When we talk about buying and selling a home, everything must start at the same point: the appraisal. This process, which is also known as the valuation report, helps us estimate the price of a property, taking into account various factors such as surface area, the quality of the materials used in its construction, the location in which it is located, the nearby services, the orientation, the age and other elements that can influence its value
Factors that determine the appraisal value
• First of all, we highlight the location . The area where the property is located is one of the first aspects to take into account. Proximity to services, such as public transport, green areas or commercial areas, can increase the appraisal value. On the contrary, , being close to noisy areas or areas with few services could reduce it.
• Secondly, the size of the house : The greater the number of square meters, the higher the value, although it is important to consider how the useful spaces are distributed, such as terraces or interiors, and whether the house has been renovated. So, yes, the size It matters.
• Another aspect to consider is the state of the market . The supply and demand situation of the market also influences the appraisal value. For example, comparable properties in the same area can affect the appraisal of the property.
• Let's not forget the general condition of the property . Not only is the condition of the house valued, but also that of the property, such as the state of preservation of the façade or whether it has an elevator.
• Basic characteristics must also be taken into account. That is, orientation, luminosity and the distribution of space, influence the comfort of the home, and as you can imagine, also its appraisal value.
• Finally, we will highlight the state of conservation : The appraiser evaluates the general condition of the home, such as the materials, windows, heating and water installations, and whether it has been recently renovated.
The price of appraisal in the current context
Once again, the appraisal price of homes is regaining the form it lost after the crisis. In other words, it is tending to rise. According to data from the Ministry of Public Works, in March 2017 the average appraisal price In Spain, the price reached €1,525.8 per square metre. This represents an increase of 2.2% compared to the previous year. This growth varies according to the age of the property, being 3.1% for homes less than 5 years old and 3.4% for homes less than 5 years old. 2.1% for those over 5 years old.
The regions with the highest appraisal prices are the Basque Country, Madrid and the Balearic Islands, with values exceeding 2,000 euros per square metre. On the other hand, the most affordable areas include Extremadura, Castilla-La Mancha and Murcia, where the price per square metre is less than 1,000 euros.
Frantic pace in real estate appraisals
The increase in appraisals reflects a recovery in the real estate market. During 2016, appraisal companies carried out 21% more appraisals than the previous year, reaching a total of 1,058,000 appraisals, which shows a greater activity, especially in appraisals for mortgage purposes.
Undoubtedly, the appraisal value of a home is an essential component in the buying and selling process and in the granting of mortgages. The factors that influence this valuation, together with the upward trend of the real estate market, offer a clear perspective for those looking to buy or sell at the right time.