Independent valuations are produced in report form after a valuer has completed a physical inspection of your property. However, the difference lies in how the valuation is completed. The purpose of an independent valuation is essentially the same as online valuations: to identify the approximate market value at that particular time. What Are Independent Property Valuations? ![]() So, online property valuations can be pretty valuable when you’re deciding whether or not it’s currently worth it to sell your property.īut, once you get the ball rolling, the real estate transaction process can get long and complex, so you’ll want to get an accurate valuation from certified independent property valuers. Possibility of an underestimation: your property might also have unique features that can either increase the value that an online appraisal won’t pick up on.Not detailed: the online valuation report won’t take into account any of the property’s physical features, such as any structural issues or if the plumbing and electrics need replacing.Informal report: an online appraisal is an informal valuation, meaning it’s not legally enforceable.There are a few factors you need to consider when solely relying on an online valuation report: What Are the Limitations of an Online Property Value Estimate? However, this type of appraisal has its limitations and may not be accurate or reflective of your particular situation. It’s also a quick and efficient way for buyers to get a rough idea of what an acceptable offer is during the negotiating stages of the real estate transaction. So, an online appraisal is a pretty useful tool in the early stages of the process to get an idea of how much you can expect to get from the sale of your property. The benefit of an online valuation is that it’s relatively cheap and often a lot quicker than having property valuers come out to the property. You simply input the property address, and the algorithm will compare recent sales statistics of similar properties using property data, recent comparable sales and property listings. Most of the websites that offer an online property report offer it as a free and instant property value estimate. They are more commonly referred to as online appraisals because they estimate the sale price of your property. Online and from the comfort of your home. As the name suggests, an online property valuation is a valuation of your property that you can do
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