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Should you be listing your property at Christmas?

December 12, 2017 by admin

It’s a popular misconception that listing a property at Christmas is not always the best timing, but at Bayleys Marlborough, we believe that is not necessarily the case; and in fact, we see several advantages to listing ready for the start of the Christmas season… Here are five reasons why!
listing property christmas
  • The big get together – Christmas is traditionally a time for families to come together, and festive gatherings are often occasions that will inspire thoughts of moving closer to loved ones. To that end, listing your property at Christmas time can often pay dividends, as people start to explore the local real estate market if they are visiting the region, and are looking to relocate.
  • New beginnings in New Year – The New Year is a time that many people will look at what they want to achieve over the next twelve months. Often this will involve upsizing or downsizing. It might be that others plan to move to a new region for a lifestyle change, or they could be looking at their career opportunities and planning a move commensurate with that. Listing property at Christmas time will ensure that you are ready to take advantage of this increased New Year market activity.
  • Open homes can be busy – With people in holiday mode as they take time off work over the festive period, you’ll find that open homes can be popular and that that means an increased audience for your property.
  • Seasonal surfers – There’s generally a surge of internet traffic around the festive period as people have time to relax on the deck and browse at leisure, that includes looking for property!
  • Serious buyers – Be in no doubt that buyers who are looking at properties over the Christmas period are very serious buyers indeed. This could lead to increased competition to secure your property, and could also mean that your property sells faster than you’d anticipated.

If you’re thinking of listing your property to benefit from an increased audience and serious Christmas buyers, contact us today.

Filed Under: Open Homes, Residential Property, Selling

Finding insurance for your new home

December 6, 2017 by admin

In this article we wanted to offer you some information about insuring your home, particularly given that there are still some restrictions in place following last year’s earthquake. So, we went to industry experts AMI, where we caught up with Karl Townsend for the low down!



Q: What is the most important thing for people to consider when looking for insurance to cover their new house?

A: There are two things we would strongly encourage new homebuyers to do:

  1. Buy as much cover as you can afford: It’s important to remember that not all insurers provide the same level of cover, so before you buy make sure you understand what kinds of damage &/or events the policy will cover you for (e.g. storm, earthquake, accidental damage), and what the insurer will pay for when you do need to make a claim (e.g. will it only cover the loss of market value, or the cost to repair the damage ‘as new’? Will the cost of staying in a motel for a few days be covered if flood waters are running through your home?)
  2. Underinsurance is a risk you can avoid: It costs relatively little to increase your sum insured to make sure you’re properly protected should something bad happen – depending on your circumstances, it may be just an extra $20 a year for an extra $20,000 cover. But it can cost you and your family a huge amount of unbudgeted money if you haven’t bought enough protection and can’t rebuild your home after a disaster strikes.

Q: What different types of house insurance policies are available, and who are these policies aimed at?

A: There are generally two types of cover when it comes to the “basis of settlement”. This is insurance-speak for the basis on which an insurer will settle a claim (as outlined in the policy wording):

  1. Replacement cover is easily the most common in New Zealand. This will, generally, cover the cost of repairing or rebuilding the home to an ‘as new’ condition (up to the specified amount of insurance you’ve bought).
  2. Market value cover is less common. This is a great option for people who want to make sure they get enough money to buy another home that is similar to theirs if the worst happens. For example, the market value of your home should be roughly similar to the market value of a similar home in a similar neighbourhood. It’s a much more affordable option for people who can’t necessarily afford replacement cover, or simply don’t feel they need a new house after a disaster.

On top of this though, the “scope of cover” is equally as important. In New Zealand, it’s common for insurers to provide what’s referred to as “accidental damage cover” which means any damage that happens accidentally is automatically covered unless there’s a specific exclusion to say that it’s not. An example of what would be excluded is damage caused by gradual deterioration.

These types of policies will often include other additional benefits (either automatically or as an optional extra) such as alternative accommodation (if it’s owner-occupied) or loss of rent (if it’s a rental property), limited cover for hidden gradual damage. The other type of cover is a “defined perils policy” where you’re only covered for the specific type of loss (perils) named in the policy wording, for example, storm, flood, natural disaster, burglary, fire or explosion.

Q: How would a homeowner (or potential homeowner) calculate their rebuild costs for house insurance purposes?

A: The best ways to work out your sum insured are:

  • Check out our sum insured calculator on need2know.org.nz
  • Ask for a Valuation for Insurance Purposes from a registered valuer or a quantity surveyor
  • Get some advice from a builder who understands the cost to build homes like yours in your area.

It’s good to bear in mind that the market value (price you might get if you sold your home on the open market) and capital value (the number your local council calculates every three years) very rarely have any bearing on the rebuilding cost of your home. So if you have a replacement policy, don’t use these figures to calculate your sum insured.

Q: What is the current situation on home insurance (in Marlborough) following the Kaikoura earthquake last year? Are there any embargos or restrictions still in place?

A: Yes, restrictions are still in place across the insurance industry – this is common practice after a major event. If needed, you can call your insurer to see what restrictions, if any, they have in place.

Q: If there are, how can people get protection for their new home?

A: Our initial advice is to contact your own insurer first – if they already insure the house for the vendor, they’ll probably agree to insure it for the new owner too. If you don’t have any luck, find out who the house is insured with under the owner/seller and approach that insurer.

Q: How does the EQC insurance work alongside private insurance companies?

