![]() ![]() consulting-feasibility studies, property management, lease analysis, highest and best use studiesĪn appraisal may be required for private sales or transactions involving property not listed on a listing database, a high loan-to-value ratio or for non-sales transactions, such as refinancing or renovation loans.value of property to determine compensation when property is expropriated.value to properly measure property tax assessments, capital gains and other taxes.value of property involved in a legal dispute.value to assist in investment decisions.the current value of property being bought or sold.This will include supporting documentation such as local sales of comparable properties within the last 90 days and a summary of wider market trends.Appraisers can be called upon as consultants or valuation specialists to provide opinions on: The real estate agent will come back to you with the figure they believe is accurate for the market, area, and the property. Step 4 Property appraisal figure and supporting documentation They are, after all, selling your most important asset. Remember, you need to be comfortable with the agent. Don’t be afraid to say what’s on your mind. Of course, there are many more questions you can ask. How do they plan on marketing your property?.What is their knowledge of the local market?.There will also be a chance for you to ask the agent any questions you may have. Always be honest, especially about any renovations or upkeep you’ve done over the years. Once the real estate agent is at your property, they’ll likely have a good look around and ask you a few questions. So don’t stress about the pile of kids toys on the floor, or the basket of washing that hasn't been put away … relax, have a cup of tea and simply show the agent through your home – warts and all. They are more interested in looking at the size of the property, the number of bedrooms, the the number and quality of bathrooms, the kitchen, the overall building structure and its condition. ![]() Real estate agents are experts at seeing through the general household clutter. You don’t need to worry about styling your home for a property appraisal. Step 2 Relax about the state of your home Your local real estate agent is the best person to invite as they will be able to give you a good understanding of your property’s worth. Property appraisals are nearly always free. When a real estate agent conducts a property appraisal there are several things they consider, from property size right through to the fixtures and fittings. This ensures they can give you a more accurate appraisal. They live and breathe property in your neighbourhood and have an intimate knowledge of the suburb. It’s always advised that you contact a real estate agent from your local area to conduct an appraisal. Property appraisals are an excellent way of understanding your properties potential market value at that point in time. Agents also consider current competition, wider market trends, the property’s structure and its condition. The closer they are able to match your property to others sold in the area, the more accurate the appraisal will be. Real estate agents specialise in answering the ‘how much is my home worth’ question, and they do it by running a comparative market analysis which involves finding similar properties that sold within the last 90 days. A property appraisal is an estimate of price for your property in the current market. ![]()
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