When buying a home, there are some things to look out for which add value to a property and will help you make more profit down the line.
If you are tossing up between two properties, here are things to consider that give one an edge over the other:
- Quality of surrounding homes: Having a home that is surrounded by other properties with a good appearance will make resale easier down the line as it creates a strong impression of the neighbourhood.
- Future plans to the infrastructure of the local area can add value to the property down the line.
- Potential to add extra rooms or parking: The ability to add elements to the property can add a lot of value. It is important that there is space and council approval to be able to do this.
- Ripple growth: Areas that aren’t necessarily ‘hot’ at the time of purchase but are adjacent to such areas are likely to experience a ripple effect with time.
- Flat backyard: Having a backyard makes it easier to build granny flats or decks (and removes the need for levelling).