A valuation is an estimate of the value of a property according to the law of supply and demand in the current property market.
We use a comparative , valuation method, which involves selecting a series of comparable properties and standardising them on the basis of certain parameters. The properties used for comparison are homes that are currently on sale and have similar characteristics in terms of location, surface area, state of conservation and other relevant factors. In this way, we obtain a unit value in Euros per square metre, which is then multiplied by the surface area of the property to give the total value.
At Espaciodoble, we prepare a detailed valuation report that includes an analysis of the home’s technical and structural features. This dossier is worth €190, but we are happy to waive the charge if the client decides to trust us with the sale of their property.
What is the purpose of a valuation?
If you’re thinking about putting your home up for sale or you’re not sure whether to sell or rent, ask us for a valuation to clear up your doubts.
What is an appraisal?
An official appraisal is a report created by a standardised method in order to obtain the appraised value of a specific property. It must be carried out by an appraisal company approved and supervised by the Bank of Spain, as established by Royal Decree 775/1997 of 30th May, with the aim of improving quality and transparency.
Types of appraisal
a) Appraisal for legal procedures: used for property sales, estate valuations, legal valuations, inheritance, divorce and separation, company mergers and acquisitions.
c) Appraisal for financial organisations: required when applying for a mortgage or loan. Also to take out an insurance policy or apply for a bank guarantee
c)Appraisal for insurance companies: this type of valuation assesses the damage to a property after an event leading to a claim. Also used to prove existing deficiencies in a building, which may or may not be the result of a fault.
The difference between a valuation and an appraisal
An appraisal is a legal document that certifies the value of the property for a specific purpose, and is carried out using a methodology based on legal regulations. On the other hand, a valuation is a report that establishes an indicative value of a property but has no legal validity, as it does not comply with a regulated valuation procedure. In economic terms, a valuation is cheaper than an appraisal and sometimes can even be done for free.
At espaciodoble, we have professional technicians specialising in valuations and appraisals. Please contact us for more information.