What Is A Property Appraisal?
A key first step when you’re considering selling is to have a property appraisal. This is an easy and informal process that will provide you with an estimated market value of your property.
Our agents specialise in answering the ‘how much is my property worth’ question and they do it by conducting a comparative market analysis and looking at similar properties that have sold in the last 90 days, along with current competition, wider market trends and the following features of your individual property:
You’ve undoubtedly heard the saying ‘location location, location’ and when it comes to assessing your property, this is a key ingredient.
An agent will assess your property’s proximity to schools, public transport, recreation and nature; is it close to the ocean, the harbour, river or lake? Is it near a park or a visually appealing landscape? Does it have views? Is it in a high crime area, or in less desirable areas such as an industrial zone? All of these location features (and more) impact the appraisal value of a property.
Building structure and condition
In most cases the stronger a building and the better condition it is the more your property will be worth. Buyers will undoubtedly request a building report and if there are any major issues they will be identified. Whilst your property doesn’t need to be super fancy, the better built it is and the better it is maintained the better the price.
Size of the property
The size of the land and the property are both important considerations.
An agent will assess the overall size of the block and the size of the building structure. They will also review the size of key areas within the property such as size of the living area, kitchen, outside area, bedrooms, balcony, bathrooms and garage.
Number of bedrooms / bathrooms
In most cases the more bedrooms a property has the higher the appraisal value of the property. However, an agent will also assess the size of the bedrooms and additional features such as ensuites, study area, aspect or view etc
Appearance of the property
Agents are experts at seeing through the pile of toys on the floor and the over flowing laundry so don’t worry about what your property looks like when they come to do their appraisal. However, when it comes time to sell, spending time preparing your property for sale can add up to 10% to the sale price
Our agents are experts at helping you understand what buyers are looking for and therefore what areas you should focus on. It’s a good idea to discuss ways you could enhance before you put your property on the market as some jobs may take a while to complete.
Condition of the interior including fixture and fittings
An agent will consider the quality and brand of the fixtures and fittings that are being sold with the property. For example, the quality of the kitchen appliances, light fittings, windows and flooring.
Ease of access
How easy it is to access your property will also be assessed. Are there stairs, is there a lift within the apartment block, how easy is it to access parking etc.
Renovations and home additions
Buyers love newer appliances and quality renovations because they contribute to the lasting value of the property. For instance a new kitchen renovation may add another 20 years to the life of a kitchen, something that is good for everyone involved,
Home improvements will undoubtedly be a factor in how an agent determines the value of a home.
Area for improvement
When selling a property, you’re also selling the potential of a property. Our agents will consider other properties in the street and look for opportunity for improvements. For example if the buyer could add another story or add parking, the benefits all help add value in the buyers eyes and are considered as part of the appraisal.
Local zoning restrictions
Zoning restrictions will also affect the value of the property. Are buyer restricted with what they can do to the property as this will have an impact on the property appraisal.
Our agents will summarise their findings and provide you with a comprehensive report on the local market and the estimated value of your property.
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