What Factors Increase or Decrease a Property’s Value?

When looking to buy or build a property, it’s vital to keep the future in mind. Taking certain factors into account will help future-proof your investment and make it more attractive to buyers. 

What increases the value of property? 

Proximity  

Before buying, consider the property’s location and how close it is to conveniences and points of interest. Closeness to schools, shops, and public transport is highly favoured by residents. Other amenities that add to quality of life are also favoured, such as its proximity to nature and various entertainment. Check the local area’s council infrastructure plans to see if there is anything of interest in the pipeline. 

Uniqueness  

A property with an element of uniqueness will catch attention and fetch a better price. For instance, having a unique view that no one else can build in front of gives you a major advantage, as it offers the buyer an exclusive opportunity. 

Updated design  

Think about the design and what aspects could be added or improved on to make the dwelling more attractive to the next person. A fresh layer of paint, new flooring, or renovated spaces go a long way. 

Energy efficiency  

Consider installing solar panels or heating and cooling systems with high energy efficiency ratings to stretch those dollars in the long run. Window treatments and ceiling fans are two other great options that improve energy efficiency at a lower installation cost.  

What decreases the value of property? 

Crime  

Research the crime statistics of the area as well as word-of-mouth: do current residents feel safe living here? 

Noise  

No one likes the constant sensory overload that construction and industrial zones produce. Be wary of any of these happening near the property.  

Inner city  

Be mindful of what developments are happening around your property. A flashy CBD apartment can quickly lose its value when another development takes away its city views. 

Transport  

Is there a train station nearby? Do bus routes run through the area? Is there a regular schedule? Poorly serviced public transport is a major reason for slow-selling properties. Furthermore, some may inspect an apartment overlooking a train station and think of it as something noisy, busy, and unsightly, while others may see the convenience of transport right on their doorstep. 

Everyone places value on different things. Research your market and find out what they look for. Let that guide your decisions towards investing in a development or making changes to an existing property.