How the valuation of your home in Spain works
If you are thinking of selling or renting your home, possibly one of the first things that come to mind is how to get an appraisal. This process is essential when it comes to knowing the real value of your home in order to start playing with prices. It should be noted that appraisal and valuation are not exactly the same.
Now, do you really know how this process works? We are going to collect some key points to understand step by step the procedures of an appraisal so that you know what the strong bridges of your home can be.
The home valuation process
The first thing you should do is request the appraisal from a company specialized in it. That is, to a company or appraisal company. This company will be in charge of requesting any necessary document to start the process.
To value the home, the appraiser will look at fundamental aspects such as the condition of the building, the location and the surface. All the details are valued: how many habitable square meters the house has, the lighting, the distribution, and also other characteristics such as whether it has an elevator or the condition of the windows.
Once all these parameters have been taken into account, the appraiser compares them with the general market and the prices set by other types of companies. The objective is to know the general prices of houses with similar characteristics that are in the same area.
With all the data collected, the appraiser will make a report with the value that he considers appropriate for the home, always taking into account that this report is made according to current regulations and according to the quality indices that are necessary.
Aspects that the appraiser looks at
There are four fundamental aspects that the appraiser looks at when making a home appraisal report. These aspects are linked to both the home and its immediate surroundings.
- Identification of the home to be appraised and assessment of its geographical location with its exact address.
- Assessment of the urban situation. That is, on what type of soil it is built, laws related to roads, coasts, etc.
- Verification of the legal situation. It is necessary to verify that it does not have any load or if it does determine the type of it (mortgage, protection, etc.).
- Knowledge of your state of occupation. That is, if the house is occupied or not and under what type of conditions.
Physical characteristics of the home to be verified by the appraiser
Once the previous step has been carried out, the appraiser must also look at certain physical characteristics of the home to proceed with the correct appraisal of the house:
- Characteristics of the building in which the house is located.
- Also characteristics of the environment in which it is located (communications, proximity to services, etc.).
- State of the house to be assessed (orientation, luminosity, general conservation and of the elements, etc.).
- Characteristics of the segment of the housing real estate market.
This is how the appraisal of a house is set
Finally, once all the above aspects have been verified, the specialist will proceed to carry out the appraisal of the house. It should be noted that the value will depend on the type of asset and the purpose of the valuation. For example, if it is for the bank to grant a mortgage, it is usually taken into account:
- Comparison of the property with similar ones in the area.
- The maximum legal value (for officially protected housing).
- Market value according to income, if the house is rented.
- The technical value (what it would cost to replace the home with one of similar characteristics).
After taking all this into account, the appraiser proceeds to make the legal report with the appraised value, which will be delivered to the owner.
Free market valuation for your property in Spain
Would you like to have the market value estimated free of charge and without obligation before the sale? No problem: We at Marbella WOHNEN Immobilien appraise your property and determine its current value. This gives you a realistic assessment of the sales price that can be achieved on site at your location.