Value of a lift (Sydney Inner West)

The rent question is interesting as well. Suppose the apartment without the lift can rent for $650. Would the one with a lift fetch $670. Or more?

Based on this, would you say the lift is worth about 20k?

 

No, that's way more than the present value of $20/wk for 10 years (holding period). I get about $5,000 assuming that your levies don't increase due to having a lift.

 

Two identical apartments will each by slightly different and get different valuations and by different valuers and agents. One may sell on same day for a different price to its neighbour cause its got a more willing group of buyers at auction. So how can one determine the value added by a lift ? Its subjective. And a depreciable item for one taxpayer and non-depreciable for another.

Also most valuations can be expressed in a range eg $870,00 - $910,000. That margin spread would more than address value of the lift if it was $20K. You could never define it.

A well serviced quality elevator in one strata v's another that is poorly funded and the lift on its last legs could also define a value difference. I would think the value per unit is trivial. Its just plant and equipment and the share of it may be minor depending on number in that unit block.

 

I live on the 3rd/4th floor of a walkup (eg no lift) its really not that big a deal.

If you cant walk up 4 flights of stairs.....then you are doing the game of life wrong (oh and you are terrible at sex).

 

And that's the whole problem....you cant "have a lift" without additional levies.

Lifts are horribly expensive to maintain.

 

I used to live on the third floor of a 3 storey walk up... it was fine. But many other people would rule it out. So you will only attract people where all decision makers are happy to walk up that many stairs. This apartment was also around 10 minutes walk to Chatswood station, and it was west of Pacific Highway. That would also rule other people out.

I think in Sydney most people are quite spolit and lazy. If you live in many European cities, the buildings tend to be 4 storey walk ups and people function just fine. And shock horror! Many of these Europeans don't own cars!! But Sydneysiders won't be so keen.