Value your life, value your property
Category Expert Insight
The end of the year is the ideal time to relax and reflect on your life and your New Year's resolutions. Perhaps you have a dream home in sight, or you want to relocate to another city. It could also be time to downscale or finally live your best life - whatever the case, this all means you should consider putting your property on the market.
The value of valuation
Before entering the market, it is important to ask a property practitioner to have your property valuated.
Property practitioner Sean Verdon from Seeff Plattekloof says a professional valuation is a negotiation tool.
Once you know what your property is worth, you can make an informed decision and aim at a price that will sell - otherwise your property will be overpriced and stagnate on the market.
A proper valuation creates a realistic expectation of what possible offers you will receive, and it enables you to plan ahead, says candidate property practitioner Randall Clarke from Seeff Plattekloof. "Owners sell with emotion. They invest a lot in their property, but this can also create false expectations."
Can I trust a valuation?
Valuations are not pulled out of a hat, but is backed up by scientific facts, says Verdon. Information is gathered from companies such as Lightstone that provides information, valuations, and market intelligence about properties in South Africa. Property valuations are also based on a Comparative Market Analysis.
A professional valuation will give you peace of mind - especially if it is your only property and investment, says Clarke. Both property practitioners also recommend that you get three valuations from different estate agencies.
Verdon warns to be aware of agents that will agree to an unrealistic asking price - only to receive a sole mandate. Of course, the property will not sell, and the agent will then reduce the price over a period of time anyway.
What other factors influence the property value?
The approximate value of the property will also be based on the following factors:
- General condition of the property
- Finishes in the bathroom and kitchen
- Security
- Additional features such as solar panels, a gas stove, etc.
- Size of erf
- Location
- Current market condition
- Existing properties for sale/sold in the area
If it is priced right ...
Make your dreams come true by having a valuation done during the festive season while you have time to ponder and plan ahead. Also keep in mind that this time of year offers a great opportunity to sell with the incoming flux of international tourists and visitors from the other provinces.
As Verdon says, "If it is priced right, it will sell right!"
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