At some point in your property journey, you’re likely to want to know what your prestige property is worth – after all, knowledge is power, and understanding where your property sits within the current market is the first step in opening the door of the next opportunity.
There are two popular ways to discover the value of your property – appraisals and valuations, and it’s important to understand the difference, and which of these methods is suitable for you.
As a great first step, Mercer & Cooper is offering clients the opportunity to have their property appraised at no cost. This means the M&C team will use comparative data (looking at current pricing and recent sales in the local area, as well as taking into consideration the unique features and size of your home) to give you an estimate of what you could get for your property should you choose to put it on the market.
In other blogs in this series, we dive deeper into what you can expect from the appraisal process in detail, but as a general rule, an appraisal makes sense to give you some initial intel on what your home is worth, and where it could take you.
Remember, the key word here is estimate – an appraisal is not a legal document, and the pricing guide you’ll get won’t give you an exact figure as to what your property will sell for. In the prestige property market specifically, X-factor homes are always in demand, and at auctions for example, you can have an unpredictable (but hopefully positive end result).
Getting an appraisal from a real estate agency with insights into the specific area of your property is also a great way to get a feel for the team, how they operate and to task any general questions you might have about your vision for either selling or purchasing property in future, as well as hearing about what else is on the market.
A property valuation is only necessary if you want to get a very accurate understanding of the value of your home in the market. As with an appraisal, in the “real world” with changing market forces, demand, unique home features and even down to the right marketing and home staging from your real estate agents, no-one can predict exactly what your home will sell for, but a valuation is the next step up from an appraisal, and a much more in-depth process of assessment.
There is an industry full of trained, experienced and qualified property valuers, and they will work through several sections of factors that go into giving you an accurate valuation – depending on the size of your home, a valuation could mean a visit anywhere from a few hours to a full day of the valuer getting to know your property and taking notes.
Everything from where your house is located, the land and size of the property on it, the layout and aspect, the condition the property is in, key features, any heritage status, level of access and even planning restrictions will all be taken into account. A valuer won’t be looking for impressive architecture – it’s much more about the functional value of the home (as well as things like the approval for a second dwelling which can push up the value of a property).
So, if you’re just keen to know a solid guide figure based on the market climate today, reach out to Mercer & Cooper and have your prestige property appraised, and learn where your property journey could take you.
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