I am Aurelio Tamarit, and in my profession, real estate appraisal is a detailed and meticulous task that I carry out to evaluate and value real estate properties for various purposes, such as buying, selling, financing, insurance and litigation. Here I explain in detail all that this process entails:
Types of appraisals
- Expert appraisal of purchase and sale: Valuation to determine the fair market price.
- Mortgage appraisal: Requested by financial institutions to determine the value of mortgage collateral.
- Judicial expertise: Carried out in the context of legal proceedings.
- Insurance appraisal: Evaluation to determine the insured value and to calculate indemnities in the event of claims.
- Expertise for inheritance: Valuation of real estate for inheritance distribution.
- Tax appraisal: Evaluation for tax purposes such as the calculation of transfer and inheritance taxes.
- Urban planning appraisal: Analysis of the conformity of a property with the town planning regulations in force.
Aspects to be assessed in the appraisal
When conducting an expertise, I focus on several key aspects:
- Location: I analyse the environment, accessibility, available services and the neighbourhood.
- Dimensions and surface area: I measure the built and usable area.
- State of conservation: I assess the state of the structure, installations, finishes, etc.
- Seniority: Record the year of construction and possible reforms carried out.
- Distribution: I analyse the functionality and design of spaces.
- Constructive qualities: I check the materials used in the construction and the finishes.
- Facilities and services: I check electricity, plumbing, heating, air conditioning, telecommunications, etc.
- Legal and registration aspects: I check the registry and cadastral situation, encumbrances, easements etc.
Necessary documentation
In order to carry out a proper appraisal, I need certain documentation:
- Title deed: Proof of ownership of the property.
- Nota simple del Registro de la Propiedad: Registry information on the property and possible encumbrances.
- Cadastral certificate: Description and location of the property.
- Plans of the property: Original and/or updated plans.
- Occupancy licence or certificate of occupancy: Certifies that the property complies with the habitability requirements.
- Energy certificate: It informs about the energy efficiency of the building.
- Technical report on buildings (ITE): For old buildings, it is compulsory and certifies their state of conservation.
Valuation methodologies
I use different valuation methods depending on the case:
- Comparison method: I compare with similar properties recently sold in the same area.
- Cost method: I calculate the replacement or reconstruction cost of the property, deducting depreciation.
- Income capitalisation method: I value on the basis of the profitability that the property can generate through the rental.
- Residual method: Mainly for land and property developments, I calculate the residual value of the land after deducting construction costs and expected profits.
Applicable norms and standards
I rely on various regulations and standards to ensure an accurate and fair assessment:
- Rules for the valuation of real estate (ECO/805/2003): Specific guidelines in Spain.
- International Valuation Standards (IVS): International valuation standards.
- European Valuation Standards (EVS): Guidelines established by the European Valuation Panel.
Actors involved
In this process, I interact with several key actors:
- Expert valuers: Accredited and certified real estate valuation professionals.
- Clients: Owners, buyers, sellers, banks, insurance companies, courts, etc.
- Financial institutions: Banks and savings banks that require valuations in order to grant mortgages.
- Notaries and registrars: Professionals involved in the validation and registration of the property.
Valuation report
The result of the expertise is set out in a report which includes:
- Introduction: Purpose of the report, applicable regulations and purpose of the valuation.
- Description of the property: Details of the valued property, location, physical and legal characteristics.
- Valuation method used: Justification of the method used.
- Economic valuation: Value resulting from the assessment.
- Conclusions: Summary of the most relevant aspects and the final value of the property.
- Annexes: Additional documentation, photographs, plans, certificates, etc.
Software and tools
I use various technological tools to support my work:
- Real estate valuation programmes: Specific tools such as Urban Data Analytics, ID Tools, etc.
- Real estate databases: Sales and rental portals and public registry databases.
- GIS technology: Geographic Information Systems for spatial analysis and georeferencing of real estate.
With all this, I am able to provide a complete and accurate overview of the property valuation process, ensuring that each valuation is fair and in line with the market and current regulations.
I have had the pleasure of working with Aurelio Tamarit as a real estate expert and I couldn't be more satisfied with his services. From the very first moment, Aurelio demonstrated great professionalism and knowledge in the real estate sector. His evaluation of the property was accurate and detailed, which gave me great confidence in my decision making.
Aurelio was extremely attentive and communicative throughout the process, answering all my questions and offering valuable advice. His expertise and attention to detail really make a difference. I highly recommend Aurelio Tamarit to anyone in need of real estate surveyor services - he definitely deserves 5 stars!
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