What is Property Cost Valuations?

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What is Property Cost Valuations?

Knowing the true value of a property before you buy it is important so that you can be assured of paying a reasonable price. Or making sure that your property is adequately protected through insurance after you have bought it. But what factors into that value and why is this figure so important?

Several influences affect the value of a property including trending areas, distances to schools and shops and even the layout and design of the home combined with square footage. The value of a house cannot be translated into the costs of materials used to build the house and can sometimes vastly differ from a asking price when put on sale. We often hear that someone is selling well below or above the value of the house, but to insure the property accurately, the insurers will need to assess the actual value, not just the selling price.

Property Cost Valuation will look at the costs involved in the case that the house needs to be completely rebuilt. This figure will need to include demolition of remaining structures, clearing out of the site and reconstruction from the ground up in the case that a total lose occurs. Insurers will need a professional valuation to be done prior to insuring the house to ensure that the home owner is compensated fairly and in a satisfactory manner for the loss.

Consider that your Property Cost Value will also fluctuate, whenever you do work and extensions to your home or as the area you live in becomes more or less sought after. Doing a valuation every so often could mean that your premiums may change, but your home will remain adequately cover in the case that you need it.

To guarantee the best assessment for your home, most home owners and insurers prefer the services of a professional valuer. A professional valuer can be found locally through the South African Institute of Valuers or sworn appraisers to the High Court can also be of assistance.

KIB can assist you in insuring your home for a fair and reasonable price, giving you the peace of mind that your biggest asset is protected against damage or total loss. Contact KIB today to speak to a professional consultant who can advise you on your Property Cost Valuation.

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