Things To Know About Free Property Reports

Authored by Athena Nagel

Before you can buy, sell or invest in property, you need a property report, a document containing all the vital details related to the property. Once you receive the copy, you will get an idea of its past sales history, unpaid taxes, if any, information about the surrounding areas, estimated value, and price comparison. However, the entire process takes a while and costs considerable money. In contrast, a free property report offers you the convenience of getting a valuation in the comfort of your home within a matter of a few minutes without spending any money. Many people have benefitted from online property valuation because of these benefits. How does the process work, is it accurate, and why should you try it? Continue reading to find out.

What is a free property report?

Usually, a property evaluation has a cost attached to it, which is determined by factors such as its size and value. Valuers (the person who handles the valuation process) also charge a fee for their services, which varies from one to the other. However, most of the valuations cost anywhere between 300 AUD$ and 600 AUD$, in addition to related costs. A free property report is generated online by a mortgage brokerage company in the convenience of your home for free. They might ask you for details such as your name, email address, contact number, and the reason behind the valuation (buying, selling or investing).

How does online property valuation work?

Online property valuation works with algorithms and data based on the prices at which homes are sold in your area to the size of your property. Once you provide the online valuation service with your address, they run an online search and comparison to get an appropriate value of your house. Some companies offer exclusive online valuation services or online property reports, while others offer it as an additional service.

Things to check before getting a free property report

Before you decide to get a free property report from a mortgage broker or other lending company, these are some things you should check beforehand.

Do they offer expert advice?

It would be helpful to ask the company if they provide expert advice and their property report services. You will make a better and more informed decision after listening to experts’ opinions on buying, selling, refinancing, or renovation, especially if it’s your first time dealing with house estimation and the various aspects related to it. Consulting Melbourne conveyancers can provide you with invaluable insights and guidance, ensuring that you navigate the legal complexities smoothly and make well-informed choices.They will advise you on ways to boost your house’s value and possibly profit from the deal.

Will you have access to market-leading analysis?

Ask the company if they would provide you with a thorough analysis of the market from their team of property valuers. Using a market analysis tool, they will determine the specific value by comparing your house against others that have been sold in your area.

Do they have contacts with lenders?

You might need to apply for a loan while purchasing or refinancing your home, but for that, you will need to search for a lender. The process would be much easier for you if the company had access to lenders that would give you the best deals in a trustworthy manner.

Will they provide you with a property’s history?

Even though the brokers would probably include the history in the report, it is advisable to enquire if it comes with a detailed history. Doing this will give you an idea of its past sales record along with recent sales and the present market value of similar properties.

Are there any hidden fees?

Sometimes, companies might charge you fees for the expert services they offer without clearly telling you, thus the name hidden fees. Check if the company has extra costs or hidden fees involved.

A free property report is the best option for getting a valuation estimate of your house without spending any money or going anywhere. It is quick and convenient and gives you a fair idea while buying, selling or investing.