All things being equal (location, state of premises, land size, street frontage & so on) what would you estimate is the difference in value between a 2 bedroom house & a 2 bedroom unit?
My guess is 30K, purely because you can do external works without other parties having to agree.
What are your thoughts?
Obviously for units, it depends how many on the block – let's say 3.
The reason I ask is because I am renovating my property at the moment & I am wanting to get an idea of its value based on sales of similar properties in suburbs THE SAME DISTANCE from the CBD
At the end of the renovations, I will be renting it out & of course the value it is correlates to its rent potential.There is no simple answer – the price differential will be greater in a high priced inner suburb than in a cheaper outer suburb. The differential will be greater in Sydney than in Launceston.
To work out the value of your proeprty check out sites like http://www.domain.com.au ot http://www.realestate.com.au and look for properties similar to yours – this will give you an indication of its value plus you can look up prices achieved for properties recently sold.
By the way – the value will have very little to do with retntal potential – that's not how residential proeprties are valued.
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