Property valuation is an important step in the home buying process. Before negotiating a fair price, you must determine your property's current market value. Hiring a professional property valuer can be an effective way to ensure that you're getting a fair deal. However, have you ever wondered what they are looking at when they make their assessment? Here are some of the things that property valuers in Melbourne typically look for:
1. Land Size
The size of the land and its location within a suburb is one of the biggest factors affecting land value. If a property has a large block, it may drive up the property value. Similarly, if it is in a premium location within a particular area, the value may also increase. Most land valuers have a fixed system to determine property values depending on the size of the block and location, which they can use as a benchmark. If you are looking to buy a property but are unsure of its value, you should get in touch with a valuer who operates within your area. They can provide you with a solid estimate based on the market conditions.
2. Street frontage
This factor is closely related to land value. If your property is situated on the main road, it means that it is close to almost all the amenities and will benefit from a greater property price. But this does not mean that you can sell the house for a higher price. The value of the home decreases if it has a reduced street frontage. A house less than 9m wide may have better value if it is situated in a premium location. The same applies to houses located in an inferior location but upmarket area. In addition, the general trend seen in all major cities speaks of more expensive properties being located on main roads and inner-city areas being overpriced due to demand increase due to limited supply.
3. Property size
The size of the house is also a highly-touted element when it comes to property valuation. This is mostly influenced by the land size and location as well as the design of the house. Houses located in upmarket areas commonly have large land sizes and can accommodate big houses. In addition, most people prefer to live in large homes with modern designs, and this drives property prices up too. However, this does not mean that smaller houses are inferior, but they may be less preferred despite being in great locations close to townhouses, shopping centers, schools, etc.
4. Its eco-friendliness
If your property is environmentally friendly and uses renewable energy sources, you can stand to gain in value. It may have taken you months to make the transition, but there is a reward at the end of it. Green living is becoming fashionable these days, and people are willing to leave behind their old ways in search of greener pastures. This means that if you can prove to them that your property is eco-friendly and energy-efficient, you can sell it faster than you anticipated.
5. Layout
The layout and design of a property are key factors when it comes to property valuation. A house with poor design and outdated interior can devalue the property despite good location and land size. However, a great house in an upmarket area will be valued highly regardless of its design. A properly designed house with a well-defined interior layout can have a tremendous influence on the property's value.
If you want to sell, buy or even rent a property, it is always important to, first of all, get a property valuation in Melbourne. An experienced property valuer is an ideal person to do this for you and get an accurate estimate based on market conditions.
Melbourne Property Valuers Metro
614/20 Queen Street, Melbourne, VIC, 3000, AU
(03) 9021 2007
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