Professional Property Valuations
What you should know about property valuations
There is so much more to selling properties than merely listing them and waiting for the right buyers to show up. A successful sale that respects both the buyer and seller starts with determining the correct price for the site in question. The accuracy of this pricing is a vital part of securing a worthy sale, as it needs to balance the interests of both the buyer and the seller to ensure that both gain the necessary value out of the transaction. A professional property valuation is not only a helpful guide, but a necessary step to establish an attractive, market-related selling price.
The importance of getting a property valuation right
An expert valuation is often the basis for establishing an acceptable selling price, as it should be. Finding the correct selling price can be the determining factor in getting your property sold in a timely manner, or not at all. It can be tempting to raise the selling price in order to maximise the profit made from the sale, but that could also push buyers away.
Buyers, especially on the luxury end of the market, tend to be knowledgeable about what is available in the price range they are looking at and will inadvertently be comparing the value they are getting for their money regarding various properties on the market. If a property is priced too high in relation to comparable properties on the market, potential buyers will be discouraged from considering the purchase at all.
On the other hand, an owner does want to get the appropriate value out of a sale. A professional valuation will not only help an owner to avoid setting an unreasonably high price, but will also allow them to understand what the property is worth (and even why), so that they can have peace of mind that they are getting a fair price for what they are selling.
Factors that influence a property valuation
The value of properties are influenced by a number of factors – some within the control of the owner, and others outside of their control. Some of the major influences include:
- The size of the property
This can refer both to the size of the erf, as well as the building itself, and even individual spaces within the building. A spacious, modern, open-plan kitchen, for example, will add more value than a small, outdated kitchen. The same goes for bathrooms – modern, updated bathrooms add much more value. Living spaces are also important, and lately, so is office space for remote working.
- Safety and security
These are essential features for any home. The more secure a house and erf are, and the better the quality and efficacy of the security measures, the more positive the impact will be on the value of the house.
- The location
Some suburbs and areas are more desirable than others. Properties with great views tend to fetch higher prices. Even within a suburb, being next to a busy highway or shopping centre could negatively affect the value of a property.
- Surrounding amenities and attractions
The convenience of a particular location also plays a vital role. Things like easy access to main roads or transport hubs, as well as the close proximity of quality schools, hospitals, and shopping centres can all positively impact asking prices.
Who can do a professional and reliable property valuation?
You need a professional valuer that knows all of the influencing factors – and who knows the area – to do your property valuation. Furthermore, the law requires that this person is registered with the South African Council for the Property Valuers Profession. The expert agents at Fine & Country South Africa are both qualified and boast specialist local knowledge of the national regions and more specifically the luxury property market within South Africa. Contact us for assistance with a professional, reliable valuation.