Based whether you’re a glass-half-full or a glass-half-empty sort of buyer, hunting for properties is either a lot simpler or a lot of work than it once was.
Tools such as online property reports provide easy access to a wealth of information to help potential buyers make more knowledgeable choices about the home they’re watching. But that brings more statistics and figures to the fore, some of which may not be as important or useful as they might seem. They can even be “very risky” in certain cases, according to some property experts.
What is a property report?
The property report is a report that contains a variety of information on a particular property, such as its approximate value, sales history and suburban data. Property reports are also used by people who would consider purchasing property, or by homeowners who are considering selling their property.
When it comes to a property report VIC has many real estate agents who can you help you.
What info does a property report contain?
The exact details in the property report are going to differ based on where you obtain it, but you can generally expect to see parts such as:
- Property specifics: address, property photos, room layout, total bedrooms and bathrooms, etc.
- Estimated value: Usually, the report would provide an estimation of how much the property is worth. This estimation can be seen as a variety of values with low, medium and high estimates. The report will also indicate the degree of trust that the calculation is based on, which is usually determined by how many similar homes have recently been sold in the region and how much data needs to be provided.
- History of the house: details of the prior selling of the house, what it traded for and how many days it’s on the marketplace.
- Details on related properties: details of other related properties that are for purchase or have lately been sold in the region, plus information on property that are leased nearby for those involved in renting or buying property as an investment.
- Suburb details: The property report can also provide you with more information about the neighbourhood, such as what colleges are nearby, how many properties have been sold there lately and their median value, how many days the homes spend on the market on average, and how the property prices in the area have changed over time.
What are some of the possible advantages of property reporting?
If you take the stance that ‘information is strength,’ then a property analysis could put you in a better position as a potential buyer. For instance, it could give an indication if the seller is asking the right price for what the suburb data suggests.
Having an understanding of the value of the assets you are considering might also be useful when it comes to applying for a home loan and finding out how much you may need to borrow.
Property reports, while possibly
taking some time to analyse, may also be a time-saving overall. They’re
bringing together and summarizing a collection of details that could take a
while to collect.