Valuation Versus Appraisal: What Is the Difference?

if you're interested in putting your Bulimba real estate up for sale in the near future, chances are you'll want to have a pretty good idea about the value of the property. Of course, speaking to a real estate professional is the best place to start with this, but it's also important to obtain a professional, independent valuation. 

The big question for many first time sellers is what the difference is between the two, and how does this affect your real estate sale? 

Valuation

A formal valuation can only be conducted by a qualified valuer. This process will give you a specific value for how much your home is worth. Often these take into account things like property location, structure, property defects, the features of the home, and how the property has been zoned in the local council.

Appraisal 

An appraisal, given to you by a real estate agent, will give you an estimate of the sale price you could achieve in the current market. Agent appraisals are used purely as a guide for your home, often taking into account recent sales trends for comparable properties in your area. 

While there are usually no charges for appraisals, it's important to remember that these aren't necessarily calculated, and instead provide you with a general idea about the value of yo​ur home. 

For the best results, obtain both types of valuation to give you an accurate representation of your property's value in the current market.