Appraisal Request
Property Partners
Q1. What is Appraisal?
A property appraisal is an estimate of price for your property in the current market. Real estate agents specialise in answering the ‘how much is my home worth’ question, and they do it by running a comparative market analysis which involves finding similar properties that sold within the last 90 days. The closer they are able to match your property to others sold in the area, the more accurate the appraisal will be. Agents also consider current competition, wider market trends, the property’s structure and its condition. Property appraisals are an excellent way of understanding your properties potential market value at that point in time.
It’s always advised that you contact a real estate agent from your local area to conduct an appraisal. They live and breathe property in your neighbourhood and have an intimate knowledge of the suburb. This ensures they can give you a more accurate appraisal.
When a real estate agent conducts a property appraisal there are several things they consider, from property size right through to the fixtures and fittings.
Q2. Should you get a property appraisal?
Understanding the value of your property is a wise financial decision
Getting an appraisal isn’t always necessarily about selling. It can also be simply about understanding what your property is worth in the current market. If you’ve recently renovated you may want to know how much value it has added to your property. Or perhaps you’re looking to buy an investment property, considering upsizing as the family has grown, or downsizing as the family has moved out, or simply keen to find out if the value of your property has changed. Knowing the value of what is undoubtedly one of your most valuable assets (if not the most) is a wise financial decision.
Q3. I'm not ready to sell yet. Can I still find out what my home is worth?
Yes, if you're just curious about how much your property is worth, start the process anytime. Just be prepared to repeat the estimation closer to when you're planning to sell your house.
Q4. How often do I need to find out what my property's worth?
With the speed of the real estate market, a home value estimate is usually deemed 'current' if it's no more than three months old.
Q5. What will we assess in your free appraisal?
Property size
A full assessment of your property (including the size and condition of the property, key selling features, number of bedrooms and bathrooms).
Location
An assessment of your property's location, its proximity to local attractions, nearby amenities and potential buyer appeal.
Market Conditions
An analysis of current market trends and the performance of similar properties that have recently sold in the area.
Q6. Valuations vs. Appraisals
Property valuation
A property valuation is usually performed by a Certified Practicing Valuer for an agreed fee. They are not real estate agents or associated with any real estate agency. Generally, valuers will use one of three methods to value your property: direct comparison, capitalisation or summation. They will inspect the property, carry out research and analysis into the local market and provide a detailed report regarding issues affecting the current market value of the property.
A property valuation service is commonly required by a bank or financial institution prior to approving a home loan. It is also used by buyers and sellers wanting an independent opinion prior to pre-purchase or pre-sale, family or partnership settlement, capital gains tax, and in some instances building insurance.
Property appraisal
An appraisal, on the other hand, is an educated judgement on what your home is worth. Not only will the agent look at all of the sales in the area, not just their own, but they’ll provide a unique insight into the local market. They specialise in your area after all. They also provide a figure based on insight into the features of your property.
Importantly, while the professional valuer’s figure is unbiased, the agent’s figure is generally indicative of interest in the suburb and it may even be influenced by conversations the agent has had with potential buyers in the area.
Q7. How can I increase the current value of my home?
If you're not satisfied with how much your house is worth,consider investing time boosting its market value. We will give you some perfassonal advice after the appraisal.
Q8. How long it wil take for the appraisal?
About 15-30mins. Please make sure there is someone stay at home.
Q9. The property appraisal process
Step 1
Book your property appraisal
Property appraisals are nearly always free. We are the best person to invite as they will be able to give you a good understanding of your property’s worth.
Step 2
Relax about the state of your home
You don’t need to worry about styling your home for a property appraisal. We are experts at seeing through the general household clutter. We are more interested in looking at the size of the property, the number of bedrooms, the the number and quality of bathrooms, the kitchen, the overall building structure and its condition.
So don’t stress about the pile of kids toys on the floor, or the basket of washing that hasn't been put away … relax, have a cup of tea and simply show the agent through your home – warts and all.
Step 3
The home visit
Once the we are at your property, we’ll likely have a good look around and ask you a few questions. Always be honest, especially about any renovations or upkeep you’ve done over the years. There will also be a chance for you to ask any questions you may have.Step 4
Property appraisal figure and supporting documentation
We will provide you some figure they believe is accurate for the market, area, and the property. This will include supporting documentation such as local sales of comparable properties within the last 90 days and a summary of wider market trends.
