Property Advice

Sellers guide: Deciding on a selling price

Private Property Reporter | Mar 16, 2020

You need the services of a professional valuer to provide you with a valuation of your property. This is an estimate or opinion of the value of your home.

By law, valuers need to be registered with the South African Council for the Property Valuers Profession. An estate agent, who is a registered valuer, should be able to help you make a decision on a realistic asking price.

When deciding on the selling price, also keep in mind the minimum price that you are prepared to accept, and what costs you will need to incur as part of the sales transaction. Other ways to decide on a selling price:

Comparative market analysis
Researching similar properties on Private Property
Property reports from companies specialising in property reports, etc.

FACTORS WHICH PLAY A ROLE IN ADDING VALUE TO YOUR HOME

The property itself:

A spacious, well lit, open plan kitchen (with separate scullery) and well-maintained equipment will bring more value to a property than a small, dark, outdated kitchen.
There is a trend towards “plumbing” (by this we mean the taps and sanitary ware) contributing to water, energy and waste saving.
The living areas: a home with a “living” room (or kids play room) and a “formal” lounge has more value than a home with just one lounge.
Entertainment areas are luxuries that have an impact on the value of a home, like a swimming pool, bar area, games rooms or jacuzzi rooms, and so on.
Modern outbuildings consisting of double garages, well equipped (electrics & plumbing) staff quarters with bathroom facilities, store rooms or even workshops and sheds can influence the value of a home.

Factors ‘outside’ of the property:

The location of the property is important (where it is situated). A property next to a busy road, shopping centre or offices, and so on, could be less valuable than a property in a quiet suburb surrounded by other houses.
Safety and security are very important factors to consider. Security equipment installed on the property increases the value in most instances.
The close proximity of schools, shopping centres, churches, and so on, as well as convenient access to and from the area (motor ways or main roads) are also factors which impact on the value.

!! TIPS TO CONSIDER :

A buyer who is seriously looking, soon becomes very knowledgeable in his price range. An unreasonable asking price only discourages him from looking at and considering the property.
Buyers purchase by comparison, and a property priced above the competition does not compare favourably.

Now that you know who is going to sell your home...
and you have decided on a selling price...

The next step in your Sellers Guide is "Getting your home ready to sell":