Guide to value of your home
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.
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.
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 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.
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.
A well designed, functional and spacious kitchen with quality draws and cupboards, benchtops and appliances is an increasing priority for home buyers.
WA’s warm climate practically demands the requirement for functional alfresco areas.
More and more WA homebuyers consider outdoor living spaces a necessity.
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.