Property history: Older properties have a proven resale value since any exchange is between a willing buyer and a seller, and will likely meet the market. In addition, you'll also have access to the property history, previous sale prices etc.
Note: So the truth is… some properties do double in value every 7 to 10 years, but many don't!
Kitchen remodels: Kitchens are easily one of the most important rooms in a home, so it's no surprise people value a smart, modernized space, says Fisher. On average, kitchen remodels lead to a 72 percent ROI. The average cost of a kitchen remodel is between $25,000 and $40,000.
Estimates from the Real Estate Institute of Victoria (REIV) revealed an extra bedroom could add anywhere from $160,000 to $500,000 to your property's value. But property investment expert Andrew Crossley said an extra room could increase house prices by an average of $95,000.
adding six-figures to the sale price in a number of municipalities. In the year to June 30, two bathrooms added the greatest value to the sale price of two-bedroom apartments in Stonnington, achieving a median of $920,000 - $312,000 more than homes with only one bathroom.
Old Homes Often Have Transom Windows
Those panels of glass you'll still find on old homes are called transom doors. Their main purpose was to let in natural light in the front hallways and interior rooms—like keeping rooms—before electricity became the norm.
Historically, operable transom windows above doors played a role in the heating and cooling in a home. Operable transoms have sashes that can be opened or closed to help regulate the temperature in a room when the door is closed.
Spring is a time of abundance on the Australian property market, with more listings and more properties sold than any other season. If having a wide selection is important to you, spring may just be the best time to start searching or selling, as you may enjoy better chances of finding exactly what you want.
It'll probably come as no surprise, but the best time of year to buy property in Australia is just before or just after winter. As people hibernate during the colder months, fewer properties are listed for sale. There is also a significantly reduced number of buyers.
Knowing the optimum time to sell your property allows a seller to plan for inspections according to the season. It's more crucial to understand why that time of year is better. Statistics suggest the best months to sell are October, November and December. This is if you're in Sydney, Melbourne, or Hobart.
According to CoreLogic, a granny flat could boost home values by 30 per cent and add around 27 per cent to rental income.
Add a separate toilet or additional bathroom
If you have the space available, adding an extra bathroom, or toilet, can add a lot of value to a home and is a great appeal to potential buyers. Having an additional bathroom or toilet could improve the convenience of the lifestyle of those who are living there.
The kitchen and the master bathroom. Buyers tend to show more interest in these rooms than any other in a home.
Colonial. Colonial-style homes have the highest resale factor when all other elements are equal. These two-story homes that often have a boxlike appearance are popular because of the amount of functional living space that they often have.
The average annual growth rate for well-located capital city properties is about 7%, which means that Australia's median dwelling price should be around $1.1 million in 2030. But some properties will outperform others by 50-100% in terms of capital growth, so take these house price predictions with a big pinch of salt.
To determine whether a property is a good investment using the 2 per cent rule, simply multiply its purchase price by 0.02. For example, if you're going to purchase a property valued at $200,000 then the monthly rent should be at 4,000 or more to meet the parameters of the 2 per cent rule.
Essentially, the life of a house depends on the type of materials used in construction, the degree of workmanship, the kind of maintenance required, and whether maintenance is actually followed through. On average, a well-built house can last for more than 60 years.