How to Get the true value of your home (and Get the Best Appraisal!)

Knowing your property’s true value is key, whether you’re planning to sell, refinance, or rent it out. A professional property appraisal gives you insight into how your home stacks up in today’s market. In this guide, we’ll cover how appraisals work, what to expect, how to prepare, and how to make the most of the results.

What Is a Property Appraisal?

If you’re thinking about renting out or selling your Canberra property, an appraisal is the first step. A property appraisal is an expert assessment of your home’s market value. It will give you an indication of what your property could reasonably sell or rent for in the current market, based on comparable sales in the neighbourhood, property size and features, and local demand. It is carried out by a real estate agent and takes about 30 minutes to complete. It may take longer for larger properties. 

Do Property Appraisals Cost Money? 

Canberra real estate agents typically offer property appraisals for free. These informal assessments are designed to help homeowners understand market potential. However, if you need a formal valuation, you’ll need a Certified Practising Valuer, and that usually comes with a fee.

What’s the Difference Between a Property Appraisal and a Property Valuation? 

An appraisal is an agent’s opinion of your property’s value. It helps sellers or investors gauge their property’s position in the market, and is generally a free service. A valuation, on the other hand, is a legally recognised report performed by a Certified Practising Valuer. Valuations are often required for a bank loan, legal matter, or insurance by lenders or courts. 

Rental Appraisals vs Sales Appraisals 

Both sales and rental appraisals consider the same aspects of your property. The key difference lies in focus: sales appraisals give you an estimate for a market sale price. Rental appraisals, on the other hand, assess your property’s potential in the market and give insight into how to increase rental yield. For tenanted properties, agents may need to coordinate access times with tenants to conduct an appraisal. To get started, request a free property appraisal from Independent Property Group if you’re considering renting or selling. 

What Do Real Estate Agents Look At During a Property Appraisal? 

When assessing your property, agents consider these key factors:

• Size and layout: 

Total square footage, floor plan and flow, and how usable the space is.

• Bedrooms and bathrooms: 

The number and condition of each, along with the storage space in each room. 

• Fixtures and fittings: 

Whether your property has quality, modern updates, and finishes.

• Location and neighbourhood: 

Whether your property meets the requirements of the target buyers or tenants in the neighbourhood. For example, if your property is in Belconnen or Woden, your property will be appraised according to what family buyers or tenants require. The proximity of your property to schools and parks is an important factor. On the other hand, in the Inner North or Kingston, your property will be appraised according to what is most appealing to professionals and contract workers who look for convenience, retail and dining areas, and proximity to public transport. 

• Presentation, condition, and street appeal: 

First impressions matter. The overall structure, maintenance level of the home, and curb appeal can make or break perceived value.

How to Prepare for a Property Appraisal 

Presentation can strongly influence an agent’s perception of property value. A clean, well-maintained property boosts appeal during an appraisal and eventually during sales or rental inspections.

Declutter and Depersonalise

Clear surfaces like countertops and remove excess items and decor to make spaces feel larger.

Clean Your Yard and Exteriors

First impressions start from the street. Make sure you have a tidy exterior, a well-kept garden, and that the windows are clean.  

Handle Minor Repairs

Fix small but noticeable issues like leaking taps, chipped paint, and squeaky doors. Minor updates can make a visible difference without requiring a large investment. Ask your real estate agent which small upgrades can deliver the best return in your area.

Prepare for the Agent Visit

Ensure all rooms, including the garage, are accessible to the agent. Have key details ready, such as renovation history, maintenance records, or tenancy agreements if renting.

The Property Appraisal Process: Step-by-Step 

1. Book an appraisal: Contact your local agent and gather relevant information, such as renovation details and tenancy information.
2. Prepare your property: Declutter, tidy, and ensure the space is ready for viewing.
3. Agent visit and assessment: The agent does a property walkthrough, takes notes, and discusses key features of the property with you.
4. Post-assessment report and follow-up: You’ll receive an appraisal report and have the opportunity to discuss what it means for your property strategy.

How Often Should You Get a Property Appraisal?

For rental properties, it’s smart to schedule one at each lease renewal to track your property’s competitiveness in the market. This will help you identify opportunities to grow your rental yield and make the most of your investment. Homeowners should get an updated appraisal before selling or refinancing, and after completing major renovations.

Should You Get a Second Opinion on Your Property Appraisal? 

Yes, getting another appraisal can provide a broader view of your home’s potential and show how different agents approach marketing and commission structures. Aim for at least three appraisals from different real estate agents if you’re seriously thinking about selling. While it takes time, it helps ensure you’re getting the full picture.

Common Misconceptions About Appraisals 

Final Thoughts 

A property appraisal is the first step toward understanding your home’s market position and making confident decisions about your next move. Book your free property appraisal with Independent Property Group to find out what your home is really worth. Contact our team if you have any questions.