Purchasing a home is a significant financial decision that people take very seriously. Knowing what you’re looking for in the property can be a major deciding factor in what you choose to buy. In some instances, these factors can be major value-adding boosters to the property, which could help make you a profit. Maximising the property value happens when you purchase the property not when you sell it.
If you are tossing up between two properties, you must consider these factors and determine a profit/gain and something that you want.
Maximising Property Value – Things To Consider
Quality Of The Surrounding Homes
Having a home amongst other properties with a good appearance will make resale easier down the line. The homes heavily influence the impression that the neighbourhood as a whole gives off within it. Attributes that can add to the overall feel/value of the neighbourhood and boost the price of your property could include:
- well-kept gardens;
- lawns free of clutter; and
- homes that are free of external damage or neglect; can add to the overall feel and value of the neighbourhood and boost the price of your property.
Future Plans To The Neighbourhood & Local Area
Are there plans for further development in the area that might interest particular buyers? For example are there plans such as a community playground or a shopping centre? Plans from the council regarding the infrastructure of the local area or the neighbourhood can be a value-boosting incentive for buyers and sellers.
The Size Of The Property
Is the key value in the property held in what is already existent on the block? The ability to make additions (such as additional rooms or parking) can increase the value of a property. However, you will need to consider if there is space to do so and whether you can obtain council approval.
Ripple Growth
Areas that aren’t necessarily considered ‘hot property’ at the time of your purchase but are adjacent to those are likely to experience a ripple effect with time. Ripple growth may be because buyers will want the benefits of the ‘hot’ area but are willing to be within a certain distance from it.
Flat Backyard
A flat backyard might not necessarily be the primary concern if the property you’re looking for isn’t on a large block. However, having a flat backyard can make it easier to build additional structures (such as granny flats or decks) on the property without needing additional funds and time levelling the area.
Feel free to contact us if you want to discuss this further.