5 Cost-effective Ways Homeowners Can Appeal To The Right Buyer Demographic

Bessie Hassan | Money Expert at finder.com.au

Selling your property is no doubt an emotional journey to embark, and because your home is most likely your greatest financial asset, you need to be smart about how to appeal to future buyers.

Like many facets of life, it’s about knowing your audience. You need to profile your future buyer so that you can get strategic before putting your property on the market.

Here are 5 cost-effective ways to attract the right buyer demographic and achieve the highest possible sales price for your home.

Finder.com.au and Wise Real Estate Advice

 

  1. Research the people of an area.

Take the time to research the demographic profile of your area. This will give you a snapshot of the type of people that live (and are likely to buy) in your suburb including their age, gender, disposable income as well as their behaviour such as whether they prefer to buy or rent, and the type of property and suburb characteristics they may be willing to pay a premium for.

Get a free suburb profile report from local agents or do a casual search online on sites such as Residex or APM PriceFinder to access information and reports that will give you a better understand the demographics of your area.

Are they independent youths that value convenience and modern designs, or are they young families that will pay more for security?

  1. Renovate with the end-goal in mind.

Once you have a grasp of the type of people that are likely to buy your property, consider how people want to live and the type of property features they’ll be willing to pay a premium for.

For instance, if the majority of residents in your area are young families then you should let this guide your renovation choices by making your property child-friendly. This may involve installing in-built child-proof locks for your windows or knocking down falls to create an open plan space where there is greater visibility from the kitchen into the outdoor area.

Similarly, a recent finder.com.au study found that Generation Y (23%) are the most likely to pay more for a property with a dishwasher so if you knew that your future buyer could fall into this demographic, you may want to spend that extra $500 on a quality dishwasher.

  1. Be selective with value-adding activities.

If you’re planning a renovation or upgrade, consider the areas or rooms that are worth improving. For example, it makes sense to renovate high-traffic areas such as the kitchen or bathroom compared to a guest bedroom which won’t be utilised as often.

To help allocate your renovation spend, speak to buyers agents to get a feel for which renovation projects will add the most value to your property.

You can also look at similar properties in the area to get inspiration for your renovation choices.

A simple way to improve the attractiveness of your home to future buyers is to add another room – converting a 2-bedroom property into a 3-bedroom property will up the sales price dramatically.

  1. Don’t overcapitalise.

Overcapitalising is one of the biggest renovation blunders you can do and it will jeopardise your ability to secure a good sales price. This can be avoided with thorough research and planning. Research local market trends, understand the supply and demand factors of the suburb, and speak to local real estate agents and other professionals such as a mortgage broker to find out how you can best appeal to a future buyer.

Set yourself a realistic budget and timeframe for your renovation and don’t be tempted to splash out on projects or features that you’re target market won’t pay a premium for. Use online resources such as a calculator or otherwise speak to an accountant to help you establish a manageable budget.

  1. Invest in kerb appeal.

Enhancing your kerb appeal is a cost-effective way to breathe some life into your outdoor area. Small projects such as a fresh coat of paint, new landscaping, replacing your fence, or cleaning your gutters can make a huge difference when buyers form a first impression of your property and whether they can imagine themselves living in your home.

Knowing how to appeal to your future buyer is one of the best ways to be strategic about selling and marketing your property. Research the demographics of the area, understand what they value, and plan your renovation carefully, and you’ll maximise your chance of securing a profit margin.

Bessie Hassan is the Money Expert at finder.com.au.

 

Buyers agents

FREE Home Buyers Guide – Buying your dream home is a process that’s bound to stir up strong emotions. Down load a FREE Home Buyers Guide, an easy to understand booklet designed to help you through the process of buying. Your copy of the buyer’s guide can be downloaded here

  • +61 3 9982 4545





    Your Name *
    Your Email *
    Phone Number
    Your Message
  • Wise Real Estate Advice

    Wise Real Estate Advice
    Reviewed from Google

    5 out of 5 stars

    Hari Krishnan
    Hari Krishnan

    5 out of 5 stars

    posted 1 month ago

    I found Mark through Google!!!.
    Since my first meeting I felt so confident in Mark's ability and experience in being able to deliver a great result. I was very much impressed with Mark's service as he made the whole process easier and stress free!!!!

    I am really happy because I bought exactly what I was looking for and it was well under my top budget. Most importantly We did it within few weeks.

    Since day one Mark was very pro-active.

     Mark emailed multiple properties every week within my search parameters and wish list.
     Mark allowed me to be involved as much as I wished.
     Mark inspected the properties I liked.
     Mark explained the positives and negatives about each property.
     Mark held a pre-auction meeting and attended the auction
     Mark's strategies and suggestions like where he’ll stand during the auction, how he’ll handle the negotiation etc. etc. and through to the final shaking of hands inside the house all played out in a positive way.

    Thank you Mark for all your work in getting me the right house for the right price!

    I highly recommend Mark for everybody who wants to find a good place to live or invest.

    Many, many, many thanks!

    Ken Stewart
    Ken Stewart

    5 out of 5 stars

    posted 5 months ago

    Mark was personally recommended to me as someone who could be of real help in appraising my property of interest and subsequently representing me at auction.
    He made time to meet for an initial chat over coffee. I was immediately impressed and relaxed with his easy and honest nature, as well as his willingness to listen to my needs.
    A genuinely nice bloke... well experienced in the RE scene, totally committed to helping his clients.... all in all, a very worthwhile experience.