What are the factors that influence property valuation in Melbourne

Property’s value that is something dynamic in nature. Many factors and reasons are there which affects the value of the property. So whether you are planning to buy, sell, invest in real estate property this is something very essential for you to know about that is – Property value.

Though there are several methods to find the property’s worth like –

  • Online property valuation tool.
  • Sales comparison method or Comparative market analysis.
  • Cost approach.
  • Income capitalisation.
  • Get to know from brokers like property valuers melbourne.
  • Use home price index calculator.
  • Hire a professional appraiser from Melbourne property valuations.
  • Automated Valuation Models.

Choose any one of the method to know the value of your property. Beside this, the factors that influence the property’s value are –

Accessibility to transport facility – The property that is proximity to transport facility is considered as the best one. Properties near the bus, train stations, near airport, properties near public transport are considered as the property with high price.

Location matters – The property that has prime location, in commercial or market area, or in developed urban area valued high as compare to those are in less popular areas of the city, or in rural area, or in residential areas. If you are interested in buying a house then surely for you location is the most important aspect while buying a property. Property valuation is high when the property is in prime location.

Size matters too – Talking about the influential factors of the property valuation the size also affects. Larger the size of the property high the value will be. The property or house with more bedrooms values higher than the property with less rooms. Layout and designs can too influence the valuer, the open layouts with smart designs makes the property more spacious which increases the value of the property.

Age – It’s not the age that affects human beings, the property too get affected by the age. How old your property is? Matters. The newly constructed property gets high price as compare to the old one. If the old property possess any historical importance and is well maintained than the scenario changes.

A condition of the property – The old well maintained property cost more as compare to the new property with more renovation. The simple thing is nobody wants to buy anything that is less than perfect. So better the condition of the property higher the value you will get.

Never ignore elevation or exterior – This is something that puts first impression on the valuer or buyer. Exterior of the building should be attractive and appealing. This is something increases the value of your property. Well painted, properly renovated buildings valued more.

View – The view from the property matters. If your property is around sea beach than you will get the higher value of your property. Imagine a house with sea side view appeals you most in spite of a house with blocked view.

Renovation – Renovated houses value more than those property that needs renovation. The little renovation in the property makes it good and sometimes like new one. Instead of changing houses frequently people prefer to renovate the houses and feel like living in a new house. Remodeling your kitchen or creating a new room on terrace adds value to your property.

To increase the property value, something that is in your hands. Renovate your property (as per your budget before selling it out), Repair the electricity lines, pipelines, water tabs, furnitures if needs repairment. Paint the property well. All these can improve the property’s worth.

Looking for property valuer Melbourne? Contact property valuation melbourne and get the right value of your property.