What is a Property Report and Why You Need One

A property report is a crucial document for anyone involved in buying or selling a home. It provides detailed information about a property’s history, current conditions, and market value, helping homeowners, buyers, sellers, and real estate professionals make informed decisions.

What Is A Property Report?

A property report offers a comprehensive overview of a property’s historical data and current conditions. This document helps stakeholders understand the property’s value, market conditions, and potential issues, aiding in making informed decisions about buying or selling a home.

Types Of Property Reports

1. Real Property Report: Also known as a surveyor report, it includes a drawing of the property, identifying boundaries, easements, water features, and other critical characteristics.
2. Title Report: Outlines the property’s history, legal details, previous owners, current ownership, and any liens or ownership disputes.

What’s Included In A Property Report?

• Property Details: Summarizes basic details like floor plan, bedrooms, bathrooms, and square footage.
• Land Size: Shows property lines, lot size, and often includes an aerial shot.
• Sales History: Provides the entire sales history, including dates sold, market duration, and sale prices.
• Comparable Sales: Helps determine a fair price for the home by comparing similar properties.
• Estimated Value: Offers an estimated market value based on comparable sales and the property’s features.
• Time to Sell: Estimates how long the property might take to sell.

Benefits Of Getting A Property Report

• Market Insight: Provides a closer look at the current real estate market, showing how long homes are on the market and their selling prices.
• Home Improvement Insight: Identifies potential home improvement projects that can add value.
• Best Time to Sell: Helps determine the optimal time to sell the property for maximum profit.
• Pricing Expectations: Assists in setting realistic pricing expectations for sellers and buyers.
• Borrowing Capacity: Helps homeowners determine borrowing capacity, which is especially useful for refinancing.

How To Get A Property Report

Real estate agents often compile property reports using both private and public records. Third-party services also offer property reports, providing valuable information for homeowners considering selling or refinancing.

Conclusion

Whether buying or selling a home, having a property report is invaluable. It equips you with essential information about the property, helping you make informed decisions and maximize your investment. Even if you’re not planning to sell, a property report can offer insights into your property’s value and condition.