Four ways to figure out what your property is worth

Why is it so hard to value residential property and what can you do to get a realistic idea of what your property is worth? We show you how!

 

Ascertaining a property’s true value is a tricky business: Gaining an accurate estimate of your property’s value isn’t impossible, however. If you’re keen to figure out what your property is worth,John Lindeman, author of Mastering the Australian Housing Market suggests the following:

Option 1: Look at comparable sales

“These are the recent sale prices of similar properties in the area,” Lindeman says. Make sure you compare apples with apples by seeking out the recent sale prices of homes with similar features, such as the same number of bedrooms and bathrooms. “While this is the best indicator to use, there are still significant problems if there have only been a handful of recent sales,” he adds.

Option 2: Real estate agent appraisals

Estate agents will generally provide potential vendors with a free market appraisal of what they believe the property will sell for in current market conditions. “This is not a valuation,” Lindeman cautions. “Keep in mind that the appraisal may be designed to win the listing.”

Option 3: Free property price reports

“There is a plethora of free property price estimate reports available online,” Lindeman says. “These usually provide basic demographic information and housing market history of the suburb or post code, and a list of recent sales in the area.” He suggests sticking with reputable sources such as RP Data, Australian Property Monitors and Residex.

Option 4: Licenced valuer

A professional valuation by a licenced, qualified valuer will give you the best indication of what your property is worth, but you’ll need to part out with a few hundred bucks. If you’re trying to decide whether to sell or refinance your property, this might be a worthwhile investment to help you make a fully informed decision. Also don’t forget that if the property is an investment, the cost of obtaining a valuation should be tax deductible

Source: Your Investment Property Magazine, www.yip.com.au

 

 

About Port Douglas

Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
This entry was posted in Housing Data, Internet Marketing, Investors, Licenced Valuer, Port Douglas, Propety Prices, Real Estate. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

web design by precedence