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Cnr Illawarra Cres North & Alexander Drive Ballajura

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Spot the Difference: Appraisals and Valuations

15 Jan 2015 Ballajura 0 Comment


Many people use the terms ‘Appraisal’ and ‘Valuation’ interchangeably and while they may appear alongside each other in a thesaurus, there are some important differences in the real estate world. If you are planning on putting up a house for sale in Marangaroo or elsewhere around Perth, Granger Clark offer an explanation of these two terms to help you decide which of these measure you should take.

So, what are the differences?

Appraisals are estimations offered by real estate agents based on the current market and the aspects of it that are applicable to your property. As appraisals are estimations, they can vary greatly and carry no legal weight. Some agents lack knowledge of local markets or deliberately overestimate a likely selling price in an attempt to secure a client.

Despite these drawbacks, appraisals are useful for those wishing to offer their house for sale in Landsdale WA, for example, to gauge the state of the local market and help in an assessment of whether to proceed. As they are not exact, appraisals are generally a free service provided at the request of a potential seller.

It is important to request an appraisal from a reputable agent who has a long history working in your area. Granger Clark has just such a team of experts, who have facilitated settlements on countless homes for sale in Ellenbrook, houses for sale in Henley Brook and many other suburbs in greater Perth.

Valuations offer a much more detailed study of your property and numerous factors are taken into consideration during the process.

These include:

The resulting written report is extensive and useful when owners are seeking a definitive figure for their house. Common reasons for undertaking a valuation may include application for finance from banks, property settlements or dispute resolution. As detailed as they are, valuations are also expensive and time consuming and, for the majority of those considering offering their house for sale in Perth, unnecessary. An appraisal from an experienced estate agent will generally be sufficient, but it useful to understand the difference.

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Professionals Real Estate
Cnr Illawarra Cres North & Alexander Drive Ballajura, WA 6066
Phone: 08 9249 6888 Fax: 08 9249 6085 Email: info@grangerclark.com.au