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Understanding Property Appraisals: A Must-Know Guide

A key part of selling a home, the property appraisal is an unbiased, independent assessment of how much your property is worth. It is an important step to understand your net true worth. Has your property market fluctuated? Have you recently renovated? Are you interested in investing? Whatever the reason, knowing the value of your most important assets helps you to make smarter decisions towards better current and future financial planning.

Making the choice to sell a house is one of the biggest decisions you’ll make in your life. There are many factors to consider, such as finding the right real estate agent; set a selling price; creating a marketing campaign. But the most important is finding out how much your property is worth.Then, you can sell your property at the price it is valued at and not less.

What is a Property Appraisal?

A property appraisal is an estimate of price of your property in the current market. It is an educated judgement on what your home is worth. We specialise in answering the question “how much is your property worth?” through two methods:

  • Sales comparison approach: We estimate a property's market value by comparing it to similar properties that have been sold in the area, usually in the last 90 days. We consider current competition and wider market trends.

  • Cost approach: The cost approach is most useful for new properties, where the costs to build are known. We estimate how much it would cost to replace the structure if it were destroyed. We, also, look at the property’s structure and its condition.

Property appraisals are an excellent way of understanding your property’s potential market value at that point in time.

Why is an Appraisal important?

An appraisal is important as it shields your investment. It ensures that you don’t sell your home less than the market value. Often a few cosmetic improvements can increase the value of your home. An appraisal is essential, as an expert can have a look at your property and tell you the accurate price.

What is involved in a Property Appraisal?

  1. Property size: We look at the size of the overall block, the size of relevant areas within the home and the outdoor areas (i.e. parking, garages, terrace/balcony) when conducting the appraisal. These measurements are weighed up against other properties in the area.

  2. Number of bedrooms: This is a key element. We look at the size of the bedrooms, whether they have a built-in, ensuite wardrobe and views. Generally, the more number of bedrooms means a higher market value.

  3. Fixture and fittings: Usually fixtures and fittings, such as curtains and light fittings, are not included when the property is sold. If they are included, we look at the condition they are in when conducting the appraisal.

  4. Building structure, condition and overall presentation: The stronger the building, the more it is worth. Cracks are a no-go for a buyer. Also, the presentation of the house is important. It needs to captivate the person the moment they walk in.

  5. Location: Location is a key element. We look at the accessibility and the convenience of the location; such as what transport networks, infrastructure and amenities are nearby the property.

  6. Market conditions and recent sales: We will look at the recent sales in the area and overall market trends to get an idea of what price to present to you as a guide.

  7. Areas for improvement: One of the great things that we include during a property appraisal are the areas for improvement. We know what the local buyer wants and gives you guidance on how to improve the property value.

What is the Property Appraisal process?

It is a simple process to get a property appraisal

  1. Request your property appraisal: Get a free non-obligation property appraisal from us. For your convenience, you can choose between calling us or booking online.

  2. Relax about the state of your home: You don’t need to worry about if your house is a mess or not. We are more concerned about the size of the bedrooms, quality of bathrooms and structure of the house than toys lying around or undone dishes. Relax and show your house-warts and all.

  3. The real estate agent home visit: Once we have had a look around your house, we will ask you some questions. Always be truthful and ask us any questions or doubts you may have.

  4. Property appraisal figure and supporting documentation: We will come back with the figure we believe is accurate for the market, area, and the property.

Why choose us for your next appraisal?

We understand that selling your house is an important decision and we want to give you the best, unbiased property appraisal. With us, you can get an appraisal done from a trusted, dedicated, organised and experienced team. Also, with three members, there will be more ground cover during the appraisal process leading to more accurate appraisals. Also, our team speaks 3+ languages between ourselves and are here to make sure all your needs are met and doubts are cleared. So, choose Samantha Chaudhry and team for your next property appraisal!

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