Land value is certainly the launch pad for value, but
improvements are where things rocket.
With the house, property valuers look at the floor space of
a dwelling, and how it’s utilised through great design.
While bigger square metres tend to justify a higher
figure, smaller homes that are sympathetic to making the most of what they
offer their residents will be rewarded with a higher value.
After all, a rabbit warren of a floor plan will save some dollars compared to a really well-thought-out flow.
The number of bedrooms and bathrooms matters, too.
If a four-bedroom home has only one bathroom, this will
affect the value.
And of course, the condition of the bathroom is important.
If it’s old, dated, or falling apart, that will cost you.
Similarly, the kitchen is critical.
It’s the heart of a home, so its size, condition, and
inclusions are all taken into consideration.
In fact, the quality offixtures, fittings, and
features throughout a home – and how they relate to each other and maximise
liveability – is a critical consideration in value.
Another thing that valuers will look at is car
accommodation.
If there’s secure off-street parking, preferably in a
lock-up garage, then that’s a big tick.
Even a driveway space is better than nothing.
And of course, any other improvement to the site will
generally add value – from a swimming pool to a tennis court or granny flat…
even down to fencing, landscaping, and driveway.
The valuer is also considering what may or may not be an
overcapitalisation in a particular area.
Are pools the norm?
Are buyers willing to pay substantially more for one in this
suburb?
The valuer will consider this in their assessment.
RealRenta has all the tools that a property manager has but for less
than ¼ the cost of a property manager.
You can now manage your Residential,
Commercial or share/student accommodation property
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out.
Jason Gwerder
Wednesday, 23 April 2025
