If you’re buying or selling a property in the upcoming months, it’s important to know the worth and value or your property. This may help you decide if now is the right time or if you need to make some adjustments and wait it out.
1. Market demand
The market demand is quite possibly the most important element. Is there much demand in the property market? A strong market demand will increase property values and low demand will have the opposite effect. Currently, there is a high demand in the property market in capital cities with the property boom. This demand is being driven by the rapid population growth in Australia and a strong market that is attractive to overseas investors.
2. Location
You’ve probably heard it 1,000 times but it’s true, it’s all about location location location. The affluent suburbs will always remain in demand, as will properties located in coastal areas or near the ocean. There are plenty of other areas that are now becoming very trendy and in demand, such as the Inner West. Suburbs with investments into public transport, shopping centres and schools are key. Aim to buy in a growing location with potential. Or alternatively, if you’re selling and you’re in a great location, really consider this option first and wait for the right time to get the greatest sale.
3. Size of the land
Many people agree that you are no longer purchasing the house but you are purchasing the land, that’s the real investment. Think about the size of the block, the number of bedrooms that will fit, backyard space etc. as this will be valued differently by different buyers. Having a large piece of land or a differentiated piece of land will put you in a very beneficial position as a seller. As a buyer, it’s also something to look out for and think about the potential of the land.
4. Building material
Most people might think brick would be the most desirable building material because it involves less maintenance. However, there is now also a strong demand for the character and charm of less modern timber houses.
5. Land zoning
Environmental and council restrictions on areas can severely affect the value of a property, especially if it is being marketed towards investors who have future plans for the property. If restrictions permit you from building more than one or two dwellings on the block, this could make the property less desirable. It’s important to know about any zoning restrictions your current property may have or those that a property you’re interested in has. It might be worthwhile to check out the NSW Zoning Guide.
6. Environmental features
Environmental features such as solar panels and water tanks are becoming more and more popular these days with people looking into clean energy. There is a demand for properties with these features, especially because these types of additions may be costly.
7. Making your property look attractive
This is specifically important for those who are selling their properties. Showing your properties in the best possible way when selling is the easiest way to add some value to your property. This may include carrying out some simple maintenance or decorating your home to make it feel warm and modern. These are the little things you can do yourself to make your property grow in value.
If you have any questions regarding buying or selling your properties and you’d like to speak with an experienced accountant, or financial planner – please feel don’t hesitate to get in touch with the team here at Fortis Accounting Partners. You can reach us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
