I don’t normally have a rant (too much) on these blogs but I must admit I did go to town last week regarding the proposed new rental reforms that the State Government are proposing.

I received a huge amount of feedback from many people and surprisingly (to me anyway), not all of it was positive.

Perhaps some saw as a Political statement and it was certainly not meant to be that as I would I have been just as opinionated if the State Opposition proposed such changes but a few people have made it clear that they won’t be reading my blogs anymore.

I’m OK with that – everyone has their own opinion and I’ve always tried to provide good information that is interesting to read as opposed to many real estate agents’ blogs offering things like ‘Six steps to decluttering’ and perhaps a recipe for a chocolate cake.

We do monitor the number of people that open and read these blogs and it’s reasonably high (compared to benchmarks given to me by those who are experts in this field) so I’m Ok with the fact that I might upset a few along the way…even if I don’t mean to.

For my last blog of the year, I wanted to touch on an article that I read a few weeks ago in the press about renovations that do add value and those that don’t add value.

The writer of the article interviewed Andrew Winter (host of ‘Selling Houses Australia’, ‘Love It or List It’ and numerous other TV shows that primarily run of the Foxtel network).

I really like Andrew – he’s very blunt and at times he has the audacity to tell sellers exactly what they need to hear…and when in front of the camera, there’s a lot more that he can say that probably couldn’t be said in a real life situation.

Andrew is a former real estate agent and lives on the Gold Coast, so he has a solid understanding of the property market in many parts of the country.

I do have to say that I disagree with some of his opinions in this article and I believe that if everyone stuck to his advice implicitly, they might be leaving money on the table when they are selling.

Feel free to read the article in todays ‘Insights’ section before you read my discussion below…

Let’s touch on his expert opinions…

1. Butler’s Pantry – Andrew believes that the Butler’s Pantry does not add value given the expense it can cost. When selling upmarket properties in South-East Queensland, I can tell you that many buyers love the notion of a Butler’s Pantry and in my opinion, this can add significant growth to the value of your property. I believe that if you have a kitchen that is lacking in size (especially in an upmarket home), the installation of a Butler’s Pantry can be a great way to enhance the size without having to enter large scale renovations of the kitchen. Whilst some may see it as a ‘fad’, I believe that the Butler’s Pantry won’t go away anytime soon and similarly to any renovation, the median house price, current market value, proposed market value, cost of improvement and position of the property should all be factored into the decision instead of a ‘one size fits all’ mentality about a particular renovation. My conclusion here – I disagree with his statement in general terms.

2. Media Room – Andrew states that a media room can be better used as another living space rather than for this sole purpose. Again, I must say that I disagree with this statement. I’ve met many of buyers that have sought a media room and purchased a particular home over another that might have had a second living area that wasn’t necessarily a media room. If you design them well, the raised platform can be freestanding and easily removed along with the screen and projector so it’s pretty easy to change a media room into a kids’ play room if this is the desired use but it’s so convenient for buyers that are looking for a media room when everything is in place. Australians are a nation of TV, sport and movie watchers and whilst the idea of watching the ‘State Or Origin’ or football grand final is a romantic notion (that rarely even happens), you’d be surprised how popular this sort of room can be. Again, it’s ‘horses for courses’ and if you’re in an area that’s dominated by families with young children and you only have two living areas in total, it may be a better idea to convert this living space into a kids’ rumpus rather than a media room but again, I’d use discretion rather than a blanket strategy.

3. Skylights – Andrew believes that these are a good investment if you have spaces in your home that are a little dark…and I strongly agree with this theory. Many homes in Brisbane can be rather dark and with the advent of tinted windows, larger pergola areas and smaller blocks where you’re closer than ever to your next-door neighbour, the amount of natural light in many homes can be limited. Many homes sellers are reasonably unaware of how dark their home is compared to many on the market and ‘darkness’ of a home is one of the biggest ‘turn-offs’ for many buyers. As Andrew says, there are many modern forms of skylights and it’s an aspect that is very hard to over-capitalise on so if you feel that this might be a smart addition to your home, chances are high that it is.

4. A Second Ensuite – Andrew says a second bathroom can add serious value to your home and in general, I agree. A property with one bathroom is dismissed by a certain percentage of buyers so anytime you can install a second bathroom, it is usually a good way to add value. Andrew talks here about a ‘second ensuite’ which in my book, means having a third bathroom and this seems to differ a little from the explanation provides in this article but with an ever-increasing number of blended families, grandparents living in the home and kids staying at home until they’re older, an extra ensuite is a great idea providing that you don’t need to compromise on space in other parts of the home. One example where an ensuite might not be a great idea is when the space would need to come off the bedroom making it a bedroom that is not really large enough for an older couple or person. In this case, the addition of an ensuite might be counter-productive to the capital value it would add.

5. A third storey – Andrew states that adding another floor can be a great way to increase the size of your home without having to buy again. Generally speaking, I would say that I’d have to disagree with this statement. If you’re in Toorak in Melbourne or Bondi Beach in Sydney and the addition of a third storey will create a view that wasn’t there before, the answer is a resounding ‘yes’, but I wouldn’t say that a third storey will always add value. Adding a floor can be a very expensive process and unless it flows perfectly, the result can often feel like it’s a low-set home with another floor tacked on top…or a two-storey home with a third floor stacked on top so the layout really does need to be carefully considered. I’ve honestly lost count of the number of times I’ve seen a homeowner spend $150,000 – $250,000 adding another floor…only to be disappointed that the value might have only increased by 50-75% of the cost they’ve outlaid as they simply over-capitalised for the area. If you are looking at this type of renovation, please take considerable time researching your decision as this can be a huge mistake we’ve seen home owners make.

Finally, I’d like to say a few ‘Thank You’s’ before the year finishes….

A huge thank you to you…our valued readers. I’ve been told that this blog is one of the most followed and widely read by any real estate agent in Queensland so I’m humbled that many choose to stay subscribed and hear what I have to say (even if you don’t agree with it 😊). I receive constant feedback at appraisals, inspections, open homes and even in places like the Supermarket or the petrol station that many enjoy receiving my blog and this does make the effort I put into it very worthwhile.

Secondly, to our valued clients that have listed and sold with us over the past year…we also say a huge ‘Thank You’. I say to every person that ever lists a property for us..”I can’t guarantee a result but I can guarantee that we’ll put 110% effort into obtaining the highest price we can” so I’m genuinely humbled when people choose us to sell given there are so many real estate agents to choose from.

Finally, to my wonderful team and their ever-supportive partners. Selling real estate is not a job – it’s a lifestyle and a lifestyle that is very, very time demanding. I truly believe that you need to be a little bit crazy if you want to succeed in this profession and my team constantly work incredibly long hours and have an enormous capacity to strive for the very best results which is why we’ve had a very solid year. I appreciate every member of my team more than they will ever know so to each person – thank you so very much.

And our partners don’t know whether we’re coming or going…and often get ‘lumped’ with looking after children, eating dinner alone (when we said we’d be home two hours earlier) or just completing many tasks around the home that we don’t get a chance to do. To these wonderful partners – a huge thank you.

We’d like to take this opportunity to wish everyone a Very Merry Christmas and an Incredible New Year in 2020.

We’re working every day over the holiday break except Christmas Day and Boxing Day so feel free to contact us if there’s any way we can assist you.

I won’t be writing a blog on Christmas Day or New Year’s Day but will be back again on January 8.

Have a wonderful Christmas with your family and we’ll see you then.