It’s important to do your research as we mentioned earlier to get an idea of what a property maybe worth the comparable sales BUT it’s really important to determine ‘How much is this property worth to you?’. The quoted price is a guide provided by the real estate agent but ultimately the site will be worth X to a builder because he can sub-divide and worth Y to another because they may have family living in the street and their kids go to the local school.
Points to consider when determining the worth of a property:
* Potential for capital growth
* Potential for negative gearing – tax benefits
* Potential for positive gearing – cash flow from rent return
* Potential to add value through renovation
* Potential to sub-divide
* Lifestyle factors – nearby schools, friends, family – how much is that worth to you
And lastly it’s always a good idea to ask a Dowling Real Mayfield agent who has direct experience selling properties in your area and you can book a market appraisal for your property with us at your convenience.