Are you are thinking of selling your property and wondering how you work out how much your property is worth? There are several different methods which can help you determine how much your property is worth in today’s market.
First, check out the prices of any neighboring properties sold recently. This will give you a rough idea about the value of properties in your neighborhood, but will not necessarily take into account if you have renovated your property or if it has extra features than the sold properties.
There are websites such as http://www.ozhomevalue.com.au/#/ who claim to send you a free valuation of your property if you answer a few simple questions. Once you have answered all the questions, the website sends you an email with a link to all the properties in your suburb that have sold recently. While websites like this do not provide you with a valuation for your property, they give you information about the sale price of properties in your area.
Another way to work out how much your property is worth, is by doing research online. Websites such as www.allhomes.com.au and www.realestate.com.au not only give you detailed statistics about the sale prices in not only your suburb, but also your town. They let you look at the sales history of your block and other similar blocks whilst providing you information about supply and demand, median property prices, and demographic information specific to your suburb.
Second, you can hire a private valuer to visit and value the property on your behalf. Valuations usually cost between $200 to $400 (for properties up to $1 million in value) and their availability depends on your property’s location. You will need to advise the valuer of the reason you require the valuation (eg for the sale of your house, refinancing, etc) and they will value the property with that in mind.
Alternatively, you can always approach a real estate agent to do an appraisal of your property. This will involve them inspecting your property and giving you an estimate of what it is worth based on similar properties for sale and market demand. Some seller’s seek several appraisals from different real estate agents to enable them to compare the amounts and pick the average.
The material in this blog is general in nature. It is made available on the understanding that OzPropertyLaw is not thereby engaged in rendering professional legal advice. Before relying on the material in any important matter, users should carefully evaluate its accuracy, currency, completeness and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.