Getting a home valuation is a somewhat complex process, producing a formalized document recording your home's value based on a fixed set of criteria. A trained home valuer will visit your property, assessing not only the building's physical condition and features but also its location, its surroundings, and any potential limitations on future use imposed by zoning codes or liens. The resulting report gives a detailed explanation of what the property is worth and why in a formal statement of the home's financial value admissible in court.

A home appraisal is a similar but less detailed document, forming an educated estimate of the value of a property. Appraisers observe the local real estate market and surrounding properties, along with certain attributes of the seller's property, to identify the most likely range of sale prices. Appraisals are usually conducted by the seller's real estate agent at the start of the sale, as an inherent part of selling a home. Since it is not a formal valuation, the price determined at appraisal is not legally binding and only serves as a guide for the seller's agent.