Do you know what your property is worth? Property values are constantly fluctuating, and homeowners and investors are always eager to know the amount their property has increased in value. You can determine your property value in two easy steps: an appraisal from your real estate agent and a valuation.
After conducting an appraisal, your real estate agent will provide you with an estimate of the property price in an auction or private sale. These appraisals are commonly based on recent sales of the same properties in the location, so technically – it’s just an educated guess that can be hit or miss. Sometimes, you might even be shocked to see a huge
discrepancy between the estimate and the final sale price.
A valuation, on the other hand, is done by a mortgage broker in accordance with a valuation. It is a formal assessment of a property value for the purpose of securing or refinancing a home loan. A valuation is essential in that it provides an accurate property value rather than an estimate and is used as part of a legally binding contract.
Property valuers often base their assessment on the facts surrounding the property and are not swayed by emotional factors. Real estate agents have different goals and will likely come up with different results.
Valuations are typically more conservative than appraisals since banks are concerned with how the property can secure a mortgage, instead of what a buyer will pay for a home or investment property.
Know key market factors rather than just focusing on a high price sale or just basing your price on the benchmarks. Stay up-to-date with how your property performs by taking into consideration its rental yield and capital growth.
Rental yield is a percentage of its purchase price and the valuation price. Capital growth is the increase in value that can be a catalyst for creating wealth. These will help you identify the cash flow and potential growth of your property, which you can use to devise strategies that align with your goals.
For questions about property or anything under the sun, chat with us! We’re up for anything! Flick us a message or give us a buzz here and let’s get the ball rolling!
Your Outside Team
Address: Level 2, 182 Vivian Street,
Te Aro, Wellington 6011, New Zealand
Mail: PO Box 24-457, Wellington 6142
Phone: 04 889 2975
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