Why neighbouring properties can have such different values
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today we’re going to talk about why neighbouring properties can have such different values.
Let’s assume you and your neighbour have the same land size.
We’re keeping at least one variable constant.
How about we change the slope or gradient?
That will have an affect on the value.
Think about building on sloping land, the cost can dramatically increase.
Also, would you rather have a level piece of land.
Or one where the soccer ball rolls down the yard?
The slope can really limit the number of buyers who want a specific property.
The house size can be different.
One might be single storey, the other a double storey.
More house size, generally means more expense as it will cost more to build that bigger house.
All those extra materials, labour and time.
How about the internal finishes?
A house that has been stylishly renovated from scratch with expensive finishes and detail.
Versus a house that hasn’t had a touch of paint in 40 years.
Which ones value will generally be greater?
A great layout can also create a difference.
Today, the bulk of the population generally wants open plan living.
A closed layout can once again reduce the number of buyers who want the property.
Extra luxuries like swimming pools, tennis courts, spas, gyms, saunas can also attract more buyers.
Who doesn’t want a nice swimming pool?
Even though properties can be next to each other.
This doesn’t always mean there values will be similar.”