GET YOUR MONEY'S-WORTH IN WOODLAND HILLS WILDLIFE ESTATE
PUBLISHED 17 AUG 2017
Value for money is a big consideration when investing in real estate. In tough economic times, even more so.
How can you ensure that you get what you pay for?
Follow these FIVE TIPS to guide purchasing decisions:
- Work with a reputable estate agent who specialises in your preferred area and who can provide insight into the stability and growth of the market.
- Beware of property prices determined simply based on an average value per square meter. Factors such as quality of finishes; age of the property; type of accommodation; size; supply and demand; and the general economic climate, amongst others, impact on the value of real estate.
- Inspect the property thoroughly BEFORE signing an offer to purchase. Obtain a professional opinion from a Structural Engineer or other knowledgable person, should you have any doubt about the structural soundness of the property. Structural defects will be costly to repair.
- Evaluate the quality of the finishes and neatness of the property. Does the property appear to be well maintained? Do the finishes reflect the standard of other properties in the area? Consider the age of the property. Is it time to update finishes and is this reflected in the asking price?
- Request information on new developments; amenities or lack thereof, that may impact your lifestyle and the future value of your newly acquired home.
Will I get value for money when I purchase a property in Woodland Hills Wildlife Estate?
The market in Woodland Hills is stable and even in tough economic times, property retains its value. A slight decline in the average sale price per square meter has been recorded for 2016 as a consequence of the general economic climate, combined with a high number of properties offered for sale. Sellers are under pressure to have realistic expectations regarding the value of the property they wish to sell. However, proper maintenance and quality contemporary finishes support high sale prices. This is evident from the record sales that have been recorded in 2015 and 2016, which far exceeded the average sale price per square meter.
Given the historic values of properties sold in the Estate; the growth achieved over the lifetime of these properties; and the lifestyle offered by Woodland Hills, it is my contention that buyers do indeed get their money's-worth when they invest in Woodland Hills Wildlife Estate.
I noticed that the advertised asking price of some properties have been reduced. Will I be able to purchase a property at a bargain price in Woodland Hills Wildlife Estate?
Do not hold out for a bargain - these are very hard to come by; and if one is lucky enough to land a bargain, such properties often require a lot of maintenance and/or upgrades, at substantial financial cost. Rather invest in a good quality property at a market related price, which should at the very least retain its market value given the history of property values in Woodland Hills Wildlife Estate.
Unfortunately, not all properties are offered at market related prices and consequently price reductions are inevitable. Although such reductions might seem like an opportunity for a bargain purchase, they are, more often than not, just a rectification of the asking price.
The graph below gives an indication of the approximate average sale price per square meter of full title houses sold in Woodland Hills Wildlife Estate since 2007.
NOTE: The information contained in this graph does not provide a basis to determine the value of any single property, but simply serves as visual representation of the stability of the market in Woodland Hills Wildlife Estate.
Should you require a valuation for your property in Woodland Hills, I will be happy to perform a proper comparative market analysis based on the specific characteristics of your property. This service is free of charge and carries no obligation!