What is a property appraisal?

A  guide to property appraisals

September 2022 | By Fall Real Estate | 8 Minute Read | Tags: Sell, Guide, Rent

In this article

  • We explore what a property appraisal is and the difference between a sales property appraisal and a rental property appraisal.
  • There are a range of factors and features our property agents take into consideration when appraising a property – so what is involved?
  • This article looks at when you might have a sales property appraisal and what information you will receive, and we answer some common questions.

Property Appraisal

What is it, and do I need one?

If you’re considering selling or renting out your home, a property appraisal, also known as a real estate appraisal, should be one of the first steps you take.

 

A property appraisal is an assessment of your property carried out by a real estate agent or a residential leasing agent. The agent will inspect your property, conduct research into similar properties in the area, and prepare a report about the potential value of your home or rental yield in the current market.

 

Even if you’re not yet ready to sell your property or rent your investment, a property appraisal can be a valuable tool. It can provide guidance on changes or improvements you might want to make before listing your property on the market.

 

The best news of all? Both a sales property appraisal and rental property appraisal are free and come with no obligations.

What's the difference between a sales property appraisal and a rental property appraisal?

By contacting our administrative team, we can ensure you are in contact with the right agent who will be guided by your needs to conduct the type of property appraisal that is most relevant to your future plans.

Sales property appraisal

A sales property appraisal provides an estimation of the current market value at which your property could potentially be sold.

Rental property appraisal

A rental property appraisal is an estimate of the rental income you could expect to secure if you rented out your property in the current market.

 

For more information about a rental property appraisal, click here.

 

 

If you are uncertain about whether selling or renting your property would be more beneficial, our agents can perform an appraisal that will furnish you with information about both options. With a greater understanding of the possibilities, you can make a well-informed decision.

Sales appraisal - selling my property. selling real estate tasmania

What does a sales property appraisal involve?

When a property agent is conducting a sales property appraisal, there’s a range of factors they take into consideration – all of which will help them come up with the most accurate sales property appraisal possible.

 

If you want to know more about rental property appraisals and learn more about what our professional leasing agents do, read our article What is a rental property appraisal?

 

Features you can expect our property agents to take a look at include:

Size

This includes the size of your block, the structure itself, individual rooms, and any outdoor areas like garages or balconies.This includes the

Bedrooms

The dimensions, characteristics and the number of bedrooms in your house. Typically, more bedrooms would mean a higher market value.

Interior fixtures

Elements like curtains and light fittings that may or may not be sold with the property.

Suburb

Location can be everything when it comes to market value, so an agent will factor in your street address as well as nearby schools, amenities and transport options.

Planning rules and restrictions

It is important for potential buyers to know if they are limited by zoning or planning restrictions if they want to do work to the house in future.

Market conditions

What have similar houses in the area sold for recently? It’s crucial that you choose an experienced local agent with an understanding of the market who can give you relevant, up-to-date advice.

Areas for improvement

If your house has undergone recent renovations, preparing it for sale may require minimal effort. However, if it is an older property, seeking guidance from an agent can help you determine which areas require improvements and alterations to increase its value before putting it on the market.

 

You may even decide the best option for you, and your property is to get it professionally styled! Want to know more? Read our informative article Is staging your home for sale a must?

real estate appraisal

When and why do I need a property appraisal?

There’s no bad time to get a property appraisal done – it’s always helpful to know the potential market value of your home, even if you have no immediate plans to sell or rent.

 

It can also be an important first step in building a long-term, trusted relationship with your real estate agent.

 

At Fall, we are always delighted to work with you and help you get the best price possible for your home – whenever you are ready to sell.

 

Common reasons why homeowners often choose to get a sales property appraisal include:

 

  • to discover if you can benefit from a property price increase in your area;
  • to gain a better understanding of where your house sits in the current market; and
  • to ensure you do not overspend on an unnecessary renovation.

What information is covered in a sales property appraisal?

If you book your sales property appraisal through Fall Real Estate, here’s the information you can expect to receive in our appraisal report:

 

  • the estimated market price of your home;
  • comparable sales in your local area; and
  • the estimated rental return on your property.

 

If you plan to rent your property and turn it into an investment, you can request an obligation free rental property appraisal here.

 

What questions should I ask my agent about a sales property appraisal?

Every property agent has their own style of working, so it's important to check the answers to these questions with your chosen agent, as well as make a note of any other questions specific to your situation.

What is the difference between a formal property valuation and a sales property appraisal?

A property valuation is a service undertaken by a certified practising valuer. The valuation is conducted for an agreed fee and is often required by a bank prior to approving a home loan. A valuation can also be requested by a buyer who wants an independent assessment of a house’s value before purchase.

 

A sales property appraisal, also known as a real estate appraisal, is an informed estimate of the market value of your house, usually conducted for free by a property agent.

Is there a benefit to an in-person sales property appraisal rather than just looking at online property estimates?

It’s always worthwhile booking an in-person sales property appraisal instead of relying on your own online research.

 

The local knowledge and professional experience that a Fall property agent brings with them to the appraisal process is enormously valuable.

 

Remember that agents deal with buying and selling homes every single day, so they will have an excellent overview of how your property compares with other properties in the area and what might attract potential buyers.

 

Our agents at Fall Real Estate are dedicated, energetic and committed to achieving the very best results possible on your behalf.

 

You can book today for a free sales property appraisal, and one of our team will be in touch.

Disclaimer: The information on this website is not legal or professional advice and is general in nature; therefore, the editorial content or articles on this website are intended as a guide only and do not consider your personal objectives, financial situation or particular needs. For more information, please read our Terms of Use and Privacy Policy.

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