Ask the expert

What are the benefits of in-room auctions? 

For those who are not familiar with in-room auctions, they are basically auctions for multiple properties held in a professional and corporate environment. For instance, Raine & Horne’s corporate head office in Sydney, has its own auction room.

In fact we are the only property group with our own dedicated auction room and this facility caters for up to 120 bidders, while many major hotels across Australia also host in-room auctions.

Unlike an auction at home (called an on-site auction), the in-room auction is for serious bidders only – forget prying neighbours swellings the ranks and creating additional and usually gratuitous noise. Likewise selling a home at an in-room auction takes poor weather out of the equation. If the weather turns nasty at home, it’s hardly likely to help the selling cause.

This might seem a little strange, but an in-room auction can provide more anonymity for bidders. If you have a hundred people seated in an auction room, individual bidders won’t really stand out as significantly as they do at on-site auctions – this suits some personalities. In an outdoor auction, it’s much easier for the three or four serious bidders to become centre stage, which can prove an irritation for some bidders.

What should a buyer look for in an investment property? 

Investing in houses or apartments are equally good investment propositions. However houses generally have a garden attached, so you should ensure they are manageable or predominately paved to minimise tenant maintenance. A well tended garden can very quickly become a jungle requiring thousands of dollars of repair work when the time arrives to sell or re-let the property.

Apartments also have some traps for unwary investors. Watch out for concrete cancer in older unit blocks, which can be expensive to repair. The strata minutes are an excellent place to look for maintenance issues and problems.

Also verify the sinking fund has enough spare cash for repairs and maintenance and don’t forget amenities such as pools and lifts also add to ongoing expenses and higher strata levies.

It might be stating the obvious, but buying a quality investment home (apartment or house) near facilities such as public transport, schools, parks, shopping centres and recreational facilities will also help generate decent income and growth returns over the long term.

What part of my home should I renovate first? 

An expertly completed renovation can add considerable value to your home. Yet with restrictions such as time and money, deciding where to start is a common issue for homeowners.

In terms of resale value – as well as everyday use – the kitchen and bathroom are generally considered the most important rooms. In fact, a recent Housing Industry Association (HIA) Kitchens and Bathrooms Report said the majority of consumers sought practicality and elegance from kitchen and bathroom renovations.

However, the kitchen is generally regarded as the home’s focal point and is therefore usually the best place to start. But be warned, a major kitchen refurbishment could be costly and complex, given it generally involves plumbing, cabinetry, design and electrical components. If cash is tight, then a coat of paint, some new lighting or bench tops can kick-start a relatively inexpensive kitchen overhaul.

Bathroom renovations can range from respraying the enamel on the tiles, to a retile (expect to pay a few thousand dollars), to eliminating mould, adding a new shower screen or switching the elderly bathtub for a sprightly spa.