What is property appraisal and why is it important?

When buying or selling a property, real estate valuation is essential. If you are the one who buys, you can ask the seller to have the property appraised to have greater security about the price, but if the current owners do not have a valuation, it is very important to do one before agreeing on the price of the property.

In this blog, we show you why it is important to hire the best Property valuation companies in Melbourne and we give you some keys that you should take into account before acquiring a real estate property. Do not miss it!

Property Valuation: Definition and Importance

Property valuation is a report, which is issued by specialized companies or experts where the objective is to legally certify the value of your property. The importance of this type of document lies in the fact that it will help you (as a buyer) when negotiating, especially since you are looking to obtain the best possible price.

The valuation of properties is a step that has to be taken when buying a real estate property because it is here where the real value of the apartment will be determined. For this, it is vitally important that you know not only how this type of valuation is done, but also the criteria that are taken into account to know that you are paying a real price.

A correct property appraisal:

For a correct valuation to be carried out, several factors come into play: let's start!

1. Online appraiser: your best digital resource

We are talking about a digital tool that can help you with the valuation of a property based on: the location, the footage, the type of property and the number of bathrooms and rooms that the property has.

2. Visiting the property

You have to visit the property, since with this, you can realize not only the state of the house but how its facilities are. See if it requires any repair, etc.

3. Comparing with other properties

The idea is that you can evaluate the competition. Yes, you have to investigate the offer of other departments that are in the same sector and with the same characteristics as what you are looking for. Thus, you will know if you are paying the ideal price or if the rate is above or below the average.

4. Request the necessary files

For a good valuation, you can request a report that has the respective footage of the home. For this, it has to be checked against official information and with the pertinent papers.

5. Define what you are looking for

There is an important point here and it is that you must be very clear about what you are looking for in an apartment and in which district you want to buy the apartment of your dreams.

Aspects to set the price

Different points must be addressed at the time of valuation, for example, the location of the property, the lot, the building, and the registry. Well, say no more and let's go into detail:

• Property Location

Each district has a different value. The truth is that this is a very important point where many aspects have to do. For example, there is the type of construction that the house has. In addition, there are other services that you should take into account such as educational institutions, public transport, health centers, green areas, streets, distances to travel to your work area, etc.

• The lot and the property

Let's talk about the space where the property is built. Well, the function of the expert is to analyze the shape of the lot, the boundaries, the area, the entrances, etc.

• The building and its values

In terms of age, an old apartment and a new one will have different values, no doubt about that, but the type of construction that the property has also intervenes if it is concrete, brick, wood, etc.

Conclusion

In addition, an expert will issue you a report, which will detail each aspect that he analyzed. In addition, the method used to appraise the property is accompanied by a photographic record. And in matters of information, you do not have to worry, since it is completely confidential. So, are you searching for the best property valuers in Bendigo? Contact Delorenzo Property Group. Our office is staffed with highly trained professionals with years of experience in the industry.

So, choose our service as per the requirement.