What is the difference between a valuation and a market appraisal?

When it comes to understanding property value, many homeowners in Cork and West Cork find themselves asking the same question: What’s the difference between a market appraisal and a property valuation? While these terms are often used interchangeably, they serve very different purposes. Whether you’re thinking about selling your home, applying for a mortgage, or handling legal matters like probate or divorce, knowing which one you need is essential.

What is a Market Appraisal?

A market appraisal is an informal estimate of what a property could sell for based on current market conditions. It’s not legally binding, but it provides invaluable insight for homeowners considering selling their property in Cork or West Cork.

During a market appraisal, an experienced estate agent will assess: ✅ The condition, location, and key features of the property
✅ Recent house sales in the local area
✅ Current market trends and buyer demand

At DNG Galvin, homeowners can avail of a free market appraisal, helping them understand their property’s potential value before making a decision.

Real Example: A Family in West Cork

A family recently contacted DNG Galvin, unsure whether it was the right time to sell their home. After assessing the local market, reviewing recent sales in their area, and providing a detailed market estimate, they had the confidence to move forward with their sale at the right time.

What is a Property Valuation?

A property valuation, on the other hand, is a formal, legally recognised assessment conducted by a qualified RICS valuer. It determines the official value of a property for legal and financial purposes.

A professional valuation is required for:

🏡 Mortgage applications – Lenders require an official valuation before approving a loan.
🏡 Probate and inheritance tax calculations.
🏡 The Fair Deal Scheme for nursing home care.
🏡 Divorce settlements or legal disputes.
🏡 Property ownership transfers for tax purposes

Real Example: A Property Valuation in Cork

A gentleman in Cork recently needed a formal valuation for his wife’s Fair Deal Scheme application. To ensure accuracy, a Red Book-compliant valuation was conducted, meeting all legal and financial requirements.

Which One Do You Need: Valuation or Market Appraisal?

🔹 Selling your home? A market appraisal will give you a guide price based on current market conditions.
🔹 Need an official figure for legal, financial, or tax purposes? A property valuation is required.

Thinking of Selling in West Cork?

If you’re considering selling your property in Cork or West Cork, DNG Galvin offers free, no-obligation market appraisals to help you make an informed decision.

For those needing an official valuation, our RICS-certified property valuation services ensure accuracy and compliance with all legal requirements.

📍 Contact DNG Galvin today to discuss your property needs and take the next step with confidence.

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