Why get an updated property assessment at least annually?
Category Property Tips
For most buyers, property is the most important financial investment that they make in their lifetime. It is therefore important to track that it retains its value, and in fact grows in value, at least in line with the general growth of property prices in the country.
Property values are influenced by various factors, and are not all the same, often differing even in the same street with some properties selling for higher prices. Since it is a considerable asset, it is therefore advisable that property owners get at least an annual assessment of the estimated value to assess that it at least retains and grows in value.
Regardless of the method of valuation, the true value of a property is usually what a willing buyer would attach to the particular property at a particular time. Values grow over time and the rate of growth is influenced by various factors including the current economic and property market cycle.
When should you get an updated value assessment of your property?
Various situations may require an updated value assessment such as the need to provide information about the value of your assets and liabilities to a bank or financial institution.
Another might be when you are planning improvements or renovations such as adding solar panels, and how this might influence the value of your property.
Verifying whether the value assigned by the City of Cape Town on which they charge property taxes is an accurate market related value.
Or you may want to assess whether your property value growth is keeping up with the area, or whether you need to undertake a few upgrades.
When you want to sell, an accurate assessment of the value is vital to ensure it is not overpriced which could delay the sale and might even necessitate reducing the price.
Comparative Market Analysis - how estate agents assess the value of a property
Various factors are considered when assessing the value of a property, and as noted above, no two properties are the same.
Given that estate agents are experts at selling property in a particular area, they are ideally placed to assist property owners to determine the estimated value of a property. Seeff agents use a sophisticated Comparative Market Analysis methodology to arrive at a more accurate estimated value. These assessments provide valuable information to ensure property owners can make informed decisions regarding their property.
It takes into account factors such as the characteristics of the property (size of the land and buildings, zoning, age and design, quality of accommodation, features, and finishes) as well as the location and access to amenities. Additionally, Seeff will include the latest sales and area data, all of which is then assessed to arrive at an estimated value.
Seeff provides free, no obligation property value assessments, get yours today
Given our years of experience in the local market, Seeff is able to provide the most accurate assessment of your property based on actual data and experience. There is no cost or obligation attached to these.
Home is our Story and property our passion. If you would like to know more, or would like to discuss your next property move, please feel free to call us today!
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Author: Gina Meintjes
