What is the difference between an Appraisal and a Valuation?
Generally an appraisal is prepared by a reputable and experienced real estate agent and is used as a guide to pricing a property for sale or for rent, and a valuation is conducted in Queensland by a Registered Valuer with only a set criteria of the property itself.
An appraisal is simply an estimate or an opinion of a property’s current market worth, considering what the market is responding to and other factors. This is usually offered as a free service by real estate agencies.
Valuation is a written report prepared on the property and a fee is charged for this service.
How is an appraisal determined?
Market prices can vary and change over time so it is necessary to compare the property with similar properties in the same location that have sold in the previous 3 to 6 months. Obviously no two properties are identical so an appraisal is only subjective and an opinion based on data available at the time.
Real estate agents should have a good knowledge of recent property transactions and therefore should be in a good position to give an estimate of a likely selling price by comparing recent comparable sales.
Blocksidge & Ferguson Ltd offers free market appraisals for both sale and rental of properties.
If you are interested in obtaining a free property appraisal contact us here or call our office on 07 3233 3999.
A Property Valuation is different from an Appraisal in that it determines the actual value of a property from an independent and unbiased point of view, and can be relied upon from a legal perspective. In Queensland a valuation is carried out by a Registered Valuer and a concise, written report is prepared and a fee is charged for this service.
Why would you need a valuation instead of an appraisal?
Valuations are ordered when a definitive value is required for a specific purpose – examples are: a property settlement; dispute resolution; financing a property purchase (or refinancing); deceased estate settlements etc.
A valuer will take many factors into consideration when working out the value of a property, including type, physical location, size, building structure and condition, access, planning restrictions, zoning, and caveats or encumbrances. Unlike the real estate appraisal, they do not take factors such as style or street appeal into account. They also don’t compare your home against similar properties currently on the market.
All of this information is combined with recent comparable sales data to arrive at a property value.
For more information about Brisbane Property Prices and increasing the value of a property see our tips here.
If you would like to know more about our Valuation Service please contact our office or call 07 3233 3999
Other useful links: Valuers Registration Board of Queensland
Blocksidge & Ferguson Limited
AUCTIONEERS | REAL ESTATE AGENTS | PROPERTY MANAGERS | VALUERS
REIQ Accredited Real Estate Agency
– Blocksidge & Ferguson Building:144 Adelaide Street, Brisbane QLD 4000
– PO Box 10266 Brisbane Adelaide Street Qld 4000
– Ph: (07) 3233 3999 | Fax: (07) 3229 5636
– Residential Property Management (07) 3233 3988
– Commercial Property Management (07) 3233 3933
– Blocksidge & Ferguson Limited are licensed General Auctioneers and Real Estate Agents.
Residential & Commercial Property Sales, Leasing & Management. Blocksidge & Ferguson Ltd offers free market appraisals for both sale and rental of properties.