Our tenant has decided that she is going to move to Brisbane. So we are going to try to sell our last IP in Branyan (Bundaberg). It was bought as a bit of a mistake with some relatives. They wanted to live in the country (one acre) and were willing to give us $20,000 deposit as a gift to get it. I walked away when we first looked at it, but they relatives talked me into it with the deposit as the sweetener.
We have totally renovated the whole inside of the house, but the outside still need heaps of work :-(
It is a 3 x 1 brick 80's house with a garage on the house, carport and 20 x 30 double door garage. Chook house and heaps of other sheds. large amount of rain water tanks (Over 10,000 gallons) Rates are cheap as chips. $460 per 6 months.
We put a 2.8kW solar system on the shed, so that is worth over $10,000 on it's own.
I am hoping to advertise it as a good investment for $275,000. Rent has been $290 a week.
Any questions please fire away...
Go slightly higer selling price
If it already renting at $290/week, I would advertise the property at $290,000 as this will represent 5% return I think, which considered good return for residential. You can always reduce it later which is a good way of enticing the buyer
Jacktej said: ↑
If it already renting at $290/week, I would advertise the property at $290,000 as this will represent 5% return I think, which considered good return for residential. You can always reduce it later which is a good way of enticing the buyerI'd consider that a ludicrous way to work out how to price your house for sale.
JackClick to expand...
It can only be based on as many comparable sales of similair properties in the area.
Is there many more properties with similair features in the area? What are they selling for?
Are they selling or just sitting on the market?
Do you require a quick sale? If so the list price needs to be slightly below the closest comparable.
Using a broadbrush yield approach to arrive at your list price is akin to throwing a dart and hoping.
The listing price will be slightly under what is on the market at the moment.
And we do have room for negotiations.
The RE is going to ring me on Friday morning to discuss it, they still have photos from when we tried to sell it 7 months ago. All with out furniture, so it will look bigger I think.
I am very aware of the other houses that are for sale in the area, and I am not sure how the sales are going there... will find all this out when I talk to the RE on Friday morning.
One good thing... It is not in the area that flooded recently in Bundaberg and is about 10 mins drive to Sugarland shopping centre.
So country feel on the edge of a large town...
Houses without furniture look smaller than with some strategically placed furniture and accessories. Furniture gives a photo/room scale. Without it, it is hard to judge how a lounge suite or bed will look and how much room is left over.
If the older photos are good and don't just look like photos of a tenant's furniture and/or mess, then I would be inclined to use them.
Or place some furniture of your own for the photos and inspections.
We always have done this, and it works well.
Finally on Real Estate .com.au!!
It has taken a while... but it is finally up for sale.
Had all the agents out to have a look and the evaluation was not good!
ranged from $265,000 down to as low as $250,000.
So we have put it up for $265,000 and see what happens if there is any interest. We are also going to get the yard cleaned up...
Here it is for your opinion...
Large blocks are a double edged sword - some tenants love the space, others hate to mow lawns...
At $265k with a rent of $290p/w you should get a bit of interest.
One criticism; the lounge suite looks too big for the room; maybe take one armchair out from in front of the dining area to open it up a bit?
My thoughts and suggestions
MissMuffitt said: ↑
We are also going to get the yard cleaned up...Picture 1 - Front yard
Weeds in yard IMHO mean unkept, neglected and not looked after.
Here it is for your opinion...I have a few thoughts.
http://www.realestate.com.au/property-house-qld-branyan-107481919Click to expand...
Roll up external stripped blind and far blind as potential viewers would see that the front of the house faces western sun = hot house.
Open or close both curtains
Picture 3 - Kitchen
Needs decluttering - remove basket off pantry, remove stuff hanging off fridge as looks untidy and remove chopping board of the centre bench. Pull curtain on sliding door completely open and try to take out of shot. Oh and get rid of garbage bin!
Picture 4 - Bathroom
Remove towels as messy and replace with 2 folded matching towels on handrail.
Picture 5 - Outback shed and tank
Take picture from a different angle rather than tank front and almost centre. What is on the shed roof ? solar.
Picture 6 = Bedroom - Main
Declutter tallboy and remove cushions off the floor and out of photo shoot and open curtains equally to create a balance to the room and provide an outlook to yard.
Picture 7 - boys' bedroom
Open 3 curtains equally and cut down length of curtain rail, get rid of pictures on side wall (eg tiger and above tiger) and also pictures reflected in sliding mirror door. Matching bedspreads would enhance room IMHO.
Picture 8 - Girl's bedroom
Declutter and remove toys off floor and most of items off dressing table and open the curtains.
Picture 9 - Open sliding door curtains (is sliding door curtain rail too long? If so cut down) roll up external blind so outside view can be seen.
Picture 10 - Laundry
Remove garbage bin and also items in laundry tub and replace mat on floor as it looks scruffy.
To me neat and tidy = looked after & well cared for = no problems,
Scruffy = not cared for, look closer for problems and bargain harder for discount in price.
IF I was looking at this place as per internet pictures, I would be driving a hard bargain for a price reduction as property looks neglected.
Sheryn said: ↑
IF I was looking at this place as per internet pictures, I would be driving a hard bargain for a price reduction as property looks neglectedClick to expand...Apart from a bit of tidying up and gardening it doesn't look too bad
Thank you Sheryn for all of your thoughts... Unfortunately all of the stuff in the pictures are the tenants, so I don't think I could ask her to move anything... if you know what I mean, she is a very late payer with the rent as is, I don't want to have her do a mid night flit because she got the poops with the owner!.
But I can defiantly see what you are saying is true!
We have been given a quote on how much to get the 1 acre tidied and it is wasy out of our range at this time... I am going to see if the guy can just do the long grass, and the front gardens.
Yes it does have the solar on the roof of the shed.
We are loosing a lot of money at the price we have it on sale for now. Not that that is any concern to the potential buyer...
We will make absolutely nothing on this place after spending probably close to $50,000 on the inside reno + solar. Both of our jobs are casual at present and we need it sold! Far to much stress with a tenant who is probably 3 to 4 weeks late now!