How to get one and what does it mean?
Knowing the market value of your property is necessary if you are planning to sell your home or refinance your mortgage. You may also be curious about your property’s increased value when the Adelaide real estate market has experienced significant growth. This is when you need a free property value estimate from the team at Boffo Real Estate.
A free property value estimate is also referred to as a free property appraisal or market appraisal. It is not an official valuation, but an informed estimate considering the current market conditions.
How To Find Out How Much My Property Is Worth?
A local real estate agent will conduct an appraisal of your property's current market worth, taking into account the size and condition of the property and the land in relation to similar properties that have recently been sold in the area. This is usually offered as a free service by real estate agencies with considerable expertise and a presence in your local area.
A property valuation is a little different. An official property valuation is a written report prepared by a licensed property valuer and a fee is charged for this service.
Factors That Affect Property Value Estimates
There are a range of factors that influence the estimated value of your property in Adelaide, such as:
- The location. Properties in highly desirable locations generally have higher values than properties in less popular areas. Location factors such as proximity to the CBD, local amenities such as parks, schools, shops and public transport, and neighbourhood security also affect property value estimates.
- Size of the home. The property’s size, number of bedrooms, bathrooms and living areas have great impact on property value estimates. Large homes and homes with appealing layouts are more attractive to buyers and may incur a higher value estimate.
- The property’s age and condition. Newer homes and homes that have been well maintained tend to have a higher value estimate than homes needing renovation or repair.
- Market activity. When providing a free property value estimate, Adelaide real estate agents will review the recent sales of similar properties in the area. Suburb median house prices are determined by the sales of comparable properties in the area, so neighbouring homes which have sold for high prices will increase your property value estimate, just as neighbourhood homes selling for low prices can decrease your property value estimate.
Ways To Determine The Value Of Your Property
To determine an estimated value of your property you might use:
- An online property estimate tool. An online tool provides a guide to the approximate value of your property based on public records of the recent home sales in your area. Online tools are less accurate than appraisals conducted by real estate agents or professional property valuers.
- Professional property valuations. A licensed property valuer conducts a very detailed evaluation of your property’s market worth to provide a property valuation that is an accurate estimate of your property’s market value at that time.
- A free property appraisal. Conducted by licensed real estate agents, free property value estimates are based on recent local market activity, the condition and size of the property, and the location features.
