Why do you need a property report?
If you’re planning to sell and wondering how much your property might be worth, or looking for a new home and trying to find out whether you can afford it, getting a property report is the first step towards finding out what you can expect.
Why should sellers get a property report?
Before speaking to an agent about selling, the first move you should make towards getting your home on the market is to get a property report. Even though these are typically estimates, they can tell you a rough price range that your property might fall into, comparable to recent property sales in your area, and whether your area’s median price is growing.
This will help you to decide whether you should go ahead and sell, or if it might be better to hang on to your property for a little while. If you do decide to sell, the next step is getting an expert opinion from a real estate agent, who’ll be able to advise you on the specifics of demand in your neighbourhood and property value.
Why should buyers get a property report?
If you’ve got your eyes on your dream property but don’t know what the price is likely to be, get a property report so that you know whether you might be able to afford it or not. The report should contain information about the sales history of the property and comparable sales in the area. That way, you can either start mentally arranging your furniture in the living room or look for somewhere that’s more in your price range.
It will also give you the basis to start asking relevant questions. For example, if it’s been sold several times in recent years, you might want to ask if there’s something wrong with the property.
What’s in a property report?
Property reports have a lot of useful features that help both buyers and sellers, including:
- Estimated value
- Size of land or floor area
- Number of bedrooms, bathrooms and car parking spaces
- Sale history
- Local area information and statistics
- Rental average of the area
Property reports are especially useful for investors as they can analyse a number of potential investments quickly and then decide whether they will inspect the property in person.
Author Bio: Upside is an Australian-owned, full-service real estate agent agency which specialises in helping everyday Australians get the most out of their sales through expert property reports & low fixed fees with zero commission.