When buying property, it’s good to know the market value. After all, you want to know you’re paying a fair amount. But the property’s value is an important consideration for your lender too. And their valuation may be quite different.
Just how much is a property worth? Well, it depends on who’s asking.
When buying a property you’ll find there are different terms to estimate how much it’s worth, including market value, market appraisal and bank value.
And you’ll most likely find they can differ, which can be confusing.
Fortunately, we’ve got the low down to help you understand the difference. And how bank valuations affect your loan.