Real Estate Appraisals
Real Estate Appraisals
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A real estate appraisal is a document that decrees the monetary value of any property. This value is the result of an exhaustive analysis of different characteristics of the property. This document not only serves to have knowledge of the monetary value, but also helps in the process. of different procedures, all this is endorsed by a certified appraiser.
What are the benefits of carrying out this appraisal?
- The properties can be sold as quickly as possible, since having a fair price will prevent them from being put up for sale with a high or very low price.
- With this appraisal, anyone who wants to buy a property can be sure that they are paying fairly and not overpriced.
- When requesting a loan from the bank to buy a property, this appraisal will be requested.
- This appraisal not only provides the economic value of the property, it also offers a report on the condition of the home and the changes that have been made.
What are the types of Real Estate Appraisals there are?
Mortgage: This is requested mostly by financial institutions, specifically for mortgage loans. With this type of appraisal they will know the value of the property and with this they will have a basis to know how much the loan will be.
Buy and sell: It allows you to know at what price any property can be put up for sale or bought. Here the value is calculated taking into account different aspects such as: location, inflation, other properties that are similar, among others.
Value Opinion: The value sought with this type of appraisal will only be an approximation, it is not necessary to do a very in-depth investigation.
Determination of Income: This type of appraisal determines the monetary amount of the income of a property, whether commercial or residential. It can also be requested so that compensation for rents that have not been paid or an assignment of contract can be requested.
Sure: It serves so that in the event that a property suffers damage due to an incident (natural phenomena or insecurity), the owner can receive an economic replacement based on the market.
Writing: This appraisal is used to know the value of the property at the time of deeding it. The appraisal is carried out by an expert who has a record in the treasury.
Cadastral: It helps to know that a home is up to date with its tax payments (water, property acquisition, property, etc.).
Expropriation: This appraisal is needed in the event that a home is affected due to some government activity, the value of the property that was affected is calculated, as well as the amount that will have to be covered to repair it.
Development Potential: It helps to know what the maximum value that a piece of land can reach where some type of property is located.
Methodologies to carry out a Real Estate Appraisal
Costs: This method helps to know how much it would cost to replace a home, this is calculated taking into account what type of materials the property is made of, it also takes into account the facilities it has.
Market: The homes that are in the surroundings of the one to be valued are investigated, the characteristics they share are investigated, as well as the type of area in which they are located, based on this the expert can arrive at the economic value that is similar to those on the market.
Capitalization of Income: The value of the income that can be generated from the property is calculated.
What properties are included in a Real Estate Appraisal?
