You need to know what your property is worth
The house that we own is probably the most expensive thing we have. But the interesting fact and awkward at the same time is that for the vast majority of us, we don’t really know our property’s value.
Denis Quayle, Principal at Harcourts Maynard Burgoyne, has a strong view on this issue.
“After all, most of us are working off a bond, so we can give a rough-and-ready estimate that pegs our property at about what our properties are bonded for. Or we might have a sense of what the municipality has valued the property for. Or we might notice out of the corner of an eye what our neighbours are selling for,” says Quayle.
“But the truth is that as a measure of value, bonds and valuation rolls rapidly become obsolete, and asking prices for houses are often an aspirational rather than a realistic gauge.”
The real estate industry is a dynamic industry and prices really depend on supply and demand.
“Our houses, in other words, are worth what others are prepared to pay for them. A complex range of factors determine this: the design and appeal of the house, state of repair, condition of the garden, not to mention the overall state of the neighbourhood and the condition of the country’s economy,” he tells.
“Happily, overall property values tend to rise over time. The value of a property after owning it for, say, ten years is likely to be a more valuable asset than the one you paid for.”
So hear this message and get your property valued!