5 Things That Influence Property Valuation in South Africa
When planning to sell your home, it’s essential to be aware of the factors influencing your property valuation in South Africa. Although estimating your property’s value is not an exact science and is simply a general assessment, you can try to optimise those factors you can control that will affect your property valuation.
Factors Influencing Property Valuation in South Africa
1. Location is Key
Location is the first thing that will determine the value of your property. Although this is not something you can change, it’s certainly something you can keep in mind when buying property. For example, is it located in a convenient, up-market area with good security in place? Again, this is not an exact science and can change as the neighbourhood develops but is undoubtedly a factor.
2. Tech and Green Features
These days, buyers are looking for convenient, eco-friendly homes. Suppose you’ve added extra tech bells and whistles like home automation and green features such as solar panels or greywater systems. In that case, it will positively influence your property valuation assessment in South Africa. Consider implementing some of these before you put your house on the market.
3. Architecture and Layout
Buyers are attracted to modern, open-plan living spaces, so if your home is closed off into many separate rooms and old-fashioned in style, it will more than likely affect your property valuation. Something as simple as breaking down a wall separating the kitchen from the living area could drastically influence the perceived value of your property.
4. Number of Bedrooms and Bathrooms
Regardless of size, the total amount of bedrooms and bathrooms will also play a role. Do you perhaps have a large study or pantry that you could sell as another bedroom?
5. Garage Space
Garages are gold in the retail market — especially in areas where parking is limited. And it also serves as storing space!