The value of a property
As a valuer, I am often asked what adds value to a home. I often go back one step and tell people to think about what attracts value to the property as a whole. Alterations and modernisation can virtually be done to any structure, however true value attributes are what people look for when buying.
- Location, location! It’s one of the best known phrases in real estate, but it is always the trump card in value. Is the location desirable and do people fight to buy into the suburb?
- ABC, 123….The Jackson Five said it well as it’s all about amenities – schools, transport, medical facilities and shopping close by are valued by the purchasing public.
- We took a house and made it a home….The capacity to modify the building at a modest cost is a factor. Many buyers may want to do some small renovations to suit their needs. If these can be done at a minimal cost, it’s a big tick for value.
- Solid rock, standing on sacred ground…if the building is structurally sound, purchasers will know that the building will require less maintenance and will be easier to modify in the future.
- No parking on the dance floor…but parking on the property is always important. Off-street parking adds value, preferably under cover.
- Facing north might have been a hit album for Meredith Monk, but it’s also a big plus with property. The orientation of the property is important and north is the most desirable.
- We belong together…property which can be divided always attracts strong interest. Standard shapes and sizes with good depth and frontage are typically more valuable than an odd sized or narrow block.
- Tie a yellow ribbon around the old oak tree…whilst trees around the property add character, significant trees on a block which could be developed may pose a problem. Check the local council to see what the laws on significant trees are if you spot a large on the property.
- Money’s too tight to mention… consider the rent ability of the property. A low maintenance, well located property is best to aim for
- Dive right in…whilst some people like having a pool other do not, so they don’t always add value. With major features such as this, they can be a positive or a negative and maintenance always has to be considered as well.
Whilst this list certainly isn’t exhaustive, it covers a few of the main things that people look for and value in property. If you have any questions about your property, or how property is valued, please call Robin for some honest and helpful advice on 0411 194 330.
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