If you’re thinking about selling, refinancing, or simply curious about what your home might be worth, you’ve probably heard the terms property valuation and property appraisal used interchangeably.
Although often used together, they serve different purposes. Understanding how each one works can help you make clearer, more confident decisions as a homeowner. Let’s take a look at how each one works and when you might need them.
A property appraisal is an informal market assessment completed by a real estate professional.
It’s designed to answer one main question: “What could this property realistically sell for in the current market?”
An appraisal is:
Appraisals also factor in things that don’t always show up on paper like presentation, layout, location appeal, and what buyers are actively responding to right now.
A property valuation is a formal, legally recognised report prepared by a licensed property valuer.
Valuations are:
Valuers must remain completely independent and do not advise on marketing, buyer behaviour, or sales strategy.
A valuation answers: “What is this property worth under formal criteria?”
For most homeowners, an appraisal is the best place to begin.
Why? Because it:
You don’t need to be “ready to sell” to book an appraisal, many homeowners use them simply to stay informed. If a bank or legal process later requires a valuation, you can organise that when the time comes.
A property appraisal helps you understand the market.
A property valuation satisfies a formal requirement.
Both have their place, but knowing which one you need (and when) makes the process far smoother. If you’re unsure where your property sits in today’s market, starting with an appraisal is a simple, no-stress way to get clarity and expert insight.
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