Done-ups More Popular Than Do-ups – Realtor

“Houses that need little doing to them are arguably more popular than ever as Kiwis are increasingly concerned about taking on additional costs and stress in such times of uncertainty,” says Tim Kearins, Owner of Century 21 New Zealand.

His comments come as renovation costs soar and delays on project times and building supplies continue.

“Do-ups will always remain part of the Kiwi landscape, but plenty of buyers now don’t want to go there given the ongoing cost pressures and delays in and around the building sector. If a property is up to speed, particularly around the likes of kitchens and bathrooms, it’s a real selling advantage in this environment,” says Mr Kearins.

The Century 21 leader says more and more properties are being marketed along the lines of ‘recently renovated’, ‘all done for the next owners to enjoy’ and ‘move in, sit back, and relax’.

“When the market was hot, houses needing plenty of work were getting snapped up regardless. Now with the market cooling, buyers are more wary of the added stress a do-up presents. Concerns include not be able to secure the extra finance for renovations, not to mention the real possibility of cost and deadline blow-outs,” he says.

While the current situation may present a challenge for those selling do-ups, it does create opportunities for those still wanting one.

“This is a good time for a cash buyer to snap up a do-up, particularly if they have the required time and money to invest in the property. Then when the market inevitably bounces back, they’ll have a gem which will deliver some good capital gain,” he says.

Not only have done-ups become more desirable in this market, but since Covid-19 the importance of a property’s online presentation has grown enormously.

“Kiwis have got more used to letting their fingers do walking, and the standard of online marketing has caught up to enable them to do this more fully. Agents too are more used to walking prospective buyers through with the likes of live video. With many Kiwis opting to stay home more, the quality of a vendor’s online presence is now even more important,” he says.

The realty boss says including virtual tours, floor plans, video and drone footage have become the norm, with the likes of videos easily circulated on social media, increasing a property's exposure.

“If you’ve got a property which is effectively finished, then promote that real advantage and highlight it in your online marketing. Plenty of buyers will see your property investments and improvements as one less headache they’ll have going forward,” says Tim Kearins.

www.century21.co.nz

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