What happens when you get your house valued?

What happens when you get your house valued?

What detracts from the value of a house

In the global real estate sector, it is important to know what should be taken into account when appraising a house. Aspects such as surface area, location, condition and location will be essential to know the value of the property to be appraised.

Regardless of who we are in the process either as a buyer, seller or intermediary, it is important to know what aspects influence the valuation of real estate assets and how the appraisal value is calculated.

Before going into the task of valuation and the purely characteristic aspects of the real estate, it is important to know the difference between appraisal and valuation of real estate. There is some confusion about it and it is worthwhile to stop and explain it.

Based on what an appraiser values a house, the appraised value of the house is obtained. While it is true that the interior factors and characteristics of the house are fundamental to obtain a value of the property, the exterior factors must also be taken into account for this purpose.

How to appraise a house in peru

There are several ways to calculate the value of a house for sale. However, depending on the purpose for which we need this information, we will resort to an appraisal or an appraisal. Next we will analyze what is the difference between both, what is the purpose of each one and if it is more advisable to appraise a house for more or less value of its sale price.

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In order to buy or sell a house we need to know its value. To do this, we can resort to both valuations and appraisals, since both give us this information, although in different ways. Depending on our needs we will have to resort to one or the other.

A real estate appraisal is a document that determines in an orientative way what is the value of a property without the need to visit it. Generally, for this purpose, the cadastral data are collected, which provide an indicative value.

Therefore, if we want to know the value of a property as a guideline, a valuation will be enough, while if we need to know its real value in an official way, to buy it for example, we will need an appraisal.

Home appraisal simulator

An appraisal is a valuation carried out by an appraisal technician with which the value of a property is established, in relation to the market parameters and the oscillations of supply and demand at a given moment.

There are two essential reasons for requesting a home appraisal: for mortgage and non-mortgage purposes required to know the value of a property and thus establish a selling price according to the market.

An appraisal must be carried out by an architect or technical architect with specific training. The final appraisal is obtained thanks to the study of these parameters and the comparison with the market price of other properties in the same area. With this valuation and the corresponding report, the chosen financial entity can grant the requested mortgage loan.

It is necessary to take into account that, in general, banks usually grant mortgages with a maximum value of 80% of the appraised value, in the case of a regular home, and between 50% and 70% of the appraised value for second homes.

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What happens if the appraisal is higher than the purchase price?

It is important to remember that the appraisal documents for an apartment are only valid for a certain period of time, since the market price is affected by variables that can change very quickly.

The documents are generally a simple note from the land registry, to verify the ownership of the owner, and a copy of the title deed, to compare the data with those of the Cadastre and the Town Hall. We recommend that, even if you do not need to appraise your property, you always have copies of these documents at hand.

Secondly, the appraiser carries out an inspection of the apartment, in order to check its condition. In this visit he will take photographs and make measurements of the place. The appraiser will make a detailed examination of the property:

In this step, it is vital the proper selection of the witnesses and proceed to make the valuation not on sales offers advertised in the portals of purchase and sale, but on definitive purchase prices.

Beyond the location, the comparison should include relevant characteristics such as presence or not of storage rooms, swimming pools, garages and other features such as length of facade, orientation, types of finishes, soundproofing of the rooms or the state of the facilities available (heating, air conditioning ..) etc.. Because of these considerations, it is possible that there is subjectivity in the valuation of a property and that the owner does not agree with the appraisal or valuation report.

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