What is a Property Appraisal?
A property ‘appraisal’ is an estimate of the likely market value of your property by a qualified real estate agent, based on their expert opinion and local knowledge.
How do I arrange a Property Appraisal?
Once you have decided you would like a property appraisal, you should contact a local agent you know and trust to request it. Alternatively, you can request a free appraisal through the First National website by completing our online property appraisal request form.
What is involved in a Property Appraisal?
Once the appraisal has been arranged the agent will visit your property and inspect it, using their expertise and knowledge of the local area to give you an educated opinion. The agent will factor in specifics about your property such as current condition, any additions or improvements, local zoning, parking and any other local factors that may influence the market and consider these in their estimate also.
What Does a Property Appraisal Cost?
A property appraisal is free of charge in most cases. It’s unusual to be charged for an appraisal so, if a fee is discussed, it might be worth reconsidering and finding someone else. Keep in mind that the appraisal process has a purpose for the agent – to hopefully sell your property. It’s important to keep this in mind when choosing an agent and make sure you find one who you feel confident has your best interests at heart.
When is a Property Valuation Necessary?
Your home loan broker or bank will need a valuation before your mortgage application is approved to buy a property and settlement occurs. Property valuations are also required for divorce settlements, when refinancing or if the property is a deceased estate.
What are the Advantages of Property Appraisal?
Property ownership is a huge investment initially and on an ongoing basis. Unless you have an estimate of your home’s value from year to year, how will you know if you’re constant re-investments are actually paying off? The advantage of property appraisal is that you benefit from the advice and expertise of a real estate professional to give you a reasonable estimate of your property, and always have a sense of your position in the market.
First National Real Estate agents provide property appraisals for all existing and new clients.