Determine the value of a property

Once you identified a suitable property, the next question is whether it is priced right. The most reliable way of determining the value of any property is a comparative analysis study. This means you compare this property to all the similar properties that have sold recently in the same street, suburb or area. Once you know which properties compare best, it is very easy to determine the true market value of a property.
Steps in determining the value of a property

1. First you should compile a list of the properties currently on the market in your area of interest. The address normally is sufficient, but extra information like the plot number, etc. can come in handy along the way.
2. Make a list of all the properties that sold in that area during the past 6-12 months.   

The following two partners can help you collect the necessary information in order to value the property you are interested in:

1. The Deeds Office
1. Information on all the properties that sold during the last 6 to 12 months in a specific street, suburb or area can be obtained straight from the Deeds Office at www.reep.co.za. The first report from this source is free. (View sample REEP valuation report)
2. Professional Property Valuation Officer

You may also request a quote from your Professional Property Valuation Officer to value the property for you. He is a registered assessor and his valuation report is acknowledged by the all banks and any court of law. (Professional Valuation Officer Request)

3. Now try to identify those properties that best compare with the property you are interested in.
4. You will now be able to determine with considerable accuracy what a realistic selling price would be for the property you are interested in. (Try to take aspects that might influence the value of the property in consideration. This may include the condition of the property, current market conditions, etc.  Also bear in mind that there usually is a difference between what a property is marketed for and what it sells for.)

We trust that the information above will assist you in the valuation of your property. If you need assistance or more information, please contact us.

The Property Sell Direct Team
(SMS: 082 399 7567 - Email: info@propertyselldirect.co.za)