Interesting topic today, what people search for on google is an indication of mindset trends and opportunities. Today we feature the TOP 5 Global Searches about property valuation
5. How to calculate market value of a property
The most interesting thing is why are people asking this question? It is not complicated to understand that 2020/21 have been really tough times. More than ever people want to know if the property they own can be their back up plan. Can it provide relief for their businesses cashflow? How much can they trully get if they tried to sell it. Knowing the value of a property can help you make the right decisions on your financial planning especially now when things are tough.
There are multiple Reasons one would want a market value
When it comes to differences between buyers and sellers, each could have a different view on value. As a buyer, you want to know you’re not paying too much and as a seller, you want to know you’re getting what you should for your property.
Difference between market value and market price
When it comes to the market and sale values, you might think they should be relatively similar. First, definitions are always a great start.
Market value – this takes into consideration the features and benefits of a property, current market conditions as well as supply and demand factors.
Market price – is the price someone is willing to pay for a property and what the seller will accept.
You might think that the two final figures should be close in amount, however, there can be variances between the two.
This can come down to a fast-changing market and any sudden rise or fall in property values can shift outcomes when past sales are used to help determine current values.
If a market is higher on the demand side and lower on the supply side, this could also influence how much a buyer would be willing to spend on a property, especially when emotions come into play.
How banks determine property value
Bank valuations vary greatly to market valuations. A bank will base its valuation on the potential event of needing to sell the property urgently, rather than trying to get the best price or taking into consideration the market as heavily as a market valuation would.
To complete this, a bank or lender generally uses three forms of evaluating, which are a kerbside valuation (which is completed from outside your property), a desktop valuation (where a report from a data provider forms the value estimate) and a full valuation (where a valuer visits the property to complete a full inspection).
Why you should know the value of your property
Whether it’s your first or tenth time buying a property, knowing the value of the property you want to buy is incredibly important to know you’re not overpaying for it.
When it comes to selling, you don’t want to sell for significantly lower than its market value.
Knowing the current value of a property (not just the sale price) can help ensure you have adequate insurance coverage if something were to happen.
Knowing the value of a property can help guide you in making the right renovations to avoid spending on areas that may not change the value of the property. A detailed valuation that breaks down the condition of each area of a place can help you spend money where it matters.
As part of planning for your golden years, knowing the value of a property can help you make smart financial decisions, whether this is downsizing, selling, buying, or anything else.
4. Property Value NZ
Globally there is an increase in searches about property values in New Zealand , perhaps its “WIN” on covid is what is attracting people to the region. You can read the Top 5 things New Zealand Did well that may be the reason its property values has become a thing of interest on google.
3. How to add value to your property If you are looking at your property as your financial rescue, there is a big chance that its value may have dropped or stayed stagnant in recent times, which is not what you are looking for. When you want to sell your property, you are at least looking for it to be able to pay back its mortgage, and leave you a little extra to address some of the financial strains you may be having. Many households have suffered loss of income, with one or all breadwinners losing their jobs. Here are a few low cost tips that you can use to make your property more appealing to the buyer.
Clean: Making sure your property is clean will have an immediate appeal on the buyer. This includes both the outside and the inside. Garbage, dirt, and strange odors are not attractive features.
Paint: a fresh coat of paint on the can revive and brighten a tired space. Neutral colors are universally appealing.
Change Fixtures: Change out a doorknobs, light switch cover, cabinet handles or even a light fixture. It’s a simple method to breathe new life into a space.
Stage the Property: De-cluttering a space and giving each room a function can add value because many buyers lack imagination. Proper placement of furniture, the size of furniture, and the amount of furniture are also crucial
2. Does Landscaping Increase Property Value
Studies have indicated that Landscaping not only increases appeal, but can give real estate properties a 15 percent increase in value, it has been discovered that the perceived value of a home is affected by plant size, type, and design in landscaping. That advantage ranged from 5.5 percent to 12.7 percent. We are yet to determine the exact percentage increase attributed to landscaping from a Botswana perspective.
1. How to Check market value of property There are multiple automated property valuation platforms internationally that help you Check the market value of a property especially residential property, in Botswana www.gosmartvalue.com is the place to check market value of your property. The platform uses comparables sales method and market insights to determine the true value of your property at P 750. Check it out!!