The importance of property valuation

One of the key questions that any owner who wants to sell their property asks is how much their property is valued at.

The importance of property valuation

One of the key questions that any owner who wants to sell their property asks is how much their property is valued at. This information is useful not only for the seller, but also the buyer, who needs to know the value of the property she or he is interested in, since in the case of having to take out a mortgage, the bank will generally only finance 80% of the appraised property value.

The* real estate appraisal*, therefore, serves to ascertain the price of a property at a particular moment in time. A real estate appraisal is regulated by ECO/805/2003, which specifies the conditions for carrying out such an appraisal.

Once we hire an appraisal company, the approved technician will need to visit the property and make a plan with all the measurements, as well as take a series of photographs. This appraiser will check that all the details of the property appear correctly in the property register and will have to corroborate that there is no urbanistic illegality.

This appraisal value depends on different parameters, such as: the location of the property, the type of property it is, its surface area, distribution and orientation, the quality of the materials used, its age and state of conservation, if the property has been renovated, what services are available in the area, etc.

The importance of a property valuation lies in knowing the real value of the property at that precise moment. And this is important information for both the buyer and the seller, as well as for the bank, in the case of a mortgage application. Although a seller may ask for an amount for the property above the appraised value, there is no impediment for the buyer to accept that price, as long as he/she takes into account that if a mortgage is needed, the bank will consider that appraised value to grant the mortgage loan.

At WeRelocateBCN we carry out an accurate and realistic valuation of the property, with the aim of setting a price that is in line with the market in order to ensure that the sale and purchase transaction is completed as soon as possible.

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