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  • jetnelson

Sale Price NOT Maximised

Updated: May 4, 2022

In 2011, we decided that it was time to sell our investment property in Rowville Vic and put that money into our own property to enhance it for our family. I flew to Melbourne after the tenants moved out, excited to see what the place looked like again. And apart from an overgrown garden, it pretty much looked the same as I left it in 2000, which in fact was the same as when I bought it in 1997, and it was already tired looking back then.



I had just enough money to get it ready for sale. It needed a full paint job inside, repairs to a few timber and guttering areas outside and the floors needed to be sanded and polished. The garden needed some tidy up, a tree removed and some mulch. If I had enough money to update the bathroom and kitchen it would have been an amazing transformation. But I didn’t have the money, nor did I have any experience in kitchen and bathroom renovations so it would have been a risk to try and pursue those things when I was getting ready to sell. Who knows what would have been uncovered there and I certainly didn’t have the knowledge to deal with it. Nor did I want to be flying down there for every issue or decision that needed my attention.


My project management skills had grown over my career so I used them to make a solid plan. One trip was spent working on a few repairs and patching on the outside and I enlisted the help of a number of trades to get the work finished when I left. I also met with the agent and signed him up as he agreed to allow secure access for all the tradies. I flew back to Sydney with a solid work plan and confident of getting the work completed.

Aside from a 1 week delay in the replacing the only piece of carpet in the house, eight weeks later, we were ready for styling. The stylist completed her work in 2 hrs. The agent took a few photos and sent them to me. I was underwhelmed and called the stylist to get her work redone. I didn’t come all this way to then fall down at the finish line. She agreed to make the updates I required and with the photography taken the next day, we were on the market.

After just one open home, the agent received 3 offers. I took the highest and Rowville was SOLD pending settlement in 8 weeks.

 

The lesson for me over 10 years ago was if I had experience in kitchen and bathroom renovation, along with the money to do it, I would have achieved an even better sale price. A lost opportunity there, with nobody to guide me though I had to put that to one side and move on.

Since then, I've researched, planned and project managed renovations to learn as much as I can and help others out.

If you would like to avoid this same mistake or discuss the right path to prepare your property for a premium sale price, get in contact.



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