Guide to value of your home

Pilbara News - - Property - Sa­man­tha Jones Sa­man­tha Jones is a rep­re­sen­ta­tive of the Real Es­tate In­sti­tute of West­ern Aus­tralia.

What fea­tures de­ter­mine the mar­ket value of a WA home?

One of the trick­i­est things to es­tab­lish when putting your home up for sale is its mar­ket value.

It is also one of the most im­por­tant fac­tors to es­tab­lish.

How is mar­ket value es­tab­lished?

To de­ter­mine mar­ket value, you need to con­sider the land value and the build­ing value.

Land value is the eas­ier of the two to es­ti­mate be­cause it is straight­for­ward and isn't af­fected by vari­ables.

As a gen­eral guide, here’s an ex­pla­na­tion of con­tem­po­rary at­ti­tudes to WA homes and how they con­trib­ute to es­tab­lish­ing prop­erty val­ues.

Bed­rooms

The num­ber of bed­rooms re­mains the most com­mon way to de­scribe a prop­erty.

In the past 50 years, the num­ber of bed­rooms in the typ­i­cal home has grown from two to four but the av­er­age house­hold size has de­creased.

The de­sire for larger homes re­mains strong.

Bath­rooms

The num­ber of bath­rooms and toi­lets is sec­ond only to the num­ber of bed­rooms when it comes to buyer in­ter­est.

Buy­ers on the whole value a sec­ond bath­room and toi­let or en­suite bath­rooms very highly.

Stor­age

Stor­age is an un­der­rated in­flu­ence on value.

Homes with plenty of stor­age space are likely to be more val­ued.

Spare bed­rooms can also be re­garded as stor­age space.

Theatre room

The games room of the 1970s and 80s has given way to the home theatre.

Flat screen tele­vi­sions with sur­round sound units and comfy chairs are an in­creas­ing re­quire­ment for buy­ers.

Kitchen

A well de­signed, func­tional and spa­cious kitchen with qual­ity draws and cup­boards, bench­tops and ap­pli­ances is an in­creas­ing pri­or­ity for home buy­ers.

Al­fresco area

WA’s warm cli­mate prac­ti­cally de­mands the re­quire­ment for func­tional al­fresco ar­eas.

More and more WA home­buy­ers con­sider outdoor liv­ing spa­ces a ne­ces­sity.

Car space

Hav­ing se­cure car ac­com­mo­da­tion (par­tic­u­larly a dou­ble garage) is im­por­tant as WA is a State that re­lies heav­ily on cars for trans­port, but this is not nec­es­sar­ily a deal breaker.

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