As a homeowner you probably like to keep a watchful eye on the value of your property year on year and use nearby properties or online estimation sites as a gauge. When it’s time to sell, however, you need a deeper understanding of what your home is worth, and why.
Firstly, there’s the obvious features such as the building’s condition and location, and the current state of the market being a buyers or sellers market. These give you a guide to real estate in Mosman in general, but you have to look beyond these to ascertain the value of an individual home.
To give your home the best chance of securing an amazing sales price, you must identify and improve the aspects that appeal to your target buyers most.
Differences in opinion
Some home sellers form an opinion of their own and fix on a figure based on their own research. The best way to determine the value of your property is to do a soft launch and have your agent take a few prospective buyers through the home before launching with a full property marketing campaign.
Your real estate agent will be able to determine which factors might be attractive to buyers and which might turn them off. Key considerations which are often harder to see when it’s our own home are:
- The gradient of the block (sloping versus flat).
- The access to the property (stairs or a steep driveway).
- The property’s presentation (layout, furnishings and fixtures)
- Overall size of the living space and layout of the floor plan.
- The size of the bedrooms, car spaces and outdoor areas.
It may seem silly but with some home buyers, even paint colour can affect your properties current value.
Property appraisals and valuations
Receiving an accurate property appraisal depends on many factors, several of which lie beyond the property’s current state. Your real estate agent will take a good look at the building’s structural integrity, location and block size. Other factors include the property’s aspect, its architectural character, and its proximity to public transport, shops, medical facilities or schools.
An experienced agent will also look at any renovations that have been undertaken and assess their quality or whether there’s more scope for improvement. The home’s potential for desirable renovations, such as a pool or creating open plan living also count towards its value.
The home buyers perceived value
At the end of the day, what a Mosman property is worth comes down to what a property buyer is willing to pay. Your potential purchaser’s requirements and wish list are key and therefore demand attention. What do buyers want from a home in Mosman or on Sydney’s lower north shore?
For most people, the homes value proposition is based on a subjective desire or need. When people buy residential property, they’re purchasing more than bricks and mortar, they are investing in a lifestyle.
Depending on what life stage a buyer is at, and how much time they spend at home they will be looking for different functional aspects to the property. If the buyer is a family with two parents who are busy professionals with work and kids to juggle they’ll more often than not focus on the internal spaces of the home and each room’s versatility. They may also favour a smaller, low maintenance garden that requires infrequent upkeep.
If your home has sought-after features that nearby for sale properties lack, such as off-street secure parking or undercover outdoor areas for entertaining, you may find that your home has the edge.
Get professional guidance from the start
So it’s important to heed the advice of your real estate agent and listen to ways they suggest you could increase the value of your property, or promote its unique strengths.
At the end of the day buyers need to feel that your home is a much better option for them and their needs than the alternative homes being advertised at the time your property is listed on the market for sale.
It’s best to seek professional property advice from the start. Engage an experienced real estate agent, someone who can value your property accurately, and advise you on how to maximise that potential sales figure before your home hits the market.
What to know your property’s real worth is? Contact Jonathon De Brennan for a no obligation discussion.
