What to expect from a property appraisal

A property appraisal will usually be carried out on your home by a qualified real estate sales agent where you would like to gain an estimate of the potential value in the current market conditions or in the case where you have decided to sell the property.

Choosing to get a market appraisal on your home may not always coincide with wanting to sell the property. Some will choose to gain an appraisal where they are looking to refinance, they may have made improvements around the property and are gaining an updated price comparison, or they might also be choosing to purchase an investment property. Gaining a market appraisal might also be due to market fluctuations where an owner would like to see where their property sits in relation to the current local market. 

To obtain a property appraisal, contact a local real estate sales agent. You may also be referred to an agent or you might like to choose a few agents to look through the property who will give you a range of estimates on the property and provide you with more options on who you might like to sell your home. 

A sales agent will walk through the property and assess the condition, size and inclusions of the home. They will note key factors like the number of bedrooms, bathrooms, and parking spaces as well as additional features that may be included and any improvements that have been completed which have the potential to add to the value of the property. 

Once they have completed their inspection and discussed options for the property with you, they will research the property and look at current and recent sales of similar properties in your location and the price for which they sold. A sales agent will also consider the location of the property and its proximity to local amenities, shopping and lifestyle facilities and school precincts and factor this into their appraisal price.

When the agent has gathered the information on your property and other comparable property sales in your area, they will put together a report including an opinion of what they believe the property could be valued at, usually known as a price guide and this would be a guide that would go to market, should you choose to sell or use it for the purposes of refinancing or your own knowledge.