19 October 2019
Author: REIWA President, Damian Collins
When you decide to sell your home one of the most important factors to establish is its likely market price.
The old adage that “there is a
buyer for every property” is true, but this naturally relates to price. To determine overall market worth, consideration ought to be given to both the land and dwelling components of the property.
Features that add value
Establishing the market worth of land can be a more straightforward process than working out the value of a building whereby considerations around depreciation become a factor.
When estimating the value of a building itself, the property’s features, build quality, size, floorplan and external features all impact on establishing its value.
There are a number of features in a property typically desirable in the
Perth housing market.
Bedrooms
The number of bedrooms remains a key factor in forming a
buyer’s decision.
Over the last 50 years the number of bedrooms in the typical
home has doubled from two to four, yet the average household size has decreased
with many homes today being occupied by one or two adults without children.
Regardless of our shrinking household size, the desire for
larger homes remains strong and the market often disproportionately values more
bedrooms than required. Extra bedrooms offer flexible lifestyle options and
buyers are aware of re-sale appeal.
Bathrooms
When it comes to buyer interest, the number of bathrooms
ranks as the second most important feature with the market greatly valuing a
second bathroom or ensuite.
Home theatre
The common ‘games room’ of the last two decades has given
way to home theatre. Large flat screen TV’s with surround sound units and comfy
chairs demand their own space. Increasingly, this is becoming a central feature
of the modern home.
Parking
Suitable car parking is important, but doesn’t rate as
highly as living areas. The value of a lockable double garage with internal
access to the home varies in different locations.
In older suburbs where room for expansion around the home is limited it might be viewed as dispensable, but in newer areas a large garage is now a standard feature.
Outdoor entertainment
Our climate is ideal for covered areas that open to the
yard and perhaps overlook a pool. A quality, functional and protected space in
the yard which expands the living area of the house and merges the garden with
the home are also highly desirable.
If you’re thinking about selling, enquire with a
local REIWA agent about what price properties like yours are selling for in your area.