There are times when property owners need a property appraisal. This is different from getting a property valuation that you would need if you’re remortgaging your home. So, do you know the difference between a property appraisal and a more formal valuation?
What is a property appraisal?
A property appraisal is normally carried out free of charge by a local real estate agent. It’s basically an estimate of what your property is worth in the current market.
To carry out an appraisal, a real estate agent will visit your property and then compare it with other similar properties in the area that have sold recently. The agent will also take notice of any special features that your home possesses to gauge its worth.
Most real estate agencies will offer a free appraisal of your property’s worth in relation to the current state of the market and the current sales data that they have available.
When seeking a property appraisal, it’s really important to engage a local agent who knows your area extremely well.
Why you should consider a property appraisal
If you’re planning to sell your home at any time in the near future, an appraisal will give you a good indication of how much you’re likely to get for your property. This can be extremely helpful when you are considering how much you can afford to spend on your next home.
Sometimes, a property appraisal can also be useful for your accountant, especially if you’re thinking about buying an investment property. It will give you and your accountant a relatively good indication of how much equity you have in your current home.
If you are looking for a better insurance deal, it’s also wise to get a property appraisal so you know how much insurance you need before you start looking around for the best deal.
What is a property valuation?
A property valuation is usually carried out by a professional valuer. It’s a more formal value of your property and takes into account specific factors such as the number of bedrooms and bathrooms, the construction materials of the home, and the size of the land.
This formal valuation is required when you want to remortgage your home or when you want to purchase an investment property and need to get finance for it. This is because the equity you have in your current home will be taken into account by the lender.
Can we help with a complimentary property appraisal?
At Belle Property Balmain, we offer you a completely free property appraisal when you need it. One of our agents will visit your home and take note of all of its features.
We’ll then do a comprehensive comparison between your home and the other properties within your area to give you a good indication of what your property should sell for in the current market.
We know this area well and understand exactly what the market is currently doing. We can give you a realistic appraisal that you can use for insurance purposes or to give to your accountant.
Taking advantage of a complimentary appraisal is an excellent idea if you are planning to relocate because you’ll have a good idea of what you can afford to spend on your next home.
Can we help with your Inner West home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
