Professional real estate appraisal

Published at 05/08/2020

Making various transactions in the real estate market, any owner or potential buyer of real estate faces a number of risks. They are usually associated with a lack of awareness of market conditions and its specifics, especially for foreigners. Therefore, it is very important to find professionals who can objectively and accurately evaluate the specific selected objects, taking into account the current situation and trends in the real estate market.

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In order for you to trust experts unconditionally, the following critical criteria must be met:

1. Independence of expertise. No specialist of the company should be financially interested in promoting any real estate object.

2. Qualification. Experts should be well-versed in the local market, and the experience and duration of the company's work in a particular region is of great importance.

3. Authority. An expert company must have its own name, be recognized in the international real estate market, and have a successful history of work.

Important! The owner can only determine the approximate price of the property. But often these judgments are very far from real. Only an expert can calculate the real value of any real estate object after a comprehensive professional analysis.

How the market value of real estate is formed

To determine the most appropriate and accurate value of the property, you need to compare two main parameters.

1. The condition of the property itself. It takes into account the type of object, the condition of the house, the quality of repairs, wear and tear of communications, floor, and other key characteristics.

2. Assessment of the situation in the regional market. From this point of view, the location of the object, the availability of infrastructure, and the investment potential of the object are taken into account.

The expert goes to the site, examines the property, examines technical documentation, plans and drawings. But still, the most important component of the cost of a property is its location – the price level in different areas varies significantly.

Then the appraiser analyzes the market situation. A large number of different factors are taken into account, offers for the sale of similar real estate in a particular region are compared, and data on already completed transactions are studied.

After that, a comprehensive expert assessment is issued – this is a report issued in the form of an official document, which displays complete information about the property with detailed explanations for each item.

Important! The assessment has a term – the situation in the real estate market is constantly changing, which affects the current value of the object. It is assumed that the assessment is relevant for 6 months, but in practice this period may be significantly shorter.

Why do I need a real estate valuation?

In what cases are the assessment of the property necessary?

· If you are planning to sell, buy, rent or lease a property.

· If it is necessary to determine or challenge the cadastral value of real estate.

· When insuring real estate and determining the amount of taxation.

· If you are inheriting a property and want to know its real value.

· If you are sharing a property in a divorce or other property dispute is being resolved.

· When applying for a mortgage loan secured by a specific property.

· When you perform other operations related to the implementation of property rights.

Please note that the courts, banks, and all government agencies do not take into account the independent assessment of real estate made by the owner. Only an official document issued by an accredited expert company is required.

Important! The expert gives not only an assessment, but also professional recommendations on how to increase the market value of real estate, as well as how to use the evaluated object most effectively.

Average rating: 4.79. Votes: 28

Diana Kabakci

The leading expert of the real estate market in Georgia
Education: MBA
Sphere: Real estate / Investments / Lawyer
Consultations made: 250
Expert on countries: Cyprus, Georgia, Kazakhstan, Poland
Known languages: Russian / Georgian / English / Turkish
Experience: 13 years
Expert publications: 546