What Is a Property Appraisal and Why Do You Need One?
An accurate property appraisal is beneficial as it helps guide you to make better decisions when selling your property. If you are considering selling your home, the first step is to have it appraised to determine its current value.
What Is a Property Appraisal?
A property appraisal is when a licensed real estate professional determines the value of your home in the current market. This estimation is made after a careful examination of your property.
Real estate agents typically take the following factors into account to determine the appraised value:
- The size of the property
- Bedrooms available
- Fittings and fixtures
- The property's condition
- The property's features
- Location/ neighbourhood
- Convenient proximity to places such as schools, shopping malls and public transportation
- Recently sold properties of similar size and condition
- The season in which the property is likely to be sold
Why Do You Need A Property Appraisal?
When you receive your appraisal, you will get a sense of the local market and an idea of what prices will likely be in the area.
- It is also helpful for people who aren't sure if it's the right time to sell.
- It helps you know how much value the recent renovations may have added to your property.
- It helps homeowners find ways to raise the value of their homes.
- It can help you figure out the best-selling points of your property and how to make the most of them.
A property appraisal is entirely risk-free and offers several benefits. You may be surprised by how much your home could be worth.
Get a head start on your search by contacting the PRD team today to find your local property specialist who can verify the value of your home.
Disclaimer: The information provided is for guidance only and does not replace independent business, legal and financial advice, which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. PRD will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.