Free Property Valuation
Is a free property valuation worth the hassle ?
The quick and easy answer is a resounding ...Yes it is worth the hassle because you will probably find it is no real hassle.
This service of a Free Property Valuation is usually an appraisal offered by a real estate agent.
It’s their opinion of the amount you could hope to sell your property for, in the current market.
To Find A Good Real Estate Agent in Your Area to Help With Your Property Valuation Click Here
While a this type of free property valuation doesn't have to be the last valuation you seek, it is an excellent starting point; a way to ‘dip your toe in the water.’
Especially when used wisely as an introduction to selling.
The idea would be get two or three free property valuations and you will get two or three free opinions of your properties value and have the opportunity to meet two or three local real estate agents.
Often, the purpose of a free property valuation is as an introduction to your real estate agent’s services.
It’s a handy way for them to introduce themselves and get a feel for your property and your expectations.
Offering free property valuations is a way for an estate agent to gather information on the properties available in their area, instead of hoping sellers with sought-after properties come to them.
How do I know what I am actually getting?
You may have received a mailed invitation to have your property valued and if you are thinking of selling, this is not a bad way to strike up a dialogue with your local Agent.
A good real estate agent can often pick market trends and will know what other properties in your area have sold for and what else that is the local market place that compares to your property.
Be aware that an estate agent is not usually a Certified Valuer. And if they are a Certified Valuer, the fact that they are also your agent means they’re less likely be impartial in their valuation.
Understanding the method used to value your property: the Basis of Assessment by Certified Valuer
Typically, a Certified Valuer will look at two valuation methods: These are the ‘Cost’ and ‘Market’ approach.
The first of these, the ‘Cost Approach’, values property based on the market value of the land.
It is then calculated what it would cost to reproduce the house that currently sits on the land (taking into account things such as depreciation for an older home).
The ‘Market Approach’ looks at similar properties that have sold within the last 6 to 12 months and takes into consideration differences in size and location etc.
Most real estate agents are going to use the market approach
Be aware that a free property valuation is often a quick valuation which looks briefly at what you could expect to get for your home using the market approach.
However, because of the extra time and research involved, it is not likely that a free property valuation will ever take the ‘cost approach’ into serious consideration when giving a value.
Having said that, a well-chosen agent can be a great asset to you.
If they have experience in your area, a professional agent can offer a wealth of knowledge and expertise and their appraisal will normally be very accurate.
Remember though, while their opinion can be extremely valuable, it is always a good idea to seek the opinion of at least three agents if you are going to sell.
This enables you to compare services, marketing, charges and get a real feel for the real estate agents customer service.
To Find A Good Real Estate Agent in Your Area to Help With Your Property Valuation Click Here