{"id":161488,"date":"2024-10-21T09:29:12","date_gmt":"2024-10-21T07:29:12","guid":{"rendered":"https:\/\/gesvalt.es\/?p=161488"},"modified":"2024-10-21T09:29:12","modified_gmt":"2024-10-21T07:29:12","slug":"how-to-value-a-property","status":"publish","type":"post","link":"https:\/\/gesvalt.es\/en\/blog\/como-tasar-una-vivienda\/","title":{"rendered":"How to appraise a property?"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before buying, selling or refinancing a home, <strong>valuation is an essential step<\/strong> in the process. It is essential that all parties involved have a clear understanding of the value of the property in order to participate in an informed manner in financial transactions related to housing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a home valuation?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/gesvalt.es\/en\/individuals\/tasacion-hipotecaria\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage appraisal<\/a> is the valuation of a property that is used as collateral for a mortgage loan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This process, supervised by an appraisal company approved by the Bank of Spain and in accordance with Order ECO 805\/2003, is necessary for the application for a mortgage loan, the coverage of the technical provisions of insurance companies, and for other purposes such as the purchase and sale of real estate, inheritance, and the calculation of taxes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In order to carry out an appraisal, it is necessary to submit certain information to a<strong> valuer approved by the Bank of Spain,<\/strong> and the report is delivered in less than a week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the appraiser has completed his or her analysis, he or she will provide a written report summarising the main characteristics of a property, such as its size, location, condition and age.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Scope.<\/strong> The report is valid for 6 months, and the indicated market value has to meet the requirement of being sustainable over time, prudent and probable in the real estate sector to which it belongs.<br \/><br \/>We recommend reading our article for more information on <a href=\"https:\/\/gesvalt.es\/en\/blog\/what-is-a-mortgage-appraisal\/\" target=\"_blank\" rel=\"noreferrer noopener\">what is a mortgage appraisal<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to appraise a property?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once an appraisal is requested, the certified professional collects basic information about the property to inspect a number of factors that can alter the value of the home, both inside and out. This may include such things as:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>State of conservation<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It includes the quality of the materials and finishes, as well as any type of reform or improvement that has been carried out.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Distribution<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The layout of spaces, natural lighting, ventilation, and accessibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Physical characteristics<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Living area, number of bedrooms, bathrooms, extras such as garage, storage room, garden, terrace and others.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Location<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The proximity to services such as public transport, schools, hospitals, shopping centres, and the quality of the environment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The appraiser provides a report according to the purpose of the appraisal, which includes an estimate of the value of the property, as well as the information that supports the result of that value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How does the valuation of a property work?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After the physical verification and analysis of the <a href=\"https:\/\/gesvalt.es\/en\/blog\/documentation-required-for-property-valuation\/\" target=\"_blank\" rel=\"noreferrer noopener\">documentation<\/a> The valuer will follow an established technical valuation method and prepare the valuation report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The detailed document includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Description of the property and its surroundings.<\/li>\n\n\n\n<li>Market analysis and comparison with other properties.<\/li>\n\n\n\n<li>Methodology used to calculate the value.<\/li>\n\n\n\n<li>Final valuation of the property.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on the purpose, the report can be submitted to a financial institution to apply for a mortgage loan, used to determine the sale price, or to calculate taxes in inheritance or transfer of property proceedings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Can a house be valued without entering it?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The official valuation requires a visit from a technician who carries out the necessary checks on the condition and characteristics of the property and specific documentation (registry and cadastral). In addition to the value, the report includes information about the surroundings, a sample of comparable offers in the area, sketches and photographs of the property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This inspection allows the appraiser to verify characteristics of the property that cannot be adequately appreciated only with documentary or digital information, such as possible structural defects, the quality of the installations, and other specific details of the property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Home valuations based on digital tools offer a quick and inexpensive way for individuals and investors to obtain an estimate of the value of a property.  Online valuation systems use a calculation method based on an algorithm and produce an estimated result. This document is not valid for banks when applying for a mortgage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Overview of how to appraise a house<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In short, a mortgage appraisal of a property is an evaluation of the value of a property by an authorised appraiser backed by an entity approved by the Bank of Spain.  The result should be sustainable over time and will be based on location, characteristics and market conditions. If you need more information on how to appraise a property, do not hesitate to contact us.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/gesvalt.es\/en\/presupuesto-tasacion-vivienda\/\">Request a quote for the valuation of your home.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>What is the basis for valuing a home? Anyone buying, selling or refinancing a home needs to know the basics of how to value a home.<\/p>","protected":false},"author":1,"featured_media":161492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,72],"tags":[116],"class_list":["post-161488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-particulares","category-tasacion","tag-tasacion-hipotecaria"],"acf":[],"_links":{"self":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/161488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/comments?post=161488"}],"version-history":[{"count":0,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/161488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media\/161492"}],"wp:attachment":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media?parent=161488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/categories?post=161488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/tags?post=161488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}