Residential

Residential Property Valuation Residential property such as houses, flats, cluster units and residential agricultural holdings are usually valued using the comparable sales method of valuing.

The comparable sales method sees the property to be valued, known in valuer jargon as the ”subject property”,  being visited by the valuer. When the valuer is on site, the valuer will measure the residence and outbuildings such as garages, staff rooms etc to determine the size of the property. The room count and additional facilities such as boreholes, pools, Jacuzzis, paving walling etc are also recorded. The valuer will also inspect the house for general condition but will not do a survey of the house unless specifically instructed.

Once all this information is assembled the valuer will then compare the subject property, to known recent sales of similar houses in the area – comparable sales, known in valuer jargon as ‘comps” This usually involves visiting the comps and obtaining information on the comps. This information is used in the final valuation.   Adjustments are made for many factors, some of which are the condition, facilities, position, room count etc and a market valuation is determined.

The following are some of the factors considered:

• Position,
• Age and style of the kitchen
• Age and features of the bathrooms
• Is there an en suite bathroom
• Garaging
• Carports
• Is there a pool and does the buyer want a pool
• Is the property well maintained
• What are the security features in the house
• Is there a view
• Is the garden maintained