Nine out of 10 buyers will make an offer below the asking price simply because your property lacks street appeal.
Are you in the process of selling your home or thinking about it in the not too distant future?
Perhaps you need a change of scenery, more space for a growing family, less space if the kids are grown up and living out of home, or maybe there are financial or health considerations at play.
Whatever the reason, first impressions count when it comes to selling your property. And, if you want to get the best price possible, street appeal is something worth thinking about, with house hunters offering 13%, on average, below the asking price if a property is unappealing from the outside.1
How much could unappealing exterior features set you back?
According to recent research from Australian comparison website Finder, vendors lose more than $90,000 on average when selling their home, simply because their property lacks external appeal.2
In fact, nine out of 10 Australians admit to offering below the property’s asking price for exactly that reason. Queensland residents are the most likely to be put off by untidy property exteriors, with New South Wales and Victorian residents the least concerned by a property’s street appeal.3
If you don’t want a bad first impression to cost you, it’s worth some thought, particularly as the Australian Bureau of Statics reported in June that residential property prices fell in the March quarter for the first time since September 2012.4
Ways to increase the street appeal of your property before selling
Street appeal can make a big difference to the value of your property, and while some things will come with a price tag, the good news is there are plenty of things you can do for little or no cost.
And, considering that 32% of people would write off a property based on an untidy garden5, some of these ideas may be worth your attention:
- Rake the leaves, mow the lawn and get rid of weeds
- Trim overhanging trees and bushes, and plant some flowers for colour
- Install a modern fence, paint the old one or add one for depth and privacy
- Touch up cracked and peeling paint—think doors, windows and the garage
- Oil old woodwork, replace bricks and tiles, or pressure hose what you have currently
- Put in some porch lights, add some deckchairs or spruce up the ones you have with cushions
- Camouflage electrical and air conditioning boxes with paint or wooden screens
- Makeover your mailbox and maybe add some modern street numbers to jazz things up.
The ability to sell your home at a higher price could help you do a range of things, such as upsize to a larger property or downsize to a smaller one, and maybe pay off any debt you have at the same time.
1, 2, 3 Finder.com.au report – First impressions count when selling your home: 4 April 2016