Many people wait until they are prepared to move forward with a home purchase before requesting a property valuation. With a pre-purchase property report, you gain valuable insight that may help you decide whether the property is the best home for you and your family. You can also do some basic checks on properties online.
What Type of Information Can You Receive?
A detailed property report will include the price estimate of the property. The estimated values of over 12 million properties in Australia and New Zealand are tracked in a growing database.
The price estimate is based on the sales history, local sales trends, and other factors. These are the same details that real estate agents receive when researching homes. Here is a great place to research before you buy.
Explore the Condition of the Property
Besides the estimated value, you get additional details about the property. The information includes the year that the property was built and the condition of the property. The report may contain essential information about the need for repairs, including minor paint touch-ups and significant structural maintenance.
If the report uncovers the presence of any significant issues, you may save yourself the hassle of dealing with costly renovations after moving into your new home. You may also choose to use the details of the property damage to negotiate a lower purchase price.
The report may also contain information about past renovations and extensions. An extension will provide more space. Improvements may need to comply with building regulations. The report helps ensure that these structures meet with the rules and do not need to be torn down after purchase.
Even if the report does not uncover any significant issues, you can use the information to gain a better understanding of the minor repairs that you will need to handle. You can prepare, and budget for small fixes that you know need to be completed.
Discover the Sales Trends in Your Area
The estimated value that is included in the property report is based on past sales and the current real estate market in the area. Analysing these sales trends and the length of time that the home has been on the market helps you decide if the asking price is reasonable.
If the home has been on the market for a while and homes in the area are not selling quickly, you may find it easier to negotiate a lower price with the seller.
Information Helps You Make Informed Decisions
The information that you receive is crucial to making an informed choice about whether to make an offer on a home. Instead of waiting for a detailed housing inspection that you pay for, consider getting a property report to begin comparing houses and estimated property values.
The details you receive, including the estimated value of the home, sales and rental history, and the condition of the property, help you learn more about a property before making an offer. These same reports are also beneficial for homeowners who want to know the current estimated value of their properties.