A: EQC currently covers policyholders up to $115,000 worth of damage to their home, and the first $20,000 for loss of contents. A claim is considered ‘over cap’ when the cost to repair the damage exceeds $115,000; ‘under cap’ is when the the value of damage falls under this threshold. For the Kaikōura Earthquake, EQC has an agreement in place with the industry which means private insurers will manage both the under and over cap claims for their customers, so regardless of the cost to repair the damage, customers are working with their private insurer – one contact point – on both under and over cap claims.
Private insurers have been arranging the assessment of earthquake damage to customers’ properties and, once assessed and costed, will cash settle the claim directly with their customers. The private insurer will then recover any under cap costs back directly from EQC.

Q: Do people need to consider any restrictions if they’re building a new home or improving an old home (thereby wanting to take their sum insured higher)?

A: We would encourage people to talk to their insurer before undertaking any major renovations or new building projects. Each insurer has their own underwriting criteria so there’s no single answer.

Q: Where can people go to for help and advice if they find they are having trouble getting cover?

A: The industry body, the Insurance Council of New Zealand, works with stakeholders and consumers to help people understand the risks they face, and provides resources for those who may want to know more about getting cover.

Q: How are property owners of houses that were damaged in last year’s earthquake affected if they wish to sell that house?

A: We would always encourage homeowners to give your insurer a call before putting your home on the market, as everyone’s circumstances are different.

Q: Is there anything special that purchasers need to consider when buying a home in an area that was affected by the earthquake?

A:

  1. Always get an independent inspection completed by a registered professional (e.g. Licensed Building Practitioner) to understand exactly where you stand. If your home has pre-existing damage but the seller did not lodge a claim, you won’t be able to lodge a claim on their behalf retrospectively.
  2. Ask the vendor specifically if the home had any earthquake damage from the November 2016 earthquake, and whether or not a claim was lodged for that damage. It’s possible that a claim was cash settled with the seller, but the damage was not repaired effectively prior to selling it, so make sure you have all the facts up-front.
  3. If there is an open claim for damage, the purchaser won’t necessarily be entitled to the same claim costs as the seller even if it’s assigned to you when you purchase the home, so it really does pay to get your own independent legal advice. You may only be entitled to the loss of market value attributable to the unrepaired damage, and that’s not likely to be the same as the cost to repair the damage.

Filed Under: Buying, Insurance, Selling, Third Party Experts

Sell a home in Marlborough – Top class team!

October 17, 2017 by admin

The All Blacks are statistically the most successful sporting team in human history. Their win-rate over the last 100 years is over 75 per cent. It’s a phenomenal record, and an achievement matched by no other elite sports team. Now we’re not suggesting we have the sporting prowess of the All Blacks, but if you want to sell a home in Marlborough our credentials stack up! Read on to discover why…

The All Blacks famously have a very strong team mentality – one captain, 15 leaders is how they phrase their approach. Everyone has a vital role to play in the overall success of the team – each player as important and valuable as the next. They are also strongly purpose-driven – each player has a clear idea of the overall goal and how they can contribute.

sell a home Marlborough

So what does this have to do with Bayleys Marlborough? Well, we have just been awarded the prestigious 2017 Bayleys Way Award in recognition of our determination to be the best, our impeccable service and our dedication to placing the needs of our clients first. It seems we have more in common with the all-conquering All Blacks than you might expect….

Our strong team spirit underpins our outstanding customer service and results. We understand that it takes a team to sell a home in Marlborough and every member of our Bayleys family has a crucial part to play.

Our close team of staff will ensure that you receive a personalised, professional service that recognises your unique needs. From employing innovative multi-channel planning and marketing to ensuring that we find you the best buyer – not necessarily the first buyer – you will benefit from the collective expertise, experience and dedication of our whole Bayleys Marlborough team.

We are passionate about real estate and very proud to win the Bayleys Way Award for the second time in three years. And like the All Blacks, we look forward to even more success in the future.

Filed Under: Bayleys News, Our People, Selling

Add value to your Marlborough property – Bathroom updates

October 5, 2017 by admin

When you’re selling your property we know you want to achieve the best price possible. There are certain improvements that will always add value to a home, but when you’re just about to list your Marlborough property we understand that you don’t want to be pouring money into large projects.

It’s no secret that well maintained kitchens and bathrooms will catch a buyer’s eye, potentially increasing the value of your home, so with that in mind we thought we’d share five simple bathroom updates that you can make on a shoe string budget.

value property marlborough

  • Mirror, mirror on the wall, who has the largest bathroom of them all? – If your bathroom is a small room, create the illusion of space by adding some mirrors. Go for frameless mirrors to keep the lines simple.
  • Storage sells – We’ve written many posts about de-cluttering prior to selling and it’s especially important in a bathroom to have clean surfaces. If you think your bathroom could do with more storage units, check out local garage sales and thrift shops for small free standing or wall hung units you could revamp and repurpose.
  • Great grout – If your grouting needs a little TLC then ask a professional to quote for a clean up. Check out the GroutPro website.
  • Light the way – Lighting is so important in a bathroom, a simple switch of lighting fixtures could really make the difference to how a buyer sees your home.
  • Accessories and accents – Simple touches like new towels, shower curtains and blinds can make a huge difference to the look of your bathroom, and definitely don’t have to cost the earth. Choose bright, cheery colours for maximum effect.

At Bayleys Marlborough our agents have a wealth of combined experience, and can offer lots of tips and advice to help you achieve maximum value for your property.

If you’re thinking of selling contact us today for a free property appraisal.

 

Filed Under: Residential Property, Selling

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