In order to take out a mortgage, it is necessary to carry out an appraisal and you need to take into account some important aspects so that you don't lose out. Find out about the factors that influence property appraisals.
Who is responsible for carrying it out:
This valuation is carried out by the home buyer and should be carried out by an experienced entity, such as the banks. These require a real estate appraisal commission to carry out the process and to ascertain the terms under which the financing is authorized. Since it is necessary for the consumer to pass on an appraised value to their bank, the buyer should independently carry out an appraisal of the house they want to buy.
Property appraisers you can use:
- Specialized companies;
- Self-employed technicians;
- Websites for this type of situation;
- Portal das Finanças;
- Banks, some of which offer an independent property appraisal service.
- The ideal is to use a certified technician to obtain a more detailed and complete report. Regardless of whether a valuation is carried out by a specialist, a valuation through a financial institution is mandatory.
When should the valuation be carried out:
- Whenever a housing loan is set up;
- When buying a property, the tenant must pay for the valuation.
- Generally when transferring a mortgage;
- Inheritance sharing processes.
- Factors that influence the valuation of property:
- In order to determine the value of the home:
- Location of the property;
- Characteristics/quality of the construction of the property;
- Period of construction;
- State of repair;
- Land on which the property is located;
- Type and layout;
- Available finishes and equipment;
- Housing possibilities;
- State of the market (current demand and supply).
- Calculating the cost of the valuation:
- It is influenced by the factors already mentioned, after taking them into account you should use the following formula:
- Value per m2 per zone x Housing construction area.
This cost will depend on the entity you use to carry out this service.
#1 Market Value:
Estimated value for the sale of the property at the time of the valuation. The seller and buyer act autonomously and with a good knowledge of the market;
#2 Forced Sale Value:
Situation in which the commercial is conditioned, and the cost of selling the property may require the sale of the home.
#3 Insurance Value:
Value established by the insurance contract. This will apply as the insurer's liability in the event of damage and financial loss.
Property valuation methods:
Market value is determined using 3 methods:
- Market comparison method: Establishes the value of the property based on a comparison of identical homes;
- Income capitalization method: This is based on the use of a specific formula for the possible rent of the property;
- Cost method: By logic of replacement or substitution of a dwelling with similar qualities and functions.
- How do I request a second valuation?
- You should go to a bank with the right arguments to justify the new appraisal, asking for access to the final report.
Source: supercasa