Can I Appraise a Property Myself?

3 de October de 2019

A home appraisal arrives, as with rain, snow, or heat, unexpectedly.

You may need to know the value of your home urgently for a hundred reasons:

You need to rent it out and do not know what price it could reach in the market, for which it would be good to know how much apartments are renting for in my area.
You need to sell your house with enormous urgency and, therefore, it is necessary that you know the appraisal value of your apartment as soon as possible and without having to go to experts, companies, or public bodies.
A divorce or separation requires knowing how much corresponds to each party, the owners of the property, etc.
If you want to buy or rent a house in a particular area and do not want to be deceived or for the prices to be above or below its objective value in order to negotiate them sensibly.

Well, the answers to these questions often involve technical architects or appraisal companies approved by the Bank of Spain and leave out the average person.

However, we all currently have the possibility of knowing the criteria that will be applied to set the price of our property and to do so in a relatively comfortable way:

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One does not appraise their home for pleasure or sport; when this moment arrives, we will surely need to know its market value in order to provide this appraisal to an administrative procedure related to a sale, a divorce, or to carry out the distribution of an inheritance.

For this reason, an appraisal made without the signature of a certified and approved professional appraiser will be nothing more than waste paper. Something that, however, will have full validity for informational purposes.

An approximate valuation, made in relation to the prices of neighboring homes, through simple online programs that allow the rapid registration of cadastral data, address, and geolocation, will allow us to get an approximate idea of the value of a property at a specific time and in a specific place.

This, many times, may be sufficient, but, as we say, they do not have official validity (it will have to be paid for), but they can be done in an intuitive way by performing an online valuation that can quite refine the value of the home to, at least, clear up doubts and make future important decisions.

How is the price of a house determined?

When carrying out an official appraisal, many factors come into play to determine the price of a home and, to a large extent, can only be resolved by expert hands: renovations, land value, location of the home, storage rooms, terraces, area in which the property is located, age of the home, common areas, orientation of the home, useful area of the home...

All these characteristics enter into the assessment that the professional appraiser makes when determining the exact price of a home at a specific time.

For this reason, it is important that the appraiser visit the home (something that is not possible when a free online appraisal is done).

Once all these elements have been analyzed, a simple note from the Cadastre, the deed of the house, and the energy efficiency certificate will be checked.

The appraiser approved by the Bank of Spain will, in turn, take into account the state of the real estate market at the time of the appraisal. The situation of the area or neighborhood, the state of the offer and, naturally, the demand for housing in the place of the property.

Who can carry out the appraisal of an apartment or home?

The approved appraiser will make the comparison with the homes in the area and issue an official appraisal that will last approximately 6 months, after which it will be necessary to request an approved appraisal report again.

It is important to know that it will be necessary to resort to appraisers authorized or approved by the Bank of Spain, such as Euroval, for the issuance of an appraisal that will lead to a bank loan, given that that of an architect or technical architect will not have the necessary validity for this procedure.

In conclusion, online property valuations only inform of the approximate value of a house; if what you need is an official appraisal, you should go to an Official Appraisal Company Approved by the Bank of Spain.