How much does ... increase market value?

[schmick]

Hi guys,

I'm just wondering when looking at comparable properties, if one property had something a little extra, how much would this increase market value and/or the price one should offer for a particular property.

For instance, standard 2 bedroom, 1 bathroom, 1 car unit... If another property was similar in size and layout but had say:

a) An Additional Bathroom = + $X dollars.
b) An Additional Carpark = + $X dollars.
c) An Additional Toilet = + $X dollars.

Obviously, all these things would be subjective upon a number of other soft factors, but do people use say a 'base' value for a bathroom, a carpark, etc, etc.?

 

[Propertunity]

For instance, standard 2 bedroom, 1 bathroom, 1 car unit... If another property was similar in size and layout but had say:

a) An Additional Bathroom = + $X dollars.
b) An Additional Carpark = + $X dollars.
c) An Additional Toilet = + $X dollars.

No. In the case of (a) comparable sales of 2brm, 2bath, 1car units. In the case of (b) comparable sales of 2brm, 1bath, 2car units. In the case of (c) comparable sales of 2brm, 1.5bath, 1car units. Always comparable sales.

 

[schmick]

No. Always comparable sales.

Propertunity, thanks for the feedback...

Can recent OTP sales of new upcoming developments in the immediate area be used as comparable sales?

 

[Propertunity]

Propertunity, thanks for the feedback...

Can recent OTP sales of new upcoming developments in the immediate area be used as comparable sales?

Well these will be exchanged but not settled sales (since you cannot settle until the thing is built & paid for). You might be able to present a list to a valuer and they might be able to use it but many MI's (if you need MI on a high LVR loan) will not use exchanged but not settled sales in the present credit environment.