Warning: Don’t renovate before selling

first_imgMan renovating his property. Picture: Matt ThompsonTHE demand for fixer-uppers in Brisbane is so strong, property experts are warning homeowners about the risk of renovating before they list.SQM Research managing director Louis Christopher said too often people splash too much cash jazzing up their homes for a big sale.“In a downturn, buyers will not value the renovations as much as the homeowner,” Mr Christopher said.“We know the market will penalise over-capitalisation.”Andrew Winter and Neale Whitaker. Picture: Mike BatterhamStar of Foxtel’s new show Love It or List It and design guru Neale Whitaker agrees, adding the decision to sell or renovate a property demanded thought and research.“Be careful about overcapitalising,” Whitaker said.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:45Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:45 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenLove It Or List It Australia00:45“Have a look at similar properties that are unrenovated like yours in your area and see what they’re going for – and the type yours would be like after a renovation and what they’re going for.“(Then) work out whether it’s worth doing because, let’s face it, even the most basic renovation is costly.Even the most basic renovations are costly.“But if you are torn, look at the potential resale value of the house as opposed to the property you would be thinking of buying and whether that’s a realistic transaction – and also the value that could be potentially added to your home.”Whitaker said the majority of homeowners who decide to stay and renovate want to create more space.“If they’ve been living somewhere for a long time, they stop realising the potential under their nose but with careful planning they can create the space they need,” he said.“On the show we came across rooms that were completely redundant – one room was completely occupied by a cat – people get used to living a certain way.”Renovations are booming in Brisbane’s inner-ring including Albion, Alderley and the CBD, with building renovations and carpentry the most popular, according to Australia’s largest network of trades professionals, hipages.com.au.The data also showed bathroom and kitchen upgrades were a high priority with homeowners.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoIn the midst of this statewide renovation activity, Brisbane’s property market has slowed in terms of price growth in the last 12 months, outperformed by the stronger Sunshine Coast and Gold Coast property markets.Nerida Conisbee.REA Group chief economist Nerida Conisbee said interstate and offshore buyers were keen on sea change.Data from realestate.com.au shows in the last six months, the most searched suburbs in the sunshine state were located by the water.Surfers Paradise topped the list with more than 213,290 views followed by Buderim (184,640) and Southport (184, 040).“Beaches and jobs are drawcards to those suburbs,” she said.“The lifestyle of these places are attracting people from Brisbane, Sydney, Melbourne and offshore.”Mr Christopher said homeowners could renovate their property on a budget, sell it and upgrade to a better property for themselves.“There are more buyers and freestanding houses in the marketplace,” he said.“I don’t think we are in a market that is going to value one’s renovations all too well.”Mr Christopher said Brisbane’s property market had improved however added “the pendulum is in the middle”.“We are seeing more interstate migrations to Brisbane because of the price difference,” he said.Love It Or List co-host Andrew Winter advised buyers to have realistic expectations when selling their property.“Don’t expect to sell easily,” Winter said. “Never believe that your house will sell for more than market value, it can happen but generally it won’t.”He said to avoid seller’s remorse it was important to hang on to your property if your financial situation allowed.“Keep house number one when you buy number two, however that is not always possible.”Love It Or List It Australia airs on Foxtel Lifestyle on Wednesday, September 27, at 8.30pm AEST.last_img read more

Puerto Rico Rocked by Another 5.9-Magnitude Earthquake

first_imgSAN JUAN, Puerto Rico – Puerto Rico, on January 11, was rocked by a 5.9-magnitude earthquake, just a few days after the US territory was shaken by its biggest quake in a century.According to the United States Geological Survey (USGS), the most recent earthquake happened around 9 a.m. local time, about 8 miles south of Indios, Puerto Rico, in the Caribbean Sea, at a depth of 6.2 miles. The USGS first said the preliminary magnitude was 6.0.Randy Baldwin, a geophysicist at the U.S. Geological Survey, said that the 5.9 magnitude quake is considered an aftershock along with several other 5.0 magnitude aftershocks overnight. “The one this morning is the strongest one” since the big earthquake on Tuesday, he said, making reference to the massive 6.4 earthquake that rocked the island on January 7, killing one resident. The 6.4 earthquake has been the biggest to hit the island in a century.The January 7 earthquake caused damage to hundreds of homes, schools and other public buildings on the southern coast of the island. The earthquake also left thousands of residents without power, which was later restored to 95% of the island before the January 11 quake. The Puerto Rico Electric Power Authority said that the most recent aftershock has left about 7% of the island without power. Hundreds of quakes and aftershocks have shaken the island since the new year, according to U.S. Geological Survey data.Since December 28, about 500 earthquakes of magnitude 2.0 or higher have hit Puerto Rico, and other Caribbean islands, but the US territory has been the worse hit by the natural disasters. Amid the earthquakes, Gov. Wanda Vázquez Garced recently declared a state of emergency and activated the Puerto Rico National Guard.The Health and Human Services Secretary Alex. M. Azar II also declared a public health emergency for the U.S. territory. During a public health emergency, health care facilities in Puerto Rico will have the flexibility to ensure that sufficient health care and services are available to meet the needs of individuals enrolled in Medicare, Medicaid, and Children’s Health Insurance Program (CHIP).According to CNN, Puerto Rico’s non-voting delegate to Congress, Rep. Jenniffer González-Colón, reported that more than 6,000 people were staying in shelters.last_img read more