Selling Your House? Location and Price Are Key

Private Property South Africa
Private Property Reporter

With many sellers struggling to offload property in a sluggish market, the right location and the right price will be key to find a buyer for your house, a new poll by PropertyGenie found. Nearly 80% of respondents cited location and price as the most important factors to them when buying a house. While property investors have always insisted that the market is all about location, location, location, price plays a significant role too in the buying decision, the poll has found. 44% of respondents put location of the property at the top of their list of deciding factors, with 34% citing price as the most important. Other factors that got top rankings include views (10%), proximity to work or schools (7%), parking (3%) and the fact that the house was newly refurbished (2%). Location plays a crucial role in determining the value of a property – something people ignore when they buy property, especially for investment purposes, experts warn. Many aspiring property moguls think buying in any cheap neighbourhood will inevitably help them cash in a few years down the line. This can be an extremely expensive mistake – the Hillbrow (once one of the trendiest neighbourhoods in the country) of today won’t necessarily evolve into the Sandton of tomorrow. To make a more informed choice about what the area might look like in a decade’s time, look into the recent and planned infrastructure, building projects underway and the general upkeep of the existing properties in the area, experts say. Your house may not be in the perfect location, but the right price will still be a key deciding factor. Many buyers will already factor in the average prices for the neighbourhoods they are shopping around in – therefore make sure you’re not pricing your house out of the market.

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