Mortgage appraisals: What are they and how much do they cost?

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Mortgage appraisals are a fundamental step to be able to request a mortgage from a banking entity. Since the new mortgage law, people have many doubts about who has to pay the expenses, who pays the appraisal and how much it costs. In today's article, we will talk about what a mortgage appraisal is and what its cost is.


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What are mortgage appraisals?
When we talk about a mortgage appraisal, it is a valuation of a property so that a banking entity can use it as collateral and establish the amount of the loan.

The appraisal must be carried out by a professional so that the report can be made objectively and establish a real value for the property.

How is an appraisal done?
The home appraiser will assess the different factors that influence the Chinese Overseas America Number Data value of the property:

Lightning.
Surface and distribution is known with the visit and a floor plan.
Building: elevator, common areas, landings, central heating...
State of conservation of the floor.
Age of the property.
Location and area.
Connection and services.
These are the aspects that the home appraiser will see during the visit, but will also request the following information to complete the appraisal:

Energy certificate.
Technical Building Inspection.
If the property has been occupied or is currently occupied.
Simple note, to know the legal and administrative situation of the apartment.
Property plan.
In addition to all these aspects, “witness ” homes will also be used, that is, properties that home appraisers use to compare the value and obtain an estimated market price. To be able to do so, the properties must have similar characteristics and be in the same area.




Table of the average price of housing in Spain per square meter. Source: Satista

The appraiser's report
Once the home appraiser has completed this process, it will take between 48-72 hours to deliver the report and give you a market value. Keep in mind that the appraisal report is valid for 6 months, this is the maximum time you will have to apply for the mortgage.

Who pays for mortgage appraisals and how much do they cost?
Currently, a large part of the costs of taking out a mortgage are paid by the bank itself, after the New Mortgage Law. But, the appraisal is not one of them, the price of this will vary depending on the property and the company you choose for the appraisal, but it is usually around €300.


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We know that all these procedures can be overwhelming, in addition to looking for a good home appraiser who will not overcharge you. Therefore, our Housfy Mortgages service can help you with this entire process and find the best financing to buy your new home. Do not hesitate to contact us.