If you've sold properties before you know what the process entails, but even if you haven't you might still have some concerns that are preventing you from taking that first step. Those trying to sell plaster homes can be particularly worried about how its stigma could affect the sale. You know expenses and water tightness issues related to plaster homes could put off potential buyers. Ultimately, you're worried it will take you longer to sell, delaying your next move.
It's true that plaster homes have been found to have some of these issues which can make selling difficult, costly and extremely stressful. However, there are things you can do to help your selling process, namely preparation and transparency. In this blog, we offer some tips around selling your plaster home in New Zealand.
In the 1990s to mid 2000s, a trend for Mediterranean-style homes resulted in a move away from traditional building styles of weatherboard cladding and joinery, towards plaster homes. This new style often used a cladding system that was applied incorrectly, resulting in leaky buildings.
The main issues included:
- Cladding systems were used outside their specifications or installed incorrectly.
- Poor construction of design features that do not allow for water drainage.
- Insufficient testing and application of new products and methods.
- Lack of technical knowledge when houses were designed, detailed and built.
- Use of untreated kiln-dried timber framing that was susceptible to rot.
- Airtight sealing of claddings and windows.
All of these issues created buildings that had high moisture, bubbles in the coatings and leaks - and they're well known in New Zealand. If you're considering putting your plaster home on the market, it's important to provide an even greater level of disclosure than usual.
Here are some things you can do to increase transparency for buyers and help make the sale process as smooth as possible:
- Get a building inspection. You can source this from a professional building inspection company before putting your property on the market and make it available for potential buyers.
- Have a registered valuation for the property. This should be up-to-date so it shows the property in its current condition and could also include an ‘upon completion’ (re-clad) value, if appropriate. Buyers can provide this to their bank as supporting information.
- Have a price estimate to bring the property up to the current building code. Potential purchasers can factor this into their costs.
- Presentation and preparation. Clean your home and make sure it has easy access for a building inspector or re-clad expert to access spaces.
- Consider other options. If your property defects are too significant for re-cladding, you could look at renting it out until land values have risen, offsetting the cost of rebuilding.
Selling a plaster home requires some extra preparation and transparency to get it over the line. Ensure you get the right information and if in doubt, consider the services of an agent who is experienced at selling these kinds of properties.