Understanding Property Valuations
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Understanding Property Valuations
For most of us, our home is the most valuable asset we're likely to own. Beyond financial value, your home is your refuge of safety and security from life's storms. It's where some of the most magical and sentimental memories are forged, like that garden where your kids learned, or will learn, to ride their bikes in.
Inevitably over time a family may outgrow their home, or their needs may change, which can lead to thoughts of selling. In these situations, having a firm understanding of the value of your property can help bring logic to an emotional decision-making process.
Before putting your home on the market, it is always a good idea to consult a property professional for advice. They'll be able to give you a fair indication of what sort of selling price you can expect to achieve and what pricing strategy they would recommend. This is also often influenced by a number of external factors, such as the current economy, historical data and local, as well as international, market trends.
Some of the key factors in determining your property's value are:
Location
You've heard it said before "the three things that matter in property are location, location, and location". This is only partly true, but it is definitely the biggest factor in determining the value of property. Values can fluctuate enormously from suburb to suburb, and even from street to street within the suburbs. Proximity to local amenities, traffic levels, and visual appeal of the area all have an influence on your property value. For example, a house on a quiet, tree-lined street is likely to be valued higher than a comparable property on a noisy, busy road.
Property Size
Property buyers are oftentimes willing to pay more for larger properties, even if they're in slightly less desirable areas, that are able to offer not only more comfortable and spacious living, but also an increased sense of privacy and seclusion.
Building Features
How many bedrooms, bathrooms, garages, etc. all have an effect on the value of your property. Generally, to appeal to most families, 3 bedrooms is considered ideal, as well as a sizeable kitchen, more than one bathroom and a double garage. Outdoor entertainment areas, built-in braai areas and an attractive well kept garden can all serve to boost your home's appeal. Also, with the rise of the work-from-home trend, a dedicated study or home office space is highly appealing to many modern buyers and is sure to add value.
The modern home buyer also values the technological infrastructure of the property, things such as security systems, solar heating and fibre internet all contribute value in this regard.
Home Layout and Design
Open-plan living is generally the preferred home lifestyle trend these days. Kitchens which are open to the lounge and dining area allow easy interaction across spaces. Depending on the layout of your home, sometimes this can be an easy change to incorporate. Always be sure to consult a property professional before undergoing any home renovations with the intention of increasing value before placing the home on the market to be sure that the changes you make will be worth the costs incurred.
By keeping up to date with your property value, you'll have a more accurate idea of what sort of selling price to expect if the time ever comes that you choose to place your property on the market. Be sure to consult with a trusted property specialist for a fair and accurate property valuation.
Author: Home & Hectare
