A property valuation works out the estimated value of a property using information from the following sources:
- Deeds Office and Surveyor General
- Recent property sales in the surrounding area
- Specific details of the property such as erf number, plot size, square meterage.
- Price trends of comparable properties.
Reasons you would need to have your property valued.
Having an accurate value of your property on hand is valuable and helps you get the best value when:
- Insuring your home to make sure that you are fully covered. You should review your home insurance every few years to safeguard against being underinsured, and this is where your property valuation comes in.
- Refinancing your home to reduce the amount of interest you will be paying over the long-term.
- When selling your property, it is important to know what the market value is in order to set an appropriate market-related sales price, to avoid under or overpricing your property.
- Letting your property, knowing the market value of your property helps you set a fair and comparable rental rate.
- Taxation, a property valuation is helpful in working out the amount of tax that needs to be paid. It can also assist in objecting a price hike by the local municipality.