DIY: Analysing Your Own Property Appraisal

Published on Thursday, 21 January 2010

DIY: Analysing Your Own Property AppraisalOne of the most important things you have to do before you sell or rent your property is to have it appraised. A property appraisal is done so you know exactly how much your house is worth. Mostly, you have to hire an agent or expert to look at your house and give you his property appraisal of it.   But if you're not careful, some agents can take advantage of you. They might say that your home is worth less or more than its actual value. Here are some tips and truths about a property's real value to help you analyse an agent's appraisal.   * Your exact property has nothing to do with how much you bought it, how long you've had it and how much you want to sell it.   * Check the Land Registry to see exactly how much buyers paid for different properties.   * Check classified ads in your area or browse through the Internet to compare houses or property that is similar to yours. You can base your property value on these properties.   * Look at recent houses or apartments being sold in your neighbourhood. Highlight those that have the same floor areas and rooms as yours. Your appraisal should fall in the same price range as these.   Don't just rely on an agent's appraisal of your property. Some agents undervalue or overvalue houses and apartments to benefit them. Analyse appraisals so you don't get cheated.