Hidden value that you didn't know about
Life is full of unexpected surprises. The moment you bite into an unidentified filled doughnut and taste that sweet strawberry jam. A remake of your all-time favourite show announced. Or when you realise you have leftover money on a gift card.
Here at Independent, all these prospects are very exciting, but there’s one other that gets us jumping. That’s when you realise there are hidden gems around you that add value to your home.
Yes, we all know that a fresh coat of paint, updating the bathroom, repairing small damages and even professional styling can boost your property’s worth. However, you may be able to achieve a higher price without lifting a finger.
Proximity to playgrounds
If you are located near a park, you may be sitting on a gold mine. According to a 2018 report properties within 300 metres of a playground sell for about $20,000 higher than homes that are further away. If we’re looking at just houses, the selling price could be up to $32,073 more.
Apart from the financial gain, parks are incredibly advantageous for both children and families. They provide exercise, fresh air, social interaction, escape from cabin fever and improved living standards.
Because of these physical, social and mental benefits, homes near green amenities are more desirable and buyers are willing to pay higher prices.
Ready to take your tape measure out? We don’t blame you!
From Carrie Bradshaw stomping all over town in Sex and the City to the Friends gang easily popping down to the corner-side café, New York-based TV shows have taught us that walkability in real estate is extremely popular.
The walkability factor has certainly reached Australia, extending beyond the local corner shop. Being able to stroll down the road to grab a barista-made double shot almond milk cappuccino with an avo toast or drop off your dry cleaning on the way to the gym is a lifestyle more and more people are looking for.
Walkability sets out to measure how easily residents can get around their neighbourhood on foot, particularly to shops, restaurants, cafes, recreation venues, and workplaces. It indicates a location with high residential amenity and many buyers and renters will pay top dollar for it.
So, put on those boots that are made for walking and spend an afternoon strolling around your area. Take note of every café, restaurant and business because these will ultimately be your selling points.
Close to public transport
The value of properties near good transport links typically shows stronger growth than similar homes without. Services such as bus networks, trains and light rails create accessibility, connectivity, liveability and a much sought-after thing called convenience. Also, being able to leave the car at home is becoming increasingly important as traffic worsens, petrol prices rise, and road rage increases.
In 2016, when the ACT Government signed the contract for construction of the light rail project, property experts predicted the light rail would benefit those who owned property along the stage one corridor. Several years later, this is still the case. Both buyers and tenants are continuing to be interested in properties along the light rail corridor as people seek to be closer to public transport and other amenities.
On the flip side, being too close to public transport can have the opposite effect. Imagine living near a train line that sounds like it sits in your backyard—talk about insomnia! If the service alters the quality of life in the property, it can reduce the home’s worth.
Before you start pricing your property, keep in mind that there are many other factors that contribute to a home’s worth – location, maintenance, presentation, the state of the market. The list goes on. Get in touch with a professional real estate agent or property valuer to determine and highlight the best features of your home and give you an accurate price range.
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