Appraisals
If you're considering buying or selling a house, a property appraisal is a key step to take.
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01What is an appraisal?
When it comes to buying or selling a property, having a clear understanding of its market value is essential. This is where property appraisals play a crucial role. Whether you're a homeowner looking to sell, a prospective buyer, or simply curious about the value of your property, a property appraisal provides valuable insights.
We as agents provide this service free of cost or obligation. Please feel free to contact us to arrange a convenient day and time to view the property (this usually takes less than 30 minutes). We’ll then prepare a detailed report specific to the property for you.
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02Why do I need to get an appraisal?
Getting a property appraisal is essential for a few reasons: For buyers and sellers, it ensures that the price is fair and reflective of the current market conditions. For lenders, it confirms that the property is worth the amount of the loan and if you’re refinancing, it helps you understand your home’s value to negotiate better loan terms.
An appraisal is not just a routine process – it’s an important tool that provides clarity, confidence and informed decision-making. At some point in your real estate journey, it’s more than likely that you’re going to need a property appraisal.
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03What happens during an appraisal?
During the appraisal, the appraiser will look at various factors like the size and condition of the property, its location, any upgrades or renovations, and how similar properties in the area have sold recently and are selling currently. The information is compiled into a detailed report, which gives you a much clearer picture of your property’s current value.
This report can be incredibly helpful whether you’re buying, selling, or refinancing, providing peace of mind and a solid foundation for your financial decisions. It’s always better to have the information and not need it, than to need it and not have it.
Property Size
The land size and also the internal size of the dwelling may significantly influence the sale price. It might not be just how many bedrooms, but also their size or dimensions, in addition to space for additional living or entertainment areas which may also add value.
Location & Aspect
Two things that can’t be changed with a property are its location and aspect. For certain buyers, either may add considerable value and justify a higher price – an experienced agent can ensure that buyers understand and appreciate this in negotiations.
Inclusions & Exclusions
Not everything is always sold with the property. Curtains, for example, don’t necessarily need to be included, nor do light fittings. Knowing certain items are to be specifically included in (or excluded from) the sale helps the agent understand if they may add to (or detract from) the ultimate sale price.
Improvement Areas
Remember that no property is flawless, but some imperfections are worse than others. When analysing a property for appraisal, the real estate agent will look at all the issues which may need to be resolved, improved, updated or possibly even just ‘freshened up’.
Developmental Potential
Sometimes the value of a property is determined by what it can be, rather than what it presently is. Factors contributing to added developmental potential value may be its land size, dimensions and council zoning development allowances and limitations.
Condition
A property’s quality of construction, materials, appointments and appliances may determine whether any changes need to be made or costs will be incurred by a buyer. With building costs increasing considerably in recent years, the condition of a property is crucial to its market appeal, so newer or renovated properties are in strong demand.
Recent Sales
Recent sales of similar properties in the area usually give a reasonable guide to price expectation. Generally speaking, the most recent sales will be most relevant, as market conditions and economic factors can change over time and may influence sales prices.
Currently For Sale
Similar properties currently for sale (in other words, competition in the marketplace) should also be considered. Supply and demand at any time may have a significant effect on how much a property eventually sells for and also, how long it takes to sell.
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04What happens next?
After your property has been appraised, you’ll have a clearer understanding of its sales potential in the current market. That means you can now be much more mathematically confident to actively consider upsizing, downsizing or ‘right sizing’ to your next property.
Discuss with your agent in detail the different methods of sale, suggested timeframes and marketing, commission and anything else you’re not sure of or would like to know. Your agent is your trusted advisor, negotiator and navigator for the journey ahead.
Request an Appraisal
Got a question? Give us a call.
02 9526 1111
With a free expert appraisal, you’ll be ideally equipped to understand what your property is worth in the current market, and what options are available to you.
The ultimate free data report
With local knowledge comes local advantage
Whether you’re buying, selling or just curious – it’s important to have the right information. We monitor the 2229 and 2230 markets along with Sutherland Shire Waterfront sales and can provide you with our valuable insights which are unavailable elsewhere.
