13 Sep How does a property valuation work?
If you want to buy a house, you’ll typically undergo a property valuation by an appraiser. This establishes the house’s value for all parties involved. There are also other situations where knowing your home’s value is useful. But how does a valuation work, and what do you pay for?
What is a valuation report?
A property valuation report is necessary when applying for a mortgage, making it a crucial part of the purchasing process. The report is created by an appraiser, often a real estate agent, who determines the property’s value. The mortgage lender requires this report as proof of the home’s value.
How does valuation work?
To determine the value of your home as accurately as possible, the appraiser considers the following factors: the condition of the property, its size and area, the construction and quality of building materials, the location, surroundings and amenities, energy-saving measures, insulation levels, and the type of house, such as detached or terraced.
The agent will also request as much information about your house as possible. The more information the appraiser has, the more precise the valuation will be.
What does a valuation cost?
The cost of a valuation report is €850.
Want more information about property valuations? The Nederlandse Coöperatieve Vereniging van Makelaars en Taxateurs in Onroerende Goederen (NVM) can assist you, or read our other blogs on the website.
