There are three key elements to focus on when trying to estimate the value of your property. Understanding these elements makes it easier to add value to your investment in the future.
Those three elements are Land, Dwelling and Extras.
Land
There’s not much you can do about the land. Your location, size, and scope of your land are not in your control but it pays to be mindful of them when you buy.
Consider how you can use the land to its best advantage. Can you improve access to the property, or enhance its privacy, or how it can be used with landscaping? Is there additional room for expansion in the future? Such an approach can offer a valuable payback.
Dwelling
The value of your dwelling is determined by its age, materials, and state of repair. While there’s not much you can do about the age of your property, you can freshen up the exterior, especially the frontage. In all probability, a fresh coat of paint and new gutters will significantly improve the appearance and increase your property value.
As for the interiors, look for properties that have great potential. Today’s buyers embrace open-plan living and love kitchens that flow into the living room and ideally out into the garden. The number of bedrooms is always critical, so if you have one doubling up as an office or handicraft room, return it to its original purpose prior to placing your property on the market.
Kitchen and bathroom upgrades can add value to the property. However, try not to go overboard. As we mentioned in our previous blog, try and aim your renovations towards the mid-market.
Extras
Having a ‘wow’ factor will improve the value of the property. It can either be inside or outside of the home.
A great entertaining area is a winner with buyers at the moment. Other factors such as swimming pools and spas can be a little tricky as those go down well with young families, while others see them as a maintenance burden. So, before investing in ‘wows’, be sure to do thorough research on your potential market or feel free to speak with one of our agents.
Simple things like new appliances can also impress. Make sure they’re all the same brand and in the same style. Stainless steel is the classic.
If you can obtain planning permission for an additional storey or an extension, then you should consider if buyers will reward you for the additional cost and work. When considering changes like this, it is better to talk to your local real estate agent as we can advise on the latest buyer trends.
