What is A Property Appraisal, and When Should I Get One?
Whether you’re considering selling your home or simply want to stay informed about its current value, a property appraisal is an invaluable tool. It provides an accurate assessment of your property’s worth in today’s market, empowering you to make well-informed decisions. Getting an appraisal doesn’t obligate you to sell—it’s a proactive step to ensure you’re always up to date and prepared to make the right choice when the time comes.
What does a property appraisal entail?
When you want a property appraisal done, a real estate agent will come to your home and do a thorough inspection.
To determine a home’s value, agents consider several factors in a property appraisal.
Property size
When conducting an appraisal, agents will look at:
- The size of the block.
- The size of areas in the home (i.e., the master bedroom or living room).
Real estate agents may look for other things in the appraisal. These could be things such as parking or outdoor area. Regardless, all aspects of the property size are meticulously considered.
Number of bedrooms
Bedrooms are a key consideration in property appraisals. Generally, more bedrooms mean a higher value. However, the real estate agent will take into account things like:
- The size of the bedrooms.
- If they have any ensuites.
- If they include built-in wardrobes.
Fixtures and fittings
Real estate agents will note down any fittings or fixtures likely to be sold with the property. For instance, you may decide to take the curtains with you when you sell. Agents will ask before including these things in the appraisal.
After taking the above into account, they check the condition of the fixtures and fittings. In the eyes of a potential buyer, old and worn fittings may bring down the value of the house. Replacing these fittings will boost your home’s value.
Location/local area
Location matters in property appraisals. Real estate agents will look at everything to do with your property’s location, such as:
- What street is your property on?
- What views does your property have?
- How close it is to local attractions.
- What is the distance to the local schools?
- How close is your property to amenities?
- Accessibility to public transport routes.
If you are in a secluded location, it is not always a bad thing. Sometimes, the quiet areas are more valuable than others.
Market trends and conditions
The condition of the market is the main indicator of the property’s value. Agents will look at the recent sales and overall market to gain an accurate idea of what your property could be sold for.
Despite this, someone may find your home and fall in love with it! Market trends and estimated property value are not always set in stone.
When do I need a property appraisal?
Many people assume property appraisals are only helpful for selling their home.
It is true. Appraisals are great for estimating your property’s worth in the current market. But that is not the only reason why a property appraisal might be useful.
Understanding your property’s worth is financially wise, regardless of intentions. Since your home is the most valuable asset you have, keeping an eye on its worth is always helpful.
If you decide to sell your home, property appraisals are only estimates or educated judgements. It is a snapshot of the market at any given moment and is likely to change. An appraisal from a year ago might not be relevant today. Regular appraisals are a good way to keep up with market indicators.
Property appraisals with Melcorp Real Estate
If you do decide to sell your home, or want to know what it is worth, consider Melcorp Real Estate. Our team has over 20 years of experience in buying, selling, and property management across Melbourne.
We know Melbourne like the back of our hand, so you can trust us to give an accurate appraisal of your property.
Contact us now for your free appraisal and market report.
Categories: Sell, Lease
