Maximising the Value of Your Property – the Appraisal.
There are many moving parts to getting a great sales result for your property. Understanding how your home compares to the broader market is vital to setting a selling range that both garners buyer interest and maximises the return on your investment.
What is a property appraisal?
An appraisal is usually done by an experienced real estate agent that understands the local market and knows how to collate the right data to expertly assess your property’s potential. A property appraisal will include:
- Property inspection: An experienced agent will inspect your home and assess its notable features, its unique selling points and areas where it could be improved to facilitate a better price. A great first impression is critical for achieving the best possible price, which is why great presentation, and some pre-sale maintenance could make a significant difference.
- An area market report: Upon viewing the property the agent can prepare an in-depth market report that analyses and compares recent sales from your local area – sold price, date and days on market.
- An agent also has a unique insight into the current market demand for comparable properties (buyer enquiries, bidder registrations etc), and understands the specific elements of your property that buyers will value.
What is a valuation?
A valuation can only be provided by a Licenced Valuer. They are more detailed and usually delve more deeply into the intrinsic features of the subject property and the relevance of comparable sales. Valuations are most often required for mortgage purposes.
What are the benefits of getting an appraisal of your property?
A considered property appraisal can make a significant difference to your bottom line, sale time frame and overall experience when selling your property.
An appraisal will be based on in-depth market knowledge, and buyer sentiment. It will consider many different aspects of a property and how these individually appeal to buyers - and how this can vary between locations. Some of the benefits of a property appraisal include:
- Setting the right price. Many factors go into the potential selling price of a property including location, suburb reputation, age, quality, size, aspect and design. Buyers are more informed than ever before, and may get appraisals (or valuations) of their own for properties they are looking to buy. This is why setting the right price is so important. Not only can it protect you from setting a figure that is too low and missing out on significant capital but it can also assist in setting an expectation that is not too high and deterring some potential buyers.
- A reasonable sale time frame. If you are looking to sell your home for the best price in a respectable time frame, an accurate expectation will often garner faster offers and quicker sales as marketing efforts will target the right buyer demographics.
- Maximise your price through the right property improvements. A good property appraisal will be accompanied by a home inspection from the agent and an evaluation of any potential changes in the home. A good agent will offer suggestions for home improvements to address any outstanding issues and boost the price by helping create a great first impression.