What scores bonus points in the inner-urban areas?

Today’s auction win in sunny Clifton Hill got me reflecting on all of the attributes of the property that made it a high-scorer. Our clients came to us with one specific intention; to help them secure a period house in Melbourne’s groovy inner-north in an effort to optimise the capital growth potential.

The house has a lot of positives, but it was the extra’s that gave it such a superb score.

No property is perfect, but we can identify attributes above and beyond the must-have criteria that give the scorecard bonus points.

Below are my top seven ‘extra’s’. They aren’t must-have’s, but in tandem with the non-negotiables, they certainly make for a great property.

The first relates to the orientation. If natural light can be captured well in a living area with northerly aspect windows, the feel of the house will be particularly appealing. Many people find it difficult to pinpoint what it is that feels so appealing, and we sometimes receive vague feedback using words such as ‘vibe’ or ‘feel’, when they are actually referring to great natural light.

Capitalising on natural light can be coordinated with clever window placement, but if the property already offers this, it’s money saved upfront.

The second bonus points attribute is a right of way. Whether it be pedestrian access, or (better still) vehicle access, the option to access one’s own backyard via a laneway cannot be underestimated in Melbourne’s bustling inner-ring suburbs. Not only does it enable bin, bike, gardening, outdoor furniture access, (and possibly even car), but it strips out cost for a future renovation if access isn’t strictly via the front door.

Number three relates to bathrooms and kitchens. If they are presented well, (and possibly recently renovated), the need to immediately renovate will be eliminated. Not only is this a genuine cost-saver, but it will enable the owner to relax in the short term and consider future works from equity growth.

This is particularly handy if the property is an investment. Tax deductions stem from business-purpose expenditure.

No investor wants to have to find additional, non tax-deductable funds for an urgent renovation.

The fourth attribute is all about clever storage. Some joinery efforts are modest, but when a small city house offers great storage, it’s one more thing that makes living in the property feel so good. If the joinery is already complete and awaiting the buyer, it’s yet again an immediate cost-saving.

Number five is heating. From ducted vents in the floor to sophisticated climate control, we’ve seen so many modes of heating. While cheap plug-in heaters can serve their purpose, it’s the well thought out heating solutions that can make the difference between a comfortable house and a cold house. Energy efficiency is an important consideration too, which leads to the next point.

Solar panels have been embraced well in our city, and for those who have experienced the cost-saving of sourcing natural energy, the financial rewards are only part of the charm. As global warming threats to our world are increasing by the minute, most environmentally conscious Aussies love the idea of contributing to a solution.

And last, but not least – a great floorplan is a significant bonus points attribute. Unlike a floorplan with wet areas in awkward locations, or lean-to rears reminding us that the house has had a series of cheap additions, a great floorplan spells a cheaper upgrade. If walls, wet areas, and living spaces aren’t requiring a reshuffle, the owner can embrace the idea of a much lower spend when it comes time to update the property.

This last attribute will enable an update to be cosmetic only… a far cry from the cost associated with re-jigging a floorplan entirely.