Inconjunction Real Estate - What's It Worth?

Now that you have a specific property in mind you can get much more accuracy around a comparative sales analysis. You know the exact location of the property, it’s features (size, number of bedrooms, etc.) as well as it’s overall condition. Earlier it was mentioned that you should get access to SALES data. Actual sale prices are a great source of information when looking for a figure of worth.

TIP! If you need this information on a specific property type (in the Hornsby or Baulkham Hills LGA), then CLICK HERE and we’ll provide it for free!

Armed with this information, you should have a fairly good idea what the property is worth - You’ll then want to vary the property price, based on factors such as: -

How it compares to properties in the immediate vicinity? (is it on-par with them, better or worse?) then make the adjustments as you feel fit.

What (if any) improvements have been made to the property? Major renovations such as landscaping, a pool, a sizeable shed, quality fencing, etc. will all add value to a property.

Whether there are any significant inclusions that may influence the property value? (i.e. state-of-the-art alarm system, home-theatre system, etc.)

At this point you should have a revised figure for your property. You’ll then want to consider other factors such as: -

The current state of the market – In a buoyant market, where properties are turning over very quickly, you’re likely to be in a weaker negotiating position than a stagnant market.

Your perception on the level of interest / demand for the property – If you know that there are several interested parties, you may be in a weaker negotiating position.

Your perception of the urgency of the sale from the vendor’s perspective.

Armed with the above information, you can usually form a fairly accurate picture of what the property is worth. You may settle on a price or a price range. This is an estimate that you have drawn up and is completely independent of the marketed price (hopefully the two will not be wildly different!). You may also choose to get a professional opinion from an independent source.

Note – unless you’ve already completed a building and pest inspection you may make your estimates on the basis that there are no major structural or pest-related problems.