What is a Market Appraisal & Why is it Important for Property Owners?

Whether you are new to buying and selling property in the UK or you would like to learn a little more so you can become more active in the property investment market, this short guide will tell you all you need to know about market appraisals: what they are, where you can get one and why they are so important to property owners.

What Exactly Is a Market Appraisal?

A market appraisal, as far as residential properties in Leeds and elsewhere in the UK are concerned, is a property valuation that is prepared either by a certified surveyor or by a property appraiser or valuer with an in-depth knowledge of the local real estate market. In either case, the reason for the appraisal is to obtain an accurate valuation, most often to use in a forthcoming sale.

Why Are Market Appraisals So Important to Property Owners in Leeds and Other Parts of the UK?

The most obvious reason to request a market appraisal is in order to determine a fair price for your property before advertising it for sale. This is also the reason that a market appraisal is so important. If you procure an accurate appraisal before putting a property up for sale, you can ensure that you don’t end up accepting an offer for a lot less than it is really worth, at least not unintentionally. On the other hand, if you fail to obtain a market appraisal or you procure an inaccurate one from an unreliable source, you could be completely in the dark when negotiating the sale of your property.

What Factors Are Considered in a Typical Market Appraisal?

When appraising a residential property, either in Leeds or anywhere else in the UK, a professional appraiser or valuer will pay close attention to the following factors:

• Location – We’ve had it drummed into our heads for years so we are very unlikely to forget: location, location, location. Probably the very first factor your appraiser will take note of is the area in which your home or other property is located. Is it in a very desirable part of the city or somewhere that more budget-minded buyers tend to shop for new homes?
• Size and Type of Property – Is it a terraced property, a semi-detached property or a fully detached property? How many square metres of floor space does it offer potential buyers and how many bedrooms are there? All of these very important details can be considered as one factor: the size & type of property.
• Property Condition – The third and final of the primary factors a professional appraiser will take into consideration is the condition of the property being appraised. Has it been well maintained or will the new buyer need to invest a lot of time and money to bring it up to a decent standard again?

If you are looking for a professional property appraiser to prepare a market appraisal for a house or apartment in Leeds, please feel free to contact us by phone, email, or contact form.

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