What Is A Property Appraisal?

Thinking about selling your property but not sure where to start? The short answer is: get yourself a property appraisal.

So, what is a property appraisal?

A property appraisal is basically a personalised report for your property, in the current market. It is an educated estimate of what the selling price would be for your home, should you be looking at selling at that point in time.

Of course, you can get a property appraisal even if you are just researching, and not looking at an immediate sale. In fact, we recommend getting an appraisal at an early stage, because we may be able to give you some hints on how you can increase your selling price before you go to the market.

How do you set the price?

Basically, we research what the market is doing at the time and find out where the property slots in. We compare it against other similar properties that have sold recently, and also compare it against similar properties that are currently for sale.

The comparable properties which are for sale give us an idea of the properties which we will be in competition with, if we go to the market. And the recent sales give us an indication of what people are currently paying for that type of property.

What other factors can affect the price?

When we research the comparable properties, we take many things into account. These include the location of the property, its current condition, the size and type of construction, and additional improvements like sheds, fencing and irrigation, all the way down to landscaping and lawns.

Then we estimate where your property fits in, and we give you a price range where the property will likely sell.

What can we do to increase the range?

Anytime we conduct an appraisal, we will provide you with hints and tips to help you get the best price for your property. Often just cleaning up and de-cluttering are all that is needed, but sometimes we might suggest small improvements which will have a big impact on your sale price.

So what’s the cost, or the catch?

There is no catch. The appraisal, property report, and further consultation is totally free of charge and there is no obligation to sell your home or do anything afterwards. It’s just a service we offer to help people find out the real value of their home in the current market.

You could be looking to sell, re-finance your loan, maybe check if you have enough equity to invest, or maybe you’re just curious about what your home is worth?

Drop into the office and pick up one of our FREE Seller’s Guide which further explains the process. Or give us a call and book your free property appraisal today.

We are at 159 Byrnes Street, Mareeba – next to the Commonwealth Bank.

This information is part of our Radio 4AM monthly Q&A Session – Listen here