inspectors will uncover anything that is going to cause problems and the majority of buyers have building inspections so it is better to identify any possible problems when listing the property for sale, allowing for parties to resolve problems openly.
This post was supplied by SV Valuation, who undertake independent, professional valuations of property valuation, residential property valuation and rural living properties in the Adelaide metro area and surrounding regions such as the Mt Lofty Ranges, Southern Vales, Barossa Valley and Murraylands area.