Whether it be for your use or for selling purposes, you would always want your property to remain in top shape. After all, you always want to get your money’s worth. Won’t you also like to make a profit when you do decide to part with your property in Melbourne?
But did you know that there are a lot of mistakes and neglectful activities that can cause your property’s value to tank?
Property Valuation and the Numbers Game
Property valuation Melbourne refers to the process of determining how much a particular property is worth. A lot of it is affected by external factors such as prevailing market conditions. But, the property’s condition also plays a very important role in the property’s valuation is high. One might believe that keeping up with basic maintenance is enough. However, there are a lot of small details that can shave off the money from your property’s worth.
Say No To Depreciation – What To Look Out For
Even if you do not have any immediate plans to sell your property, it is always a good idea to keep a lookout for depreciative points. This will ensure that the property remains in the best condition while you use it. And, it also allows you to make timely investments.
After all, you would not like to pour in a lot of money into your property to make it more sellable, right?
Here are some important but often overlooked pointers that you should keep an eye out for:
- Obsolete Tech –All people may not like the new-fangled technology that is pervasive in our lives. But nobody likes ancient technology. There are always exceptions of course, such as in kitchens and architecture. Here, these can add to the old-world charm of a house. But, by and large, obsolete technology should be done away with as soon as possible. It is even better if these are replaced.
- First-View Appeal –People often judge properties on outside looks, but tend to neglect this very feature in their property. Prospective buyers can refuse to see the interior of a property if the exterior is not appealing. Small but regular investments in the exterior can thus go a long way in preventing value depreciation.
- Neighbourhood Troubles – Feel that the business of your neighbors is none of your beeswax? You may want to reconsider. An unfriendly or crime-prone neighborhood can often tank the value of all properties. It may thus be worth your time to invest in community programs. This can be through time, effort, or simple donations.
- Eyesore Aesthetics –Finding that particular shade of paint or that weird architectural design an eyesore? Chances are that it will also catch the eye of the buyers – in a completely negative way. Save yourself from this aesthetic nightmare and prevent your house’s value from depreciating with some smart and most eye-pleasing changes.
- New Standards –Sometimes, a property’s value can reduce because technology has moved on. For example, if properties on sale have new sustainable and money-friendly investments such as solar panels, your property may have a hard time competing. Thus, it may be worth your while to check the tech scene from time to time – your quality of life may also improve!
Some More Tips
When it comes to property valuation, it is important to remember that there will always be some factors out of your control. Examples include developmental projects in the area, prevailing market conditions, etc. It is best to not let these impact your thoughts much. You should focus instead on what you can change.
As long as you own a property, you should also consider anti-depreciation changes with a view for your comfort too. This will help ensure that you get your money’s worth even before you sell your property.
Lastly, as stated above, it is always better to make small and routine investments in your property than to go for one massive set of changes in one go. Not only is this fiscally better, but it can also help you the scope and plan the changes that need to be made, and will also help you tide out for better technology or practices to come into play so that your property remains top of the line.