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Before considering whether to develop your property it is essential that you have an understanding of the current value of your property.
Blogger: Darren Standish, Property Prosperity
This will allow you to compare any gains in value as a result of the development process and determine which options will maximise your returns.
There are a number of ways to determine the current value of your property, however the most common method is to compare your property to recent sales in your area and make any adjustments to value due to items included or not included in the comparison property.
Many homeowners may determine the value of their properties by looking at other properties available for sale in their area. However this method may not give the most accurate estimate as often the price that properties are marketed for do not necessarily represent the actual price that the property is sold for.
Many local real estate agents offer a no obligation free appraisal of the current value of your property. Agents will provide you with properties which have sold in your area, including the price it sold for and the number of days the property was on the market. This value can be then used as a suitable starting point prior to embarking on the development process.
About Darren Standish
Darren Standish established Property Prosperity in 2004 initially as a property development company, however after repeated requests for assistance the business evolved into a development consulting business.
Property Prosperity was initially focused on assisting clients with subdivisions and negotiating with councils to ensure that clients maximized their return on investment. Over the years additional services were gradually added to ensure the development process was as seamless as possible for its clients. We expanded into offering individually tailored finance solutions and then added Property Development Analysis, Property Sales and a Builder Broker Services.
Darren is the overachiever of the team and has more qualifications than your average university graduate. As well as completing a Bachelor in Economics, Bachelor in Commerce and post graduate in Accounting he subsequently went on to complete a Diploma in Financial Service, Diploma in Real Estate and Certificate IV in Building. He is a qualified Certified Practicing Accountant (CPA), a licensed Real Estate Agent, licensed Mortgage Broker and holds a Builders License.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.