After dozens of uninspiring open houses, you finally stumble across a place that just feels right for you. And your imagination goes into overdrive.
You picture your furniture in the various rooms and plan the dinner parties you could have. You even start to think about which room could be the nursery.
While emotion can play a role in choosing a home, it’s also important to remember that this is a significant financial decision. So it’s a good idea to think about what the property is worth and how much you should pay.
Get the facts and figures
Fortunately for home buyers, it’s easier than ever to access property price information. Many mortgage providers and real estate listing websites offer property reports free of charge.
Some allow you to request reports for up to six properties at once, which saves you time during your house search.
What a property report typically includes
The report will give you an idea of what you could expect to pay for a particular property. The value is usually expressed as a range and is based on recent sales data for the area. Keep in mind these reports only provide an estimate and are not the same as a professional valuation.
Where the information is available, your report will show past sales of your property and include the sale price, the kind of sale and the agent.
Recent sales in the area
This lets you see what other people have paid. You can compare recent sale prices to the property you’re looking at.
Current sales and rentals in the area
The report will list other currently advertised properties in the area, and give their price ranges.
It may also indicate how much rent the property could command.
This summary of the property market in your suburb shows how prices have changed over the last ten years.
You can order your free ANZ Property Profile Report here.
To sum up
- A property report gives an estimate of the price you could expect to pay.
- The report is based on sales data from comparable properties.
- Some mortgage providers may supply property reports for free.