To navigate the property market, home appraisals provide valuable insights for homeowners. Whether you want to sell the house, refinance the mortgage or just want to know the worth of your property, property appraisal is done.
A home appraisal is a professional assessment of your property done by licensed or certified professionals. The reason, why people choose home appraisals, is that they offer security, transparency and accuracy. Property appraisal is affected by various aspects such as location, property condition and comparable sales in the neighbourhood.
Here is a simple step-by-step guide for you that explains the property appraisal process and what can you expect from it.
Hiring a licensed appraiser
Real estate appraisers are the crucial players when it comes to property sales. These professionals are registered with the Australian Property Institute (API) which can help you to find out the fair price of your property. Another option can be to hire a real estate agent who can access the recent sales data & combine this information with the local market knowledge.
Schedule the appraisal
Now that you have hired a professional appraiser, it’s time to schedule it properly. This step includes cooperating with the appraiser and picking up a suitable time for the appraisal. You let them visit the property & assess your home. Hence, clear communication between the parties plays a crucial role as it clears misunderstandings.
Preparing property
Before the appraisal date, make sure the property is well-maintained and easily accessible. The appraiser goes through inspection of the property closely looking at the size, number of bedrooms, layout, fixtures and areas for improvement.
So, it is better to improve the exteriors & interiors of your property the days before the inspection. Also try to highlight the unique features of your property which can be a swimming pool, outdoor spaces or a magnificent kitchen.
Documentation review
In this step, important documents such as property records, recent sales data, title deeds and renovation receipts are carefully reviewed. The purpose of documentation review is to verify the property’s legal ownership & assess the property’s history.
Comparative market analysis
CMA(Comparative market analysis) is a process of analyzing your property to similar properties in that area or neighbourhood that were recently sold. It depends upon different aspects like location, condition, features and market trends. CMA acts as a negotiation tool and helps to determine the fair market value of the property.
Overall, these are some of the things one can expect in a home appraisal procedure. And by understanding these factors one can easily go through the home appraisal process smoothly!
