Do you know what your property is worth?
Category Residential Property News
It stands to reason that a reputable estate agency with decades of experience with buyers, sellers and the specific area in which you live, would be able to give you an accurate market-related assessment. Better than guesswork?
We think we know what our properties are worth. We do a rough calculation. What we paid for it, what prices other neighbouring homes are on the market for, what the property market’s been like in the period between when we bought and now, then we juggle some figures, and bingo, that’s what the house is worth.
Realistically, the figure we come up with is probably more about what we’d LIKE to get for the property, than an accurate market value. The commonly heard phrase ‘we NEED to get XYZ for our house’ has little bearing on its worth in the marketplace right now. And sticking to an over-inflated price when selling, will undoubtedly slow the sale of your home, frustrate you, and, ultimately, the property becomes stale to the handful of eligible buyers.
The irony of the situation, too, is that your property is probably the most valuable asset you own, yet unlike your other investments for which you’re given at least monthly updates on actual value, somehow we’re comfortable ‘guesstimating’ the value of this. Why? If it’s because you feel an estate agency will only give you an assessment if you’re about to sell, you’re wrong. Tell a reputable estate agency you’d like to know what your asset is worth today, and they will be happy to assess your property. Doing this every one or two years, is going to give you a clearer picture of your financial situation. Seeing the value creep up – while that figure on your bond statement creeps down – will certainly introduce the feel-good factor too.
There are so many different elements affecting the value of your home - the list is long: area, size of your property, road appeal, contemporary fittings and styling, condition of everything from the paintwork to the garden, garaging, workshop and proximity to good schools. Areas can change in value, even roads can – schools can rise and fall in reputation.
An owner is rarely the best person to assess the value of their property, just as they’re generally not the best person to sell it. Bottom line, you’re too close to it. As an owner, you have an affinity to your home, it’s sentimental, contains your history…but on the flipside, you no longer see many of the faults or flaws, little or large. You don’t mind those green tiles throughout your ground floor, you barely see them – but if they’re dated and unfashionable, they affect the price. And so do a number of other bigger and smaller issues.
A piece of advice. Get a professional market-related assessment. Get one from an agency which has worked in the area for many, many years – they know the properties, they know what buyers are looking for, and they know the values. You may not like what you’re told, or you may be delighted. Whichever, you can rest assured if you’re dealing with a well-established estate agency brand, that valuation will have taken everything into account. Things you may not have thought of.
And the good news is, that professional opinion isn’t going to cost you a cent. The agents might also give you pointers as to what you need to do to improve on that price.
Wakefields Real Estate has just celebrated 75 years in property in Kwa-Zulu Natal. Many of the agents have spent their entire careers with Wakefields, have sold the same property repeatedly, or sold to the same clients over and over again. That’s experience.
Wakefields Real Estate would be delighted to give you a professional assessment as to the value of your home. What do you have to lose?
Author: Anne Schauffer
