Here’s why to trust our experts when it comes to a professional property valuation
Many homeowners incorrectly assume that their house is valued at the around same amount for which they originally purchased it. This is often not the case, as several factors influence the increase and decrease in the value of a home. Accurately valuing your residence before selling is, therefore, essential, as it ensures that all parties involved in the transaction (both the buyer and seller) are getting a fair deal. Your home is a major investment and putting it on the market at the right price means that all of its unique features are considered, and the chance of a successful sale is higher. The current worth of their future investment benefits is what determines the value of properties – and assessing this current worth is always best left to the professionals. Here at Fine & Country South Africa, we can help you with an expert property valuation, free of charge.
Why a property valuation is sometimes required
There are several reasons why a homeowner would need to estimate the value of their home. A major reason is that the residence is in the process of being sold. A professional property valuation will provide a realistic approximation of the home’s current market worth for sale purposes. Some homeowners wish to dispute a municipal valuation of their home, and a report by an unbiased, professional valuer makes this possible.
It may also be a good starting point for landlords who wish to rent the house or apartment out to a tenant. Valuing the home correctly indicates an economically competitive asking price for monthly rental rates. In this case, there are other factors to consider too, such as market trends and economic conditions, but a valuation is a good place to begin.
Legal requirements and sale negotiations may also require a property valuation, and this may have to do with everything from insurance to taxes. Partnering with a certified valuer makes this process accurate and there is no need to worry that something might have been missed.
While a property valuation will determine the market value of a home, it may not always predict the market selling price. Properties are sometimes sold below market value which can happen in private sales, if the owner wishes to relocate soon, or if the seller is under threat of foreclosure and wants to sell as soon as possible.
Factors that influence the home’s value
For discerning buyers of luxury homes, many of the factors that affect the values of most properties are relatively obvious, such as location. Houses and apartments in upmarket areas will simply have greater market value. Location is also important in terms of crime rates, as well as accessibility to shops, medical facilities, good schools, and centres of employment. There are other factors to consider, however, such as:
- How old the home is and its condition: Older homes are usually less valuable, unless if they boast features of historical significance that increase their value. Physical deterioration (both curable and incurable) will contribute to the depreciation of the residence.
- Size: The size of the home can positively or negatively impact its value. Keep in mind that more space means more rooms for which to care. This need for upkeep and maintenance can mean many homeowners fall behind on caring for their home, which leaves room for deterioration.
- Urban zoning: Urban zoning, such as rezoning an area once solely for residential properties to an area for commercial or industrial developments will likely decrease the home’s value. Increased taxations have the same effect when living outside the area becomes more affordable.
With Fine & Country South Africa, there is no need to wonder if your property valuation is accurate. Our trained valuers will provide you with a free, no-obligation valuation with either a virtual meeting or physical viewing of the home.