Real value of a house: everything you need to know
September arrives and the real estate market is agitated with thousands of real estate transactions of purchase and sale and rental housing throughout Spain, so knowing the real value of a home, your apartment, house or villa becomes essential to ask for a fair price according to the market and, above all, to your needs.
Factors for calculating the real value of a house: the real estate appraisal
There are different factors to take into account when calculating the real value of a property and, as homeowners, we have thousands of questions that we are going to solve together: what characteristics does my property have that make it attractive for sale? Can I set the price I want or do I have to adjust to other real estate parameters? Keep reading, we will help you to solve them.Thus, we are faced with home appraisal processes that will offer us different prices between the real sale value of your home and the purchase price to ask for a mortgage in a bank, higher than the previous one.
When calculating the real value of a property we will have the market value which is what external buyers wish to pay for the property and the mortgage value will be the one marked by the appraisal carried out for the bank by external professionals (we understand that always adjusted to its real value, its characteristics and factors such as its location). To these two real estate terms is added the value of the land, that is to say, the value as developable land.
In the purchase and sale of homes we must also take into account that national taxes are present in the form of fiscal value, that is, the taxes for the purchase and sale of the home that reach a certain percentage of its cadastral value, a value with which the future owner will pay the Real Estate Tax (IBI), which is a tax decided by each municipality.
Once the terms that affect the appraisal and the process to calculate the real value of a house are known, it is time to know how to know the real value of our house.
Knowing the real value of a house: values to be calculated
The values mentioned in the previous section are given by different methods, but we must keep in mind that they will always be external to our criteria or desire: for example, the market value that is marked by real estate companies based on different criteria or by means of automated tools for property valuation, the cadastral value that is marked by government authorities (the better the location and the better the characteristics, the higher the cadastral value).As for the mortgage value, we have two ways to get a suitable price, an appraisal from the bank or we can ask for an appraisal from an emprthat home appraiser an external appraisal, that will evaluate the age of the property, the evolution of market prices in the area, the building’s services, the renovations carried out since its construction… and that may be more in line with our wishes.
