Purchasing a home is a major financial decision that people take very seriously. Often, knowing exactly what it is that you’re looking for in the property and its surroundings can be a major deciding factor in what you choose to buy. In some instances, these factors can be major value-adding boosters to the property which could help make you a profit down the road.
If you are tossing up between two properties, it’s critical that you consider these factors and determine what might be a profit gain and something that you want.
Quality Of The Surrounding Homes
Having a home surrounded by other properties with a good appearance will make resale easier down the line. The impression that the neighbourhood as a whole gives off is heavily influenced by the homes within it – well-kept gardens, lawns free of clutter and homes that are free of external damage or neglect can add to the overall feel and value of the neighbourhood, and boost the price of your property.
Future Plans To The Neighbourhood & Local Area
Are there plans for further development in the area that might be of interest to particular buyers (such as a community playground, or a shopping centre)? Future plans from the council regarding the infrastructure of the local area or the neighbourhood can be a value-boosting incentive for buyers and sellers.
The Size Of The Property
Is the key value in the property held in what is already existent on the block? The ability to add elements to the property (such as additional rooms or parking) can increase the value of a property. However, you will need to consider if there is space to do so and whether you can obtain council approval.
Areas that aren’t necessarily considered ‘hot property’ at the time of your purchase but are adjacent to those that are, are likely to experience a ripple effect with time. This may be because buyers will want the benefits of the ‘hot’ area, but are willing to be within a certain distance from it.
This might not necessarily be the main concern if the property that you’re looking for isn’t situated on a large block. However, having a backyard that is flat can make it easier to build additional structures (such as granny flats or decks) on the property without needing to spend additional funds and time on levelling the area.