Team Talk Team Talk - May Edition | Page 36

PROPERTY TALK 36 For the Seller Considering to sell and buy something bigger or to perform renovations to an existing property to accommodate your lifestyle require- ments or property needs is always a tough choice. When looking at the market one is always comparing what you have now and what you can afford; and often the gap can be sometimes too big for a prospective Buyer. So here are a few things to consider should you be in this dilemma. 1. Knowing what you have: Having a property that was bought 5 or 10 years ago is a property that you are familiar with. You know where the creaky floorboards are and whining hinge. 2. Financial Comfort: The benefit is that you have bought a property which has grown in value and the financial payments have grown into your budget. 3. The Downs: If there is limited land space for further develop- ment or if the area has taken a turn for the worse then these are signs that you should consider selling and not building as the area/structure no longer meets your needs. 4. The Ups: If there is space to develop and you would consider another property in the area; then it may prove worthwhile to stay where you are and simply develop the existing structure into more living areas that will meet your family’s require- ments. 5. The Conundrum: If you choose to develop on your existing structure the n be sure to have it valued and run your thoughts past a Real Estate Agent. You may ask why… Well, its quite simple… An agent will perform a valuation on your property as is. If you decide to build, then you should be cautious to over invest for the area as you may need to sell in the future and you would want to at least break even, but ideally make a profit on your investment. 6. The Build: Historically, whether it be a simple structure or a replica of the Eiffel Tower… Prepare for a minimum of 30%. That means that the projected budget/costing from the builder is normally 30% more than quoted and generally runs over in time by 30% of the forecasted time on-site. Handy Tips  Do your homework and seek professional advice on all aspects of the research and quotes.  For more advice on property options and the due process of buying, selling and investing… Don’t take short-cuts as they tend to come back and take longer in the end. Marc van Heerden  Prepare for the unexpected should you decide to build.  Be cautious to over-invest in your property for your [email protected] area. www.sothebysrealty.co.za Be sure it meets your needs...Alternatively….Sell. Each office is independently owned and operated Cell: 073 198 9369 Tel: 041 360 0365  36