|Car Park Space
History Window. This lists your calculations so that you can compare results and save them (just select the text and save).
This calculator gives an approximate value for an apartment based on land values, construction costs, car parking, and the view from the apartment. It is no substitute for a professional valuation of the property.
Land prices depend on country, city, state, elevation, natural views, proximity to shops, schools, public transport, business hubs, beaches, parks, theatres, museums, airports, hospitals, and other conveniences. And the economy and interest rates. Getting an accurate land value is crucial for assessing the value of a property. Councils often provide land values, since they use them to calculate rates and land taxes. If you can get such a value use it (although market values don't always match council valuations).
Building costs depend on country, city, state, costs of supplies, costs of labour, type of construction, level of finish, inclusions, and more. For example, the cost per square metre of an apartment on the 70th floor of a skyscraper will be much higher than a wooden shack on the ground. Again, you will need to do your research to get a reasonable idea of construction costs.
Views can make or break a property. Imagine an apartment complex on the coast. One apartment is a ground floor flat facing inland and looking out onto a service road, a dirty brick wall, and rubbish bins. The other has sweeping ocean views that cannot be built out. Those views could easily double the value of the second flat. Some views are virtually priceless. It is subjective, but you must allow for it.
Car Park Spaces can add a huge amount to the value of an apartment. An inner city space can be worth as much as $80,000. Some apartments could be very difficult to sell without a car park space. This might change if car ownership drops and we all rely on autonomous robot taxis. But at the moment, a car park space, especially in the middle of a busy city, is extremely valuable. In Manhatten, it can reach hundreds of thousands. Sometimes, as much as a million dollars.
DISCLAIMER this calculator is just a back-of-the-envelope tool to gauge the possible value of an apartment that you own or might want to buy. There are many factors that influence property prices, including buyer sentiment, recent sales, and strange and elusive fashions. There might be developments planned nearby that could double land prices or block views. There might be structural issues affecting the complex that could cost a fortune. This calculator cannot be relied on to value a property and is only a tool to help you think about what contributes to the value of an apartment. Always seek a proper valuation. Caveat emptor!