How is property value determined? Mortgage Brokers Perth
Not every property is the same. Even your next door neighbour who may have a similar looking property to yours, could have a vastly different house value to yours. The differences can be subtle, such as slightly larger land size, or bigger influences such as more bedrooms.
The mortgage brokers at Loan Monster can help you to understand factors that influence the value of your property.
The value of a property can be dependent on numerous factors, and what may be important to some, may be of less importance to others, so we could consider this as a moving component when it comes to determining the value of a property.
Below are some factors that may influence the value of your property – note that it is not limited to this list:
- THE LOCATION: – The vicinity to good schools, shops and parks are some of the requirements buyers may have when looking for property.
- THE SIZE – The size of the property will also determine the ‘buyer type’, for example, a large family will look for a minimum of 3 or 4 bedrooms with perhaps a decent sized garden; whereas, a retired couple may be downsizing and seeking a more modest home.
- SALES IN YOUR AREA – may also influence the buyers, for example, the house next door to you has been sold recently, it is also similar to yours in terms of size. The sale price of this house may impact the sale of your home either negatively or positively depending on the sale price.
* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site