PROPERTY ADVICE “Even if you’re not considering selling right away, a property appraisal will give you an idea of your property’s market value, with no strings attached.” – Andrew Robinson, Head of Franchise Sales and NSW Chief Auctioneer, Belle Property and Hockingstuart ‘‘ hether you are looking to sell now or in a year’s time, the first step is to find out what your home is worth in the property market. The property market will ultimately determine how much your property will sell for, but you need to approach selling with a ballpark figure inmind before negotiations begin. Here, we take you through the ins and outs of property appraisals, and why now is the ideal time to get one. What is a Property Appraisal? A property appraisal is essentially an estimate of the complete value of your property by a licensed real estate agent. Not only will the agent visit your home and consider its unique features, theywill also use their knowledge of the local property market and their buyers’ network to present you with a price guide to your property’s worth. “The proof is in the pudding with property appraisals. By getting an experienced real estate agent that has in-depth knowledge of your local market, you will know your expected selling price right from the get-go and be able to make smart decisions about your property,” says Andrew Robinson, Head of Franchise Sales and NSW Chief Auctioneer for Belle Property and Hockingstuart. “Even if you’re not considering selling right away, it’s a useful exercise to give you an idea of your property’s market value, especially when it’s no strings attached.” What’s Involved in Appraising a Property? There are many aspects to a property appraisal and although there are areas that an agent will look at, it’s important to remember that every property is different and has something unique to offer the market. Market Conditions and Recent Local Sales While an agent will base their evaluation primarily on your property, they will also consider the current market conditions and sales made in your local area in the last 90 days. “A great appraising agent will really know your market, the interest from potential buyers, and what those buyers are looking for in a property,” says Andrew. “When meeting with an agent, ask them questions to test their knowledge of the local area so you know they are well equipped to manage the appraisal.” Location As the saying goes ‘location, location, location’ and this is a key factor when it comes to appraising your property. When looking at your property location, it isn’t only your street that is considered, but also the vicinity of your home to public amenities, attractions, accessibility to public transport and zoning for local schools. Property Size, Structure and Condition Both your property and block are key to the overall value of your property, as well as the sizing of each space in your home. “For example, if you are in an area with lots of families, the agent will look at backyard size, the number of bedrooms and the flow of indoor to outdoor living spaces. They will also be looking at car spaces, too,” says Andrew. Regardless of your property’s age or style, if it has a strong structure its value will be higher. “All smart, potential buyers will look at a building report for any issues, so agents will be looking at howwell-built the home is and letting you know if it will affect the final estimated price.” Presentation With your property appraisal, think about what your house would look like to a potential buyer. Does your property have good kerb appeal? Can a buyer walk in and imagine themselves living there? “Although presentation of the property can be enhanced by styling, premium marketing and photography, it’s important to make a first impression that lasts with your agent and then with your buyer,” adds Andrew. Planning and Restrictions Aswell as the locationof your property, the agent will look at restrictions that come with your property from the local council. As appealing as your house may be to you, a potential buyer or investor may be on the lookout to do something different with your block. W 3 BENEFITSOFA PROPERTYAPPRAISAL Want more property advice? Head to sitchu.com.au/property 9 1. BALLPARKFIGURE The market will ultimately determine what your property is worth, but you should approach selling with a ballpark figure in mind before negotiations begin. 2. RECEIVEANESTIMATE A property appraisal is essentially an estimate of the complete value of your home by a licensed real estate agent. 3. CONSIDERTHE CURRENTMARKET While your appraisal will be based primarily on your property, the market conditions and sales made in your area in the last 90 days will also be considered.
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