13th December 2018, Sydney: Property evaluation is a critical requirement regardless of whether you are buying property or selling it. A lot of homeowners get real estate appraisal in Sydney done just before they place the asset on the market to determine the present market value. Savvy homebuyers also prefer to get a final evaluation by a professional appraiser before agreeing to purchase a property.

However, many customers are still not sold on the idea of affording a third party just to come and tell them the price of the property. Appraisal of property for sale in Sydney or anywhere in Australia is highly recommended for more than one reason. Property evaluations are applicable in many situations such as:

1. Renovations
Imagine you are getting a renovation job done on your existing property. Are you going to simply describe what you want and expect the builder to quote a random price? Of course not! If you are going to stay within your budget and also avail a renovation that offers value for money, then you need a real estate appraiser.
Their job will be to evaluate your home, its configuration, etc. and ascertain whether the changes you want will be affordable or not.

2. Property investments
Let’s say you are planning to invest in a second property. One of the primary means of securing money for the same is to use the equity in your primary property. It is essential to ascertain the present market value of your property to improve the chances of securing funds from the financial institutions.
Homeowners try to get real estate appraisal in Sydney done before they apply for a loan. This way they can secure a higher amount of equity for investment in the second property.

3. Refinance
Property valuations become somewhat a necessity when it comes to a mortgage. If your mortgage tenure is about to end or you wish to shift to a different mortgage plan, then it might be a good idea to get a property valuation done.

This will also help you secure a lower rate of interest on your mortgage. If the Loan-to-Value is at least 80%, then it improves your chances of obtaining a loan plan change. Make sure you also get a property valuation done before placing your property for sale in Sydney or any other Australian state.