What’s my property worth?
A number of factors are used to determine the value of a property. Ultimately though, your property is worth what a buyer is willing to pay for it.
A number of factors are used to determine the value of a property. Location, size, present use, zoning, stock and sale prices of comparable properties in the area, all contribute to the value. In addition, demographic factors such as population growth and migration patterns, and economic factors including interest rates can have a significant impact.
Ultimately though, your property is worth what a buyer is willing to pay for it. A real estate agent can give you a comparable market analysis on your property. The CMA will include similar properties to yours in your area which can often give you a good indication of what your property may be worth.
If you have Fonterra Shares, consider whether these will be included as part of the sale and if so, how this might impact the sale price. For more information about Fonterra Shares and Fonterra’s Trading Among Farmers Scheme, click here.
Consider GST – does it apply to the sale of the property? This may depend on whether the property is being sold as a working business, or alternatively, simply as a lifestyle block with a few chickens. Speak to your financial adviser for advice