A warm heart with a cool head is a recipe for finding the right place. A property report helps you seal the deal.
Nothing beats the feeling of stepping into ‘the right place’ especially if it’s taken weekends of slogging around a swag of proverbial renovator’s delights. Gut is great.
It’s greater still when you can back your warm instincts with cold, hard facts.
At some point you need to decide what’s the right price for you. That’s where the pre-purchase property report comes in.
What is a property report?
Just as a company is worth more than its sales revenue, a home’s value is more than just bricks and mortar. Many things affect price, including whether the market is rising or falling, what’s happening in the suburb, and whether it’s close to schools.
As well as an estimated value, most property reports include sales history, recent prices in the area, and local information that affects the price. Written in plain language they take in a host of factors that don’t appear on a home report, which covers pest inspections, likely repairs and building materials.
Typically, this includes the last date of sale and price, the year of build as well as property features, such as number of bedrooms.
This covers price, date, land size, and property features in the suburb. It may also include what kind of rent you could expect if you leased out the property.
Particularly useful if you’re unfamiliar to the surrounding area, this usually includes details dating back for the last decade or so.
How a property report gives you the edge
A property report brings together facts and trends to help you judge whether your target is heaven or a lemon. Knowing that the property has changed hands four times in five years for instance, may not dissuade you from buying, but it might affect your approach.
If a house that takes your fancy online is advertised at $850,000 but the report estimates a price range around a million dollars, then you might be better placed to try a target more within your budget, saving time as well as heartache.
Where to find a property report
A number of financial institutions and mortgage providers provide property reports. AMP Bank’s property report is backed by CoreLogic, one of Australia’s leading provider of property data and information.View report
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