Online property reports can provide a large amount of information some of which is valuable and some not so valuable. It can help to provide you with a large amount of information that may or may not help you to decide on a property that you are looking at.
Home lenders are just one place that will offer free property reports and there are plenty of others to choose from.
What is included in a property report?
Depending on where you produce your report the information is likely to vary, however in general you can expect:
Property details – Address, pictures, floorplan, bedroom numbers, bathroom numbers etc…
Estimated value – Typically this is shown as a range with a low, middle and high value. It is determined by recent sales of similar homes in the area and it is not always an accurate reflection of what the price will actually be.
Property history – Previous sales of the property showing the year and price.
Similar properties – If there have been similar properties sold or for sale, they are generally listed. Often similar properties which are up for lease are also listed for people who may be looking to buy as an investment.
Suburb data – Nearby schools, the median property value, demographics of the local population and more.
Limitations of a property report
It can never be a substitute for going to see the property yourself. While there may be similar properties no other property is going to be exactly the same and there are many variables that can impact its value.
Should you use other online tools
There are an endless array of tools both online and offline for you to research properties.
- Other real estate websites
- Hiring a buyers agent
- Using an independent valuer
- Visiting the local council’s website
Property reports are just one step in researching the property that you are looking to buy. Once decided it is ultimately the inclusion of your conveyancer that will help to ensure that the property and its contract stacks up to your expectations.
For all your conveyancing needs contact Select Conveyancing Lane Cove.