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By Developer, 15 September 2021

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Whether you’re planning on selling your home soon, refinancing your home loan or are simply curious about how much your home is worth, appraisals and valuations can provide a lot of insight. We’ll explain what the difference is between a property appraisal and a formal valuation, as well how to increase your home’s value.

Whether you’re planning on selling your home soon, refinancing your home loan or are simply curious about how much your home is worth, appraisals and valuations can provide a lot of insight. We’ll explain what the difference is between a property appraisal and a formal valuation, as well how to increase your home’s value.

A property appraisal is essentially an estimate of your home’s value conducted by a real estate agent. Agents will compare your property with others in the area by looking at recent sales data and features in your home to give you an insight into how much your property could sell for. Think of an appraisal as a guide figure, carried out by someone with a lot of local real estate knowledge.

Most real estate agencies offer a free property appraisal service. This is useful to get in case you’re planning on selling your property soon as it’s nice to know how much you might get. However, it’s important to stress that a property appraisal is just an estimate — they’re not definitive and have no legal standing.

A property appraisal can provide you with a solid indication of just how much your property could sell for. This can help get you started in your search for a new home.

When getting your property appraised, it’s important to find a local real estate agent who has a lot of knowledge of the local area and recent sales. If you use a real estate agent who typically works in another area, they may give you an unrealistic estimate.

Whether you’re planning on selling your home soon, refinancing your home loan or are simply curious about how much your home is worth, appraisals and valuations can provide a lot of insight. We’ll explain what the difference is between a property appraisal and a formal valuation, as well how to increase your home’s value.

A property appraisal is essentially an estimate of your home’s value conducted by a real estate agent. Agents will compare your property with others in the area by looking at recent sales data and features in your home to give you an insight into how much your property could sell for. Think of an appraisal as a guide figure, carried out by someone with a lot of local real estate knowledge.

Most real estate agencies offer a free property appraisal service. This is useful to get in case you’re planning on selling your property soon as it’s nice to know how much you might get. However, it’s important to stress that a property appraisal is just an estimate — they’re not definitive and have no legal standing.

A property appraisal can provide you with a solid indication of just how much your property could sell for. This can help get you started in your search for a new home.

When getting your property appraised, it’s important to find a local real estate agent who has a lot of knowledge of the local area and recent sales. If you use a real estate agent who typically works in another area, they may give you an unrealistic estimate.

If you want to know exactly what your property is worth, you’ll have to get a formal property valuation report. A specially trained, qualified valuer will come to your home and complete the complex task of assessing your property. They consider multiple factors, including

Contrary to property appraisals, a valuation won’t account for stylish features and street appeal. Something that is important to remember when carrying out renovations is that the price you

FREE GUIDE FOR FIRST HOME BUYERS

Contrary to property appraisals, a valuation won’t account for stylish features and street appeal. Something that is important to remember when carrying out renovations is that the price you pay to renovate won’t necessarily be reflected in the home’s value.

For example, if you spend $20,000 renovating a bathroom, it doesn’t mean that your home’s value will automatically increase by a minimum of $20,000. Just because your property has a shiny new bathroom, it doesn’t mean that buyers would choose yours over a cheaper, almost identical property down the street which has an older bathroom.

Property valuations don’t dictate how much a property will sell for. Homes can sell significantly above or below their market value based on interest, emotions and competition (or lack thereof).

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