3 days ago

Renovate to Sell: Adding value vs Over-capitalisation

Updates from Cox Partners Estate Agents

Renovate to Sell - couple holding a paint can and roller
When it comes time to sell many ask – what should we do before putting the home on the market? What are buyers looking for? Should I renovate before selling?

Once you decide to sell, any money you spend on the property must be treated as … View more
Renovate to Sell - couple holding a paint can and roller
When it comes time to sell many ask – what should we do before putting the home on the market? What are buyers looking for? Should I renovate before selling?

Once you decide to sell, any money you spend on the property must be treated as an investment. That means the money you spend needs to generate a profit (i.e. a greater return than the cost).

A rule of thumb is that every $1 dollar you invest should add an EXTRA $1.50 in value to the property.

Problems occur when you invest say $20,000 in work to a property, and this adds $20,000 to the final selling price. This investment returns you 0% – zero! When you consider the time, effort and risk the real return is likely to be negative!

If you are thinking about spending a large amount of money to prepare for sale it may not be worth the time, effort and risk. It may make you feel better about selling your home, but it may not make your sale more profitable.

Ask yourself, are the proposed works going to be an investment or a cost?

Another important consideration is anticipating what buyers want, because what attracts one person may repel another.

Many sellers have made the mistake of renovating in the wrong place, style or standard.

When this occurs, buyers may be unwilling to pay for features they don’t like or want.

When deciding upon renovation work it pays to consider what buyers want, rather than what you like. Speak with a few well-informed advisors for ideas on what work is prudent and necessary before going on the market. Interior designers, valuers and real estate professionals can offer valuable insights on what work will benefit the sale and what won’t.

Just remember, increasing the sale price does not necessarily mean increasing the profit.

Take your time and let commonsense guide you with the support of your trusted advisers. We’re often called upon for advice, and we’d be happy to help you too. Call us anytime on (06) 835 4321.

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11 days ago

The Block: Why Not to Auction

Updates from Cox Partners Estate Agents

If you’re tempted by a real estate agent to auction your home – PLEASE DON’T!

If you saw the disastrous process on Sunday’s finale of TV3’s, The Block you’ll understand why not to auction your home.

Currently around 18% of homes in Auckland sell by auction. In provincial areas like … View more
If you’re tempted by a real estate agent to auction your home – PLEASE DON’T!

If you saw the disastrous process on Sunday’s finale of TV3’s, The Block you’ll understand why not to auction your home.

Currently around 18% of homes in Auckland sell by auction. In provincial areas like ours, auctions are often a financial minefield. Click on the link 'read more' below for our reasons why.

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18 days ago

The Ultimate Father's Day Gift

Updates from Cox Partners Estate Agents

Here’s to all the dads out there — I hope you had a great Father’s Day!

My sons got me a couple of great books and chocolates – both favourites of mine. Thanks guys.

But it’s a bit of a cliché to get your dad a mug . . . or a keyring . . . or a block of chocolate . . . or a tie.

I’d… View more
Here’s to all the dads out there — I hope you had a great Father’s Day!

My sons got me a couple of great books and chocolates – both favourites of mine. Thanks guys.

But it’s a bit of a cliché to get your dad a mug . . . or a keyring . . . or a block of chocolate . . . or a tie.

I’d like to share with you a Father’s Day tradition I had with my dad – one that I treasure now he’s gone. And I promise it’ll be as precious to you, even beyond your dad’s lifetime. What’s more, you won’t have to spend a single dollar!

Let me explain.

In May my father passed away. He had a great innings – 92 overs (years).

Several years ago, Peter asked me to write his eulogy – he actually wanted me to help him capture his life’s story. Yes, it became his eulogy. But that wasn’t its real value.

We put dad’s story together with a few photos and for $10 published it into a little book on snapfish.com. Then I realised… this story was Peter’s legacy!

It wasn’t for him or us (his sons). It was for his grand-children, great grand-children and generations beyond.

So, if you’re lucky enough to have your father still with you, here’s how you can give him the ultimate Father’s Day gift. Go and see him, get out your phone, and press the record button.

Ask your dad questions – about him and his life, e.g:
1. How did you meet Mum?
2. When did you realise you wanted to be with her?
3. What does being a dad mean to you?
4. What do you remember about your childhood?
5. What was the happiest time of your life?
6. And the saddest?
7. What are you most proud of?
8. What are your best qualities?
9. What advice can you share about life, love, money?
10. How would you like to be remembered?
Yes, there will be heaps more . . .

This is NOT for social media. It’s for you and your family. One day, it’s may be all you’ll have left of him. And you’ll treasure it.

Happy Father’s Day Dad!

- Malcolm Cox, Cox Partners Estate Agents

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24 days ago

The Trust Formula

Updates from Cox Partners Estate Agents

Trust is what makes society work.

When we drive, we trust that other drivers will respect the rules of the road, staying on the left side of the road, and travelling at a safe speed. So many other parts of our life depend on trust to work.

Personal and professional services also work on trust. … View more
Trust is what makes society work.

When we drive, we trust that other drivers will respect the rules of the road, staying on the left side of the road, and travelling at a safe speed. So many other parts of our life depend on trust to work.

Personal and professional services also work on trust. But why is it that we trust some people more than others? Why are doctors, nurses and firemen (for example) highly trusted, whereas real estate agents, politicians and lawyers are not?

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32 days ago

Napier Real Estate Market Update

Updates from Cox Partners Estate Agents

Hello Neighbours,

In July the number of homes sold in Napier remained level at 102, 5% below the monthly average for the past year, with the average number of days to sell a property remaining consistent at just over a month (33 days).

However, more agreements appear to be conditional on the sale… View more
Hello Neighbours,

In July the number of homes sold in Napier remained level at 102, 5% below the monthly average for the past year, with the average number of days to sell a property remaining consistent at just over a month (33 days).

However, more agreements appear to be conditional on the sale of another home, and some vendors are now making their agreement subject to the purchase of a property. Both are likely to negatively impact the time it takes for a listing to sell.

This relatively neutral performance reflects a market which has been gradually easing since the beginning of 2018 but continues to be supported by low inventory levels and low mortgage interest rates.

Read more of our latest Napier Real Estate Market update on our blog or for an up-to-date report on the local real estate market please call us on (06) 835-4321 anytime.

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35 days ago

Napier House Prices Firm as Interest Rates Fall

Updates from Cox Partners Estate Agents

Hello Neighbours,

In June the number of homes sold in Napier slipped back to 100 – below the monthly average for the past year.

This relatively neutral performance reflects a market which has been gradually easing since the beginning of 2018 but continues to be supported by low inventory levels… View more
Hello Neighbours,

In June the number of homes sold in Napier slipped back to 100 – below the monthly average for the past year.

This relatively neutral performance reflects a market which has been gradually easing since the beginning of 2018 but continues to be supported by low inventory levels and low mortgage interest rates.

Read our Home Truths Blog for the latest updates on the Napier real estate market or for an up-to-date report, call us anytime on (06) 835-4321.

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52 days ago

Do you own, occupy or manage a rental property?

Updates from Cox Partners Estate Agents

During the past few years the regulations governing the rental market in New Zealand have undergone several significant changes, and more changes are being considered.

According to Statistics New Zealand, over one third of all private dwellings are rented, which means many people are affected by … View more
During the past few years the regulations governing the rental market in New Zealand have undergone several significant changes, and more changes are being considered.

According to Statistics New Zealand, over one third of all private dwellings are rented, which means many people are affected by these changes – tenants, landlords and property professionals.

Read our latest 'Home Truths' update for details of these changes.

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