A property appraisal is
when a real estate agent determines and quotes the estimated sale price of
your property based on their experience of the area, similar sales, and their
knowledge of buyer demand.
A property appraisal will
typically take into consideration things like ‘street appeal’, the property’s
interior and exterior, and the size of the land.
They’ll also look for
things that add value to the property such as ducted air conditioning, quality
appliances, or the number of car spaces.
The real estate agent will
compare these factors to similar homes that have recently sold in the area and
give an estimated figure.
An appraisal is really
just an opinion, is offered as a free service by real estate agents and has no
legal standing, and should only be used as a guide.
This means it’s in a
seller’s best interests to request an appraisal from two or three agents to get
the most accurate prediction of what the property might sell for.
When do you need a real estate appraisal?
When you are thinking of
putting your property on the market, because appraisals are an estimate rather
than a definitive value, they’re best to gauge the local market when planning
to sell or rent out your property.
The appraisal cannot be
used in a formal capacity.
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Wednesday, 13 April 2022