To make informed pricing decisions, property owners must monitor market trends like economic indicators, interest rates, and local developments closely.
According to Sergio Teixeira - Quay1 Associate determining the accurate value of your property in Cape Town is essential for a successful sale.
Teixeira shares two key strategies to ensure you price your property correctly:
1. Appointing a real estate agent with extensive market knowledge specific to your area is crucial. An experienced agent can provide invaluable insights into the local property market, helping you set a competitive and realistic price. Their expertise in the Cape Town market will ensure that you consider all relevant factors, from recent sales of similar properties to unique neighbourhood characteristics.
2. Keeping yourself, as the property owner, updated on current and future market trends is vital. Regularly monitor economic indicators, interest rates, and local developments, as these can significantly impact property values. Understanding the broader market conditions will help you make informed decisions and adjust your pricing strategy accordingly.
By following these strategies, you can determine a more accurate value for your property, increasing the likelihood of a successful sale.
READ: Tips: 3 ways to stay on budget when renovating your home
Seeff’s agents highlighted some cost-effective improvements which can increase the value and make the property more attractive to buyers. (click here to read the full article)
Repainting. New modern colours such as grey, green and even black are all the rage right now, but it does not have to be as dramatic as that. Even just upgrading the exterior and interior in new paint tones, albeit fairly neutral, can add value and could spark buyer interest.
Floors and tiled areas. Floors can be modernised with wooden or laminate flooring, or feature tiles in the latest trends, or new carpets. Wall tiles can also be replaced to give an instant update to the appearance of the kitchen and bathrooms.
Kitchen and bathrooms. If you are unable to do a complete remodel, consider cosmetic upgrades such as painting the cupboards, fitting new handles, adding open shelves, a new stove and appliances, new bathroom fittings, new mirrors and new towels.
Doors and bedroom cupboards. Another cost-effective way to upgrade is to change the door and cupboard handles given that there is now such a wide choice available. If the cupboards are old, you can repaint and modernise rather than replace.
New lighting and window coverings. You can also consider upgrading exterior and interior lighting to modernise the home. Upgrade your curtains or add American shutters or wooden blinds. You could also change from kirsch rails to rods to give it a modern touch.
Convert your patio into a braai room. If you have a patio, consider enclosing it and adding a built-in braai, and sliding or stacking doors to open it to the garden. This will enable you to enjoy year-round braai get togethers regardless of the weather, and add value.
Update the garden. Aside from general maintenance, you can add outdoor pots, or paint your pots or old garden furniture to give it a new lease on life. Adding pathways and garden décor can add interest to the garden.
READ: 5 improvements to consider to maximise the value of your investment property
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