It’s impossible to perfectly predict a property’s value; aside from the economy and interest rates, it ultimately comes down to what people are willing to pay.

While everyone has different tastes and lifestyles, there are some common factors which influence a property’s desirability.

Read on to find out what drags property values down and what drives them up.

Location

The location is probably the first tick box on anyone’s list; generally, people want to live in a safe neighbourhood, close to where they work and somewhere where there are a range of activities so they can enjoy their free time.

However, there are some areas which make properties more desirable; it goes without saying, a 4 bedroom property in Warners Bay will cost more than a similar property in Cardiff! In the same breath, a property located in a good school catchment area is more likely to attract a higher price than a similar property elsewhere.

Other lifestyle factors people consider in the location are proximity to shops, public transport and/or road networks.

Desirable features in a location include leafy suburbs, quiet, clean and well maintained streets, and good footpaths. And it goes without saying, the closer a property is to the beach, the higher the premium!

Age and condition

Some people do like an older house, but it can be off putting if it is expensive to run and maintain. Many buyers are willing to pay a bit more for a newer property which doesn’t require much work.

Buyers also consider the condition of the property; the price will go down if it requires a major renovation, or even if it’s just run down and there are a lot of minor repairs which need doing.

Renovation potential

While renovations do put some people off, others like the challenge! If there is scope for a major renovation which will add value to the property, you might just get a price higher than you thought.

A property with the potential to extend or add a swimming pool may also attract a slightly higher price than a similar property without this possibility.

Planning and building regulations

The spanner in the works to a building with renovation potential is the planning and building regulations. Heritage listed areas come with a range of restrictions, and some councils are more open to giving planning permission for extensions than others.

Size and usable space

Size does matter, but so does how that space is used; a badly planned house, with small rooms and bad lighting is less desirable than the light and airy house, with a well thought out layout.

Small bathrooms and kitchens, and the number of toilets may also affect a larger property’s value.

Additional features

For smaller properties, a garage or dedicated parking, and well thought out storage areas can also attract a higher price.

Environmental features

With the environment at the forefront of people’s minds, we’re increasingly seeing properties with ‘green credentials’, such as solar panels, water saving devices and other energy efficient features attract a higher price.

Outside aesthetics

Don’t underestimate the street appeal; first impressions do count. The way a house looks from the outside can instantly add or subtract dollars from its value.

Ultimately when it comes to selling your property you do need to consider the ‘saleability’ factor when looking at its value. The most important thing is to get your property in front of people looking for your type of property.

That’s where we come in. Our marketing tactics ensure your property is seen by genuinely interested buyers, willing to pay at the very least a fair price in the current market.

If you’re thinking of selling or would just like to know what your house could get in today’s market, contact us for a free, independent and non-obligatory quote. Our experienced team will also give you tips and ideas so you can get the best from your property.

We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

If you’re looking for more handy tips on selling your property, or what to look for when buying or selling a property check out our Facebook page.