A desktop valuation is a way to quickly estimate the value of a property using online resources.
It's important to keep in mind that a desktop valuation can only provide an estimate of a property's value and it's not a substitute for a full appraisal. Without seeing the interior of the property, the condition of the property will remain a risk.
The following information is used as a starting point for a desktop valuation:
1. Last Sale Price and Date: By looking at the last sale price and date, and taking into account recent trends in the property market, you can get an idea of the property's current market value.
2. Recent Sold Prices in the Area: Looking at the sold prices of similar properties in the area. This method is particularly usefull in sectional title complexes or security estates where the properties are similar.
3. Property Size: Knowing the size of the property can help you determine the value of the property. It provides a basis for comparing value with other similar sized properties.
4. Municipal Valuation: This is the value at which the local council has assessed the property value for the purposes of rates and taxes. While these values are sometimes contested, they nonetheless provide additional information.
The above data can be obtained for a small fee or by taking out a subscription with SheriffHQ. For more details on whats in our premier reports reports and how they assist in a desktop valuation please see our “Guide to the HQ-Report”
Flats & Apartments
Valuing a flat or apartment using a desktop valuation can be easier than valuing a standalone house because you are more likely to find recent sales of similar or even identical units in the same complex. By comparing the square meterage of the apartment and taking into account any differences, you can get a fairly accurate estimate of the property's value.
Standalone houses are usually unique and comparing them against other houses in the area may be of limited value. The location, size, and condition of the house, as well as any unique features, can all affect its value. Houses offer the biggest opportunity to get a substantial discount. For more information why this is so, and for some further advice on valuing houses see this article.