by Neil King
31 January 2023 / 5 min read
Are house appraisals free? Appraisals vs Valuation
There aren’t many things we get given for free so it’s refreshing when you actually do receive a service without a fee. Yes, when you connect with an agent through AgentSpot you receive a free appraisal from up to five local agents. But there’s a significant difference between an appraisal and a home valuation which establishes the reasons why you receive one at no additional cost.
What is a house appraisal?
An estimation of the price of your property, based on the current market trends. Local real estate agents have years of experience assessing the value of people’s homes and they keep close tabs on buyer interest in your suburb. By looking at the block size, the property’s floorplan and the relevant features within the home, a real estate agent provides their suggested market price for your property.
Why does this make it free?
An appraisal is an informed estimate of the property value given by the real estate agent. It’s generally an indication of the real estate agent’s understanding of the current market trends and interest from prospective buyers in the area. But it is not a house valuation, which is a common requirement for approval of a home loan and is usually performed by a Certified Practicing Valuer for an agreed fee.
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The differences between an appraisal and a valuation.
A property valuation is generally derived from one of these three methods: direct comparison, capitalisation or summation. A Certified Practicing Valuer is not a real estate agent. They will inspect the property, carry out a deep analysis of the local market and provide a detailed report highlighting strengths and weaknesses of your home to establish the current market value of the property. Find out the differences below.
Appraisal
It’s free
Provided by real estate agent
An estimation of your property’s value
Considered a reference to the potential price
Not specifically required for a bank loan
Valuation
Charged agreed upon fee
Provided by Certified Practicing Valuer
A detailed breakdown of the property’s worth
Considered a definite value
Often required for a bank loan
How do I get my house appraised?
The fastest and easiest way is through AgentSpot. Our online service can be accessed day and night, wherever you have an internet connection. Enter your property details and receive up to five proposals from local real estate agents, including fees, marketing costs and a free home appraisal within two business days.
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What is the process of a house appraisal?
Getting your property details in front of multiple agents in your suburb is straightforward and stress-free through AgentSpot’s guided setup. Put in as much or as little detail about your home as you see necessary for the agent to effectively appraise your property. No in-person visits required, most of our agents are from some of the largest real estate agencies in Australia, with years of experience and track record for selling homes at the best price.
Learn moreWhat changes the value of my home?
The value of a property can be impacted by a number of factors including the previous sale price, the surrounding neighbourhood, the current condition of the home and the current state of the local real estate market. Everything is taken into consideration when estimating the potential selling price of your property so be sure to include as much detail to the real estate agent when asking them for an appraisal.
Learn more
Thinking of selling your home?
Receive up to five appraisals from top agents in your local area within two business days.
