When it comes to appraising a property’s value, the building and its design features are the main variables. Land value is relatively easy to estimate.
Following is a guide on contemporary attitudes to property values:
The number of bedrooms remains the most common way to estimate a property’s value. Over the last 50 years the number of bedrooms in a typical home has grown from two to four, but the average household size has decreased.
Regardless of this shrinking household size, the desire for larger homes remains strong and the market tends to put higher value on four bedroom houses and three bedroom apartments. Extra bedrooms offer flexible lifestyle options such as a home office or guest room.
The number of bathrooms and toilets is second only to the number of bedrooms when it comes to buyer interest. The market values a second bathroom and toilet or en suite very highly due to the convenience and privacy they offer.
This is an underrated influence on value. Homes with plenty of storage space are likely to be more highly valued.
The games room of the 70s and 80s has given way to home theatre. A room with flat screen TV, surround sound and comfy chairs are in demand.
Secure car accommodation is still highly important to buyers.
A well-designed, functional and spacious kitchen with quality draws and cupboards, bench tops and appliances is a priority for home buyers.
Al fresco area
Whether it’s a simple social space with a modest outdoor setting or a lavish BBQ area with a patio, a functional and sheltered setting outside which expands the living area of the home and utilises the garden can be a great bonus.
All of these factors come together to establish an estimated selling value of the home.
At Dougmal Harcourts – The Property People, when we appraise a property’s value, we take in to consideration all of these attributes, plus current and relevant nearby sales to establish an estimated selling price for your home. Speak to one of our Sales Consultants and ask for a ‘Market Appraisal’to receive all of this up-to-date information personalised to your property.