Considerations in the New Zealand Property Market

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If you’re eager to tap into the New Zealand property market, you might want to explore Dunedin. The city has experienced an upswing in property value over the past few years, outstripping Christchurch as the country’s leading property investment hub in 2019. But before heading into an investment, or possibly selling your current home, it’s always good to do some homework on the area you’re planning to buy or sell in. You also want to consider how best to save money during the endeavour.

One key point, whether you’re entering the property market as a first-time buyer, or are a current homeowner looking to move or seeking to invest in an additional property, is to ensure that you’re working with a top real estate agency. Often, buyers and sellers assume that big-name estate agents are the way to go. However, it’s not the size of the agency as much of their quality of service, their ability to match properties with buyers, and how well they know the market that matters at the end of the day. In real estate, it’s also assumed that high commissions are a given. But that’s not always the case, as there are agencies, like Total Realty, who operate on as little as 1.5% commission. Finding the right agent can go a long way in helping you secure a good property, sell your home at a respectable price, and limit unnecessary expenses like commission fees or finding hidden costs related to repair work upon buying your new home.

Another consideration is whether or not investing in renovations might add value to your home. For sellers, renovations could well mean a better price for their properties, while for buyers, buying a cheaper home and then renovating it might mean saving money long-term. Cosmetic improvements like a fresh coat of paint, filling cracks or fixing broken or damaged fixtures, and thorough cleaning and organisation of storage spaces can cost very little and can immediately help to improve the appearance of your home. If you’re planning on selling, first see if only such cosmetic improvements are needed before opting for more comprehensive, and potentially unnecessary and costly, renovations. If your home is already in a good condition, it might not be necessary to spend extra money on full renovations, especially if your home matches others in the area and fits within buyers’ expectations for the type of property and the area in which your home is located.

However, should you determine that more comprehensive renovations are needed to your property before selling so that your house can be competitive in your area’s market, then you might want to opt for renovating strategic indoor areas like your kitchen and/or bathrooms. You could also focus your renovation on the outside by re-landscaping your garden or repainting the exterior walls and roof. Kitchen and bathroom renovations can be particularly helpful in upgrading your property since these are areas of the home that are utilised on a regular basis and a clean and new presentation of these areas can sway buyers’ opinions of the property as a whole. A good renovation in these areas can mean a decent return on investment.

Regardless of where in New Zealand you may be aiming to buy or sell property, always take some time to understand the local market, contact a variety of real estate agents, and determine whether a renovation will be worth it in the long run.

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