When you fall in love with a property, it’s possible to get carried away and pay too much. But a property report can help you strike a balance between your heart and your head.
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. Lending Specialists at LJ Hooker Home Loans for example offer offer property reports free of charge.
In fact, we offer unlimited reports so you save time during your house search. Using the reports which also include up to date photos of the yard and inside the home or unit, you can filter the properties that appeal to you and only visit those when time is short on the weekends.
What a property report typically includes
Estimated value
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.
Your lending specialist can help you with a formal valuation for lending purposes.
Related Post: 4 good reasons to have a lending specialist on your side
Sales history
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 which is great if you’re looking to invest.
Related Post: Find out the latest on the Australian property market
Suburb Performance
This summary of the property market in your suburb shows how prices have changed over the last ten years.
If you have an existing property and may be looking to sell to upgrade, what not request a report on your property so you know how much equity you may have.
Free LJ Hooker Home Loans Property Profile Reports
Know which homes are worth your time with a comprehensive, 10-page Property Profile Report. Find out about schools in the local area and other important information that may help with your planning.
In summary
- A property report gives an estimate of the price you could expect to pay
- The report is based on sales data from comparable properties
- Find out more about the local area
- Learn about the rental market – what rent can you get if investing?
- The report is free and the number available to you unlimited (via LJ Hooker Home Loans)
Request your free property report here
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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice. Property report information from CoreLogic.