If you have a house that you are thinking of selling, you should definitely look into getting accurate property valuation reports. In order to work out what your home is worth and to get advice about what the market is like at the moment, you should get an evaluation of what your property is worth from an expert.
Most real estate companies offer valuation reports of potential customer’s properties, and with their experience in the industry, you should get an accurate idea of what your property will bring in.
What is a property valuation report?
A property valuation report is a quote on how much your property is worth. Most property valuation reports are done by agents from real estate companies who have many years of experience in the business and who know very well what people are willing to pay for different properties.
A property agent will take into account a myriad of factors when calculating what a property is worth. Some of the things that they will look at before giving you a quote include the following:
- The amount the property cost being built (if you built it) or the amount you paid for it when you bought it. This number may not play a huge role in the decision making process as even if only a few years have passed since the last quote the property could have changed immensely. The area could also have changed and the market itself may have gone up and down several times in the period between sales.
- The size of the property and its pros and cons. Obviously, the amount of bedrooms and bathrooms in a property is one of the most important factors affecting the value of the home. Generally, the larger the property the more expensive it will be. However, this is not always the case as a small bachelor apartment in the city centre of Cape Town could be around the same price as a two bedroom apartment in Milnerton. Other things that will add to the value are the number of bathrooms, the size of the rooms, whether there is a balcony or a garden and whether there is a swimming pool, secure parking and any other features.
- The area that the property is located in. This is a very big factor in deciding the value of a property. The safety, the condition that the other properties are in, the crime rate, the proximity to good schools, shopping centres and other amenities have a huge influence on the value of the property.
- The quality of the property. If the property has new or really well maintained flooring, plumbing, wiring and everything thing else that makes it work, the value of the property will be higher. A ‘fixer-upper’ will be worth a lot less than a beautifully finished home.
- The market at the time. Because the property market goes up and down all the time, it definitely affects what any seller will get from their property. If you are trying to sell within a low market you will have to settle for a lower valuation than in a high market.
Why is it important to get a property valuation report?
When selling a property you do not want to waste your own and anybody else’s time by advertising your property for more than it is worth.
You will attract the wrong sort of buyer for your property and they will be unlikely to be happy with what you are offering.
It is always a good idea to get an accurate property valuation report so that you can advertise at the right amount, attract buyers that might actually want to put in an offer, and so that you are not disappointed by finding out that your property is worth less than you believed it to be in the beginning.
Where can you get property valuation reports?
Most real estate companies will offer free property valuation reports. Contact companies like Pam Golding, Rawsons and Seeff for guidance and advice.