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Question of the Day: Do you think Bafana Bafana will win tonight?
Market value property
- Thread starter kalevra
- Start date
ToxicBunny
Oi! Leave me out of this...
you do some research..
See what similar houses in the area are selling for, go and look at the valuation roll, talk to a few estate agents...
There is no single source of truth for this stuff unfortunately.
See what similar houses in the area are selling for, go and look at the valuation roll, talk to a few estate agents...
There is no single source of truth for this stuff unfortunately.
Look at the valuation roll?
My Dad has done MASSIVE renovations - don't think there is anything comparable - so probably best to get an estate agent in.
And these online evaluations? Waste of time? They can't see the inside and what he has changed - was originally a small mining house is not taking up 6 times the space - a lot has been built on - don't see how they would be able to take all changes into account.
Mike
My Dad has done MASSIVE renovations - don't think there is anything comparable - so probably best to get an estate agent in.
And these online evaluations? Waste of time? They can't see the inside and what he has changed - was originally a small mining house is not taking up 6 times the space - a lot has been built on - don't see how they would be able to take all changes into account.
Mike
The one on Private Property was quite accurate on my house to the MAX side.
You get companies that specialize in valuations and do a detailed report comparing your property to others in the area, it cost around R2,000.
You get companies that specialize in valuations and do a detailed report comparing your property to others in the area, it cost around R2,000.
Billy
Expert Member
The value on Private Property will also give property prices in the area.
The market takes more notice of properties in the area than an individual property. If you overcapitalise for the area, you will not get your price.
Remember, Location, Location, Location.
Ok well then my Dad completely over capitalised... Although he always said he never did anything in house because he wanted to get his money back... He built it for living in. Lived there for over 30 years.
But great I'll have a look and do some research
But great I'll have a look and do some research
There is no such thing as "accurate market value".
There is simply the intersection between what you are willing to sell it at and what someone will buy it for.
You can do R10m worth of upgrades on your house, but if no one is willing to buy it for more than R2m and you need to sell it, then it's value is R2m
Absolutely agreed.
To me that intersection would be the market value... What people are prepared to pay for it.
Agreed with the extras... I'm not overly worried about getting reimbursed for his over capitalization - just looking for a fair price.
To me that intersection would be the market value... What people are prepared to pay for it.
Agreed with the extras... I'm not overly worried about getting reimbursed for his over capitalization - just looking for a fair price.
ToxicBunny
Oi! Leave me out of this...
Well then it all depends on the area, and what else is in the area pretty much...
Does sound like he has massively overcapitalised though.
Does sound like he has massively overcapitalised though.
Skywalker786
Expert Member
- Joined
- May 4, 2009
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- 33
Why dont you call in sn estate agent, what area is the house in?
Grubscrew
Executive Member
This^ and a house is worth what somebody else will pay for it i.e market value, not what you think it is worth or replacement value. Also even if do seem to sell it somebody above market value and they need to get a bond, the bank will only approve an amount equal to market value.
ToxicBunny
Oi! Leave me out of this...
On similar properties in the area is one of their big things... since they don't want to be put in a position of having a bond against an asset that they won't be able to recoup the value of.
Bona Botse
A little insight goes a long way
Does that not mean that you overpaid for the property though?
spiderz
Honorary Master
Which city?
Do you know what the municipality valuation of the house is?
Do you know what the municipality valuation of the house is?
I paid R1,600,000 in 2009 - Private Property had it at R2,350,000 (MAX) and R1,800,000 (MIN) - the bank sent a valuation company round who valued it at R2,350,000 market value, and R2,650,000 replacement value.
Considering the market hasn't moved much since we purchased, I'm quiet happy.
TehStranger
Executive Member
You get the same report from PrivateProperty, free every 90 days
TehStranger
Executive Member
Wasn't aware PrivateProperty offered the same range of reports Lightstone does?
I could be wrong, but I think the service is offered in conjuction with Lightstone, I used to buy the lightstone report once a year, but the privateproperty one is almost identicle.
I think the Lightstone reports just have more options, such as suburb reports, etc.