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property valuation Archives - Page 1

Property Appraisal Adjustment: Aspects You Must Factor In

A precise comparable sale is very hard to find, since no two properties can be fully similar. While we are not talking about the uniqueness of a genetic code here, there still is hardly a chance for two properties to completely replicate each other. Why I am saying all this? In all honesty, it’s to introduce the need for a property appraiser and his many methods of adjustments. Is your curiosity piqued? Fair chance it is!

So allow me to elaborate on the subject and really surprise you with some of the lesser-known facts of property appraisal adjustments.
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Undersupply and Dwelling Constuction Costs to Raise Prices in Sydney

In an article for the website Your Investment Property, Phil McCarroll writes that the cumulative effect of various factors at work could see prices rising steadily in Sydney. The scarcity of residence-ready land and the hike in construction costs could enhance home prices a great deal.

Builders have evidently increased their margins and this has reflected on the cost of construction. Another thing worth noting is that unlike other capital cities, the on-market time in Sydney and Melbourne is pretty short.

You can read the original article here.

The Effect of Economy on Property Values

In an article for the website Property Observer, Jonathan Chancellor talks about Glenn Stevens’ viewpoint regarding Sydney house prices and prevailing interest rates. The property values in the harbour city have already witnessed a hike of around 33% since the year 2012.
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Role Of a Valuer General

The government requires evaluation of specialists for its lands. Transparent and fair assessment of land values is being provided by the Valuer General. While the names and designations may vary based on the states and territories, the job remains more or less the same.
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How Do Most Home Buyers Evaluate Homes?

I read an interesting piece on the website I will go on to say that most of the findings the article talks about is  in sync with my expectations. The article is about the aspirations of buyers when they are searching for a home.
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Online Property Valuations Are Prone To Errors

Algorithms can set world’s top search engine in motion but they fail to assess a property’s worth effectively. This is the reason why online property valuations have ignited a fair bit of controversy all across Australia. An article on Your Investment Property sheds light on the issue.
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Subdividing vs Renovating – Which Is More Profitable?

Mark Armstrong busts a real estate myth while reporting for Property Observer. In his article, he discusses how Subdividing may not be the most profitable way to go. Property owners hold two opposite ideas equally dear when they are looking to sell their properties. One such idea is Home Staging wherein they revamp their existing homes, upscale it a little, give a few finishing touches and seek better prices for their appraised properties.

Property owners sometimes take a diametrically opposite route and demolish their properties to create two separate units on the site. If you stick to traditional notions, you may feel that two units can be sold for a higher price than one- right? So is there a catch? Well! Plenty to be precise!

To begin, there is a cost involved in demolishing the existing home and leveling the site. There is a price tag attached to council permits. Add to this the fee of the architect or the draftsman who prepares the blueprint for the new units. You cannot overlook the cost of labor and raw materials (it may include an exigency or a sudden surcharge). One has to duly consider the amount of interest on loan (required for reconstruction) and rental fee (for the time you do not have a place to live in).

Next in line is the cost involved in marketing your property, appraisal fee, agent’s cut and the capital gains tax. If you now look at it, subdividing might not seem to be a viable option anymore. Well! It still can be but it is your duty to make an informed decision.

Which one between the two would you typically choose? I invite your opinion.