Why You Need A Real Estate Appraisal

June 24, 2020 |
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So you’ve decided to sell your home?

Fantastic! Where do you start?

For many sellers who aren’t familiar with the process of selling or the current property landscape, it can be difficult to work out what they can expect for their property, or even how they should go about finding out. Similarly, it’s hard to know what features of your home may make it more or less desirable, and what you should accentuate or perhaps repair.

These are all reasons why a property appraisal from an expert consultant can be so valuable, and in this article, we’ll dig a little deeper into some of the benefits.

It’s best to get your appraisal done by somebody with an extensive knowledge of the local market.

An appraisal before selling

The most common time to get a property appraisal done is before you put your house on the market, in order to best arrive at an appropriate listing price. You’ll want to be selling within a range that is realistic in terms of achieving a quick sale, but also at a level that correctly values your home in relation to the rest of the market.

For this reason, it’s best to get your appraisal done by somebody with an extensive knowledge of the local market – especially in a city like Sydney where there’s so much variation between suburbs. An expert consultant or real estate agent will be able to tell you what similar properties in the area are selling for, and how your house ranks in comparison. This will ensure you list at the right price, rather than going too low and missing out on the correct value, or too high and sitting on the market for months on end.

Identifying areas that detract value is a great benefit of a property appraisal.

Identify problem areas

Because property appraisers see so many homes, they’re also in a great position to advise you on what sort of features add or subtract value. For example, peeling paint may be cheap to replace, but the impact in terms of buyer appeal is worth far more, so it could be worth fixing before listing.

Similarly, there may be a few smart additions that you can make to your property, based on what it’s lacking in comparison to other properties that have done well on the market. This could be something as simple as new fixtures in the bathroom or a change in the garden, but either way, it’s always good to be on top of popular trends, and an appraiser will be able to help you identify these.

For more information or to book in an obligation-free market appraisal, contact Laing+Simmons today.

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