- Appraisals have a validity of approximately 6 months due to market variations.
- To sell, buy, or rent a property at a fair price, it is advisable to know its exact value.
The real estate sector is undoubtedly one of the most profitable investment options available today, as properties generally tend to increase in value. For example, in 2022, costs increased by 7.7% compared to 2021, according to the Federal Mortgage Society. However, whether it maintains or increases is something that depends on various factors. But how can we know exactly how much our property is worth? The best way to do this is through an appraisal.
This is a procedure that, through a detailed analysis of the property and the area, determines the monetary value of a property, regardless of whether it is built or just the land. It is generally requested for rental, sale, or mortgage procedures of the property and is usually very simple to carry out, and very useful for owners or interested buyers. There are various types of valuation that are defined according to their purpose, some of them are: mortgage, commercial, fiscal, and by estimation of value.
The valuation of a property is very important as it helps us to carry out business with greater security, whether you are going to sell your house or want to buy or rent one, having knowledge of the exact value will prevent you from accepting unfavorable deals, likewise, it will let you know the negotiation range you have in terms of price. It also serves to know the condition of your home and if there are aspects to improve that can increase its value. Additionally, it is an essential requirement if you want to apply for a mortgage. But, what should I consider to make an appraisal? Here are 5 tips that will be useful for you.
• Consider it a frequent procedure: It is necessary to mention that the approximate validity of an appraisal is 6 months, because changes that increase or decrease the value may occur during that period, in addition to considering that properties increase their appreciation annually. Therefore, if your house takes time to sell or you rent it frequently, consider the appraisal as a constant in your life.
• Seek out a specialist: Not just anyone can appraise your house, it must be done by a certified appraiser who holds a professional license and is registered with authorized institutions, such as the Institute of Administration and Valuation of National Assets or a dedicated company. Just make sure to research the references of the institution you approach.
• Have your documents ready: Consider that, like any other procedure, this one also has specific requirements and to be able to request it you must have documentation and information such as deeds or property title, property tax receipts, water and electricity bills, if possible construction plans and georeferenced information. The person performing it should give you a detailed list of everything you need.
• Establish your budget: It usually is not a costly procedure, however, the price will depend on the appraiser or company that performs it, some have more experience and certification so their costs may be higher. The option you choose will depend on you, what we can tell you is to consider a minimum of two thousand pesos for your appraisal.
• Don’t leave it until the last minute: If you are about to sell, buy, or rent your house and you have been asked for a property valuation, do not leave it for the delivery day, as this process takes about 20 business days to deliver a final report, not to mention the time you take to find the specialist that suits your needs and budget. We recommend processing it a month before the day you have to present it.
In conclusion, there are various aspects to consider when appraising your house, from the purpose for which you request it, the time, and even if you meet the requirements to apply for it. And since the exact value of a property is very important data, it is always recommended that you approach specialized institutions and people for it.
https://blog.coldwellbanker.com.mx/beneficios-inteligencia-artificial-inmuebles
Reference sources:
https://www.inmuebles24.com/noticias/tips/agentes-inmobiliarios/avaluos-inmobiliarios
https://www.lamudi.com.mx/journal/como-hacer-el-avaluo-de-una-casa
https://www.bbva.mx/educacion-financiera/seguros/que-es-y-como-hacer-un-avaluo-de-casa.html
https://blog.vivanuncios.com.mx/bienes-raices/comprar-casa/avaluo-de-bienes-inmuebles