Why You Need A Free PEAR
We offer a free PEAR (Professional Equity Assessment Report). This is a simple way of determining the cash value of a property.
Most people who have been in their homes for 10 or more years have gained equity in their homes. This is simply the difference between the current value of the property and the outstanding home loan amount.
For example, if your house is worth R2 million in the current market, and you owe R500,000 on the home loan, you have equity of R1.5 million.
In order to work this out, you will need an accurate valuation. A qualified property professional can help you with this. They will take many factors into account, including the prices of similar properties that have been sold in your area.
Once you have an accurate valuation you will need to know your current home loan balance. You can find this on your last home loan statement, or you can ask your home loan provider.
Knowing how much equity you have will:
- Let you work out exactly how much you have available to spend on a new home
- Tell you how much you can afford to spend on getting your home ready for the market
- Let you know the minimum price you need to sell it for.
If you would like us to prepare a PEAR report for you, or need more information, please contact us.
