Put your property under a magnifying glass. How much is it worth?

Blog
20.08.2021
Put your property under a magnifying glass. How much is it worth?
20.08.2021


In the process of selling / buying a building, an essential step is the evaluation of the building. A price set correctly by a connoisseur, following a detailed report, offers the security of a correct investment.

A more specific evaluation is performed by a qualified evaluator. The owner, no matter how well-intentioned, will set a price based on subjective considerations. Also, the owner may not know all the details that influence and establish the value of a property on the market and may propose a price that is either too high or too low. If the price is too high, potential buyers will compare the property with similar ones on the market, and if it is too low, they will become skeptical about the actual condition of the property.

A specialized appraisal should not be requested only in the case of purchasing a property by bank credit, but also with any other transaction / exchange. This real estate blog article presents all the information about the evaluation of a real estate product.

When do you request a real estate appraisal report?
This report can be requested by the seller or the buyer, for a property put up for sale, rent, mortgaged or insured. It can also be requested in case of a tax or for inheritance.
The value of a property established by an appraiser differs depending on the purpose for which it was performed.

Depending on what criteria the value of a building is established?
The authorized appraiser can establish the value of a building according to three criteria:
1. Report to the market
This criterion is often used because the real estate market has many offers that present similar details. In other words, by referring to the real estate sold or listed for sale that have similar characteristics, a price is established for the evaluated real estate.
2. Income reporting
Income reporting involves determining the value of a property based on the cost that would be borne by a landlord to rent a similar property (rent assumed). The specialist studies the real estate's ability to generate income either through direct capitalization or through a constant monthly income generated by a rent.

How is the evaluation process going?
Because we have already established that a specialist is the one who determines an authorized and qualified evaluation report, all you have to do is follow a few steps. First, contact a real estate appraiser and present all the details about your property and the purpose of the requested appraisal.

What documents do you need?
As mentioned above, the evaluator can request various documents. In the case of an apartment, the following documents may be required:
• End of tabulation;
• Deed of ownership;
• Sketch or survey;
• Copy of identity card.
He can also request the framing plan in the area, the location and delimitation plan, a land book extract for information, etc. You will need to request some of these documents from either the real estate agent or the real estate developer.

How do you choose the real estate appraiser?

If the valuation is made for a property that you are going to purchase by credit, the bank will provide you with a list of appraisers, but if you need an appraisal report for another purpose, you will have to find an appraiser.

The real estate agent who helps you trade has the skills to evaluate a real estate. Agents are well versed in the market, have experience and see dozens of properties every day. Their opinion is relevant. However, the opinion authorized and certified by the stamp of an institution will weigh more in most cases.
A material by Mirela Ionita

Photo credit: shutterstock.com
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