Real estate sellