Is your property more valuable with development potential
Everybody wants to earn the highest price possible for their property when they sell it and why shouldn’t you, it may be the biggest asset you ever sell. Home sellers (vendors) use dozens of techniques to improve the appeal and value of their property, including:
- Preparing their home for sale
- Working on home presentation
- Finding the best real estate agent
- Photography and floor plans
- Videos of their home
- Flyers and printed handouts
- Online Advertising
- Newspaper advertising
- Open Homes, and more
What does development potential mean?
Development potential means different things to different people but it’s essential doing something to the property to make it worth more. Building development can include:
- structural building work to increase the number of bedrooms from 2 to 3, or
- the addition of a deck to increase the usable outdoor space
- building a garage or car park to increase the rental value, and of course
- building of a granny flat or secondary dwelling
You have to put development into context given the property market you’re in. For example in built up cities like Sydney, Brisbane, Melbourne and Perth a significant amount of people buy and sell and live in apartments or units and development for a unit usually involves improvements to the kitchen and bathroom or flooring, whereas in regional areas or outskirts of these major metro areas property owners have more space to work with – more land.
If you own a house on land and your land is big enough, you may have the potential to build a granny flat and that means more rental income.
Secondary dwelling or Granny Flat
Granny flats can be an affordable way to add value to your home and you could use it as a sales aid but remember that once you open up that option it bring up many more questions if a potential buyer is interested but not really aware of how to go about building a granny flat. Our posts are designed to highlight some of the information you need to know about building a secondary dwelling in the form of a granny flat on your land.