One of the most important elements of selling your property is getting the listing price right.
Price too low, and you lose out on profits. Price too high, and the property may not sell. Putting a price tag on your property can be tricky if you do not understand how the location, size, floor plan, and amenities may affect the price. It is therefore important to do a comparative market analysis and ensure that the property is not over or under-priced.
Currently, in Namibia, we operate on a willing seller willing buyer principle. Meaning that one may ideally sell their property for whichever amount they want. However, most buyers purchase property through bank financing. And the bank will rarely grant a home loan approval above the valuation price of the property you want to buy. That is why it is important to have a valuation performed by a qualified valuator.
Sometimes market value amounts may differ from one valuator to another. This is because the definition of market value describes “market value as the estimated amount for which a property should exchange”.
Valuations are therefore not an exact science, and the person`s qualifications, experience, and access to information may influence the valuation outcome. Employing an experienced valuator with a proven track record will assist in safeguarding the customer against poor quality valuations.Below are some of the variables that experienced bank valuators look at to ensure that there is sufficient security in place for the bonds extended to customers.
- Location
- Ingress and egress
- The placement of the improvements on the erf
- The size of the improvements
- Accommodation offered
- Flow of the home
- Size of the stand
- Municipal requirements
- Zoning
- Approved building plans
- Condition and age of the improvement and finishes.
Whether you are selling or buying, the above are some factors you should consider when putting your house on the market or looking for something to purchase.An experienced real estate agent can provide some direction on the price to get a quick sale, but ultimately, the final decision lies with the financer (the bank).
A tip for existing homeowners who want to maintain a good property valuation is always addressing issues such as cracks, dampness, and roof leaks.Not only to enhance the property value but also to ensure further damage to the improvements is contained.
And of course, curb appeal should also be considered, which, although not affecting value directly, will improve the property’s marketability.
For enquiries Text,Call or email #yourhomegirl Justina Hamupembe
Cell: +264812726001
Email. justina@chili.com.na
