Key features that add value
When you decide to sell your home, one of the most important factors to establish is its likely market price.
To determine overall market worth, consideration ought to be given to both the land and dwelling components of the property.
When estimating the value of a building itself, the property’s features, build quality, size, floor plan and external features all have an impact on its value.
There are a several features in a property which are typically desirable in the Perth housing market.
Over the past 50 years, the number of bedrooms in the typical home has doubled from two to four yet the average household size has decreased.
Regardless of our shrinking household size, the desire for larger homes remains strong and the market often disproportionately values four-bedroom homes and three-bedroom apartments.
Extra bedrooms offer flexible lifestyle options and buyers are aware of resale appeal.
When it comes to buyer interest, the number of bathrooms comes second to the number of bedrooms. The market values a second bathroom or ensuite.
Storage is an underrated influence on the value of a home.
We are living in smaller households but accumulating more possessions. Homes with plenty of storage space are likely to be more highly valued.
The common “games room” of the past two decades has given way to the home theatre.
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 big garage is a standard feature.
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 is also highly desirable. Hayden Groves is the president of the Real Estate Institute of Western Australia.