What is a mortgage appraisal?
It is a report prepared by a certified professional, such as a technical architect, through an authorized appraisal society. Its main objective is to estimate the market value of the home or commercial property based on aspects like location, property features, condition, applicable urban planning regulations, and real estate market conditions.
Why is it so important?
Condition for granting a mortgage: Banks require an updated appraisal to calculate the percentage of financing they can offer. Generally, they lend up to 80% of the appraised value.
Security for the buyer: Ensures you are not paying a disproportionate price for the property.
Legal compliance: It is a mandatory requirement to formalize the mortgage at notary.
How is it done?
The process is simple: a certified technician visits the property to collect key data, such as measurements, structural condition, installations, and surroundings. Then, a detailed report is prepared, including photographs, plans, and a market value analysis. This report is valid for six months.
In summary, the mortgage appraisal is an essential step and a guarantee to make the process of acquiring your property transparent and in line with the market. If you need to perform an appraisal, do not hesitate to rely on a qualified professional to obtain a reliable report in accordance with current regulations.
