05 Aug 2013
Words Tim Admin

Keeping Up Appearances

So your building has just undergone a refurbishment, and many of your owners have dug deep and refur-bished their units in order to meet the requirements under the star ratings, you are going to lose if they don't. New tiles, new bathrooms with modern new fittings and fixtures and what about that stunning new kitchen with the granite bench tops - wow your guests will be impressed and now perhaps you can get your tariffs up now to recompense those owners who have put there hands in the pockets. Now you think, the complex is looking stunning, the apartments are now updated to expected standards and the net income is increasing. It might now be the best time to sell. You select the broker to handle the sale, and inspection times comes along. “great we have buyers looking” The agent dutifully takes them through the complex taking then from one stunning apartment to the other and the buyers are buzzing, The agent senses a strong interest based on the buyers body language and feed-back them whammo. It happens......... The inspection of the manager lot has commenced and unfortunately the sellers weren't motivated to up-date their apartment, unlike the owners, and its tired and dated. The buyers are now deflated and now the doubts appear. Believe me this happens and happens all the time and in 90% of the time the buyers simply walk away. The sale is lost and however hard the broker may work its never going to be retrieved. I cannot stress more than to see if from the buyers perspective, you spend your days at work, showing peo-ple through the stunning apartments in your complex and come back at night to a dated unit. That's what they are thinking. In any property investments its critical to keep your investment updated the same as your owners need to, If you don't’ not only your investment will be devalued but prospective buyers will and are turning away. A two star managers unit in an otherwise four star building doesn't work. A poorly presented and outdated managers lot is simply not acceptable by today's buyers. Its a fact. One of the most critical requirements of buyers today is the quality of the apartment they will own and re-side in for the next five years or more. Take a look at your apartment - does it need to be brought up to date?