SHOULD I UPDATE MY RV BEFORE I SELL?

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An often asked question by homeowners is whether or not to update their RV prior to selling.

Firstly, your RV or Rateable Value is a figure that is set by QV or Quotable Value so that local councils can collect rates. These RV’s are generally set every three years and QV uses mathematical formulas to calculate them. They have access to all house sales that have happened over the previous three years and also have records from councils about work that has been consented and its value but seldom do they physically look at any properties.

This means that if you have done work that didn’t need consent such as replacing fittings in a bathroom(like for like) or possibly replacing a kitchen, redecorating or changing carpet or even landscaping, then the council (and therefore QV) have no idea. All the above would have improved the value of your home but that won’t be reflected in your RV.

WHAT REALLY DETERMINES THE PRICE OF YOUR HOME?

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Hi everyone, today I want to talk to you about what really determines the price of your home when you sell.

If you ask most people the question you will get answers like how many bedrooms and bathrooms it has, how big the house and section are, what condition it is in or any number of physical attributes. These are all important but on their own they don’t determine a property’s value.

Buying a home is a very emotive process for most people; it could be your first home, a bigger home because the family is growing or a smaller one because they have left home, or any number of reasons that have emotion involved. It makes sense then that emotion is a big factor whether selling or buying.

WHAT IS A LIM REPORT AND WHY DO I NEED ONE?

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Whether you are selling or buying a property a LIM or Land Information Memorandum is something you should obtain.

A LIM is all the information the local authority – which in our case is the Wellington City Council, has on a property, such as plumbing and drainage, building consents, permits, heritage classifications right through to Tsunami and wind zones for the property.

For most people Building Consents and Code of Compliance Certificates (CCC's) are a priority, but depending on the property any of the information can be important in deciding whether a buyer is happy to buy it.

DO I NEED TO PROVIDE A BUILDING INSPECTION IF I AM SELLING?

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Something we get asked all the time by owners getting ready to put their homes on the market is - "do I need to get a Building Inspection" and the best answer I can give, is that I would highly recommend it for several reasons.

Firstly let me say, there is no perfect house whether it is a hundred years old or brand spanking new. By getting a Building Inspection before you take your house to the market you have the opportunity to identify and to fix any issues that may be discovered. This is far better than having a buyer commission a report and their inspector finding things you had no idea were wrong, because at that point the buyer gains the power in terms of the ability to negotiate and you are on the back foot.