If you’re thinking about buying or selling, a property report is an invaluable tool that could help you make a more informed decision.
Property reports contain an abundance of information about the property you’re eyeing up (or thinking of selling), but that also means there’s a lot of facts and figures to wade through.
Here’s what you need to know about property reports and why you need one.
A property report contains information about a specific property including its estimated value, previous sales history, and details about the suburb.
Property reports are used by people who are thinking about buying or selling, as well as investors.
The information in a property report is likely to differ slightly depending on where you get it from, but the information you can typically expect to see includes:
Property details: This includes the address of the property, the number of bedrooms and bathrooms, the floor plan, pictures of the property, the size of the house in square metres, whether there’s a car space, balcony, garden etc.
Land size: Most property reports will also tell you the size of the land including an aerial view.
Previous sales history: Details of any previous sales including how much it sold for and how many days the property was on the market for.
Comparable sales: Most property reports will also look at comparable sales in the area, so what houses or apartments have sold in the area that is similar, including what they sold for and how many days they were on the market for.
Estimated value: Property reports will generally give you an estimated value of your property based on recent comparable sales in the area and features of your property.
Estimated rental value: Some property reports will also give an estimated rental value, which is handy for investors looking to make their next property purchase.
Vacancy rates: Similarly, some property reports will also provide information on the vacancy rates of the area which is useful for investors.
Suburb information: Most property reports will also tell you broader information about the area, such as what the median house price is, what have been the capital growth trends, how many days properties spend on the market, how property values have changed over time, etc.
If you’re thinking about buying or selling, a property report can help you by putting you in a stronger position. For example, if you’re buying, a property report can tell you if the sellers asking price lines up with what the data for that suburb is, as well as comparable sales in the area.
Similarly, if you’re selling, a property report can tell you what comparable homes in the area have sold for so you can price your property more competitively.
Knowing the values of the properties you’re considering buying can also help you work out how much you can afford to borrow when applying for a home loan.
Finding all the data that’s in a property report can take a while if you try and do it by yourself. Property reports take all that information and summarise it for you in one place.
You can receive your free property report by checking out our property report page using the button below. Alternatively, you can call us on 13 10 90.
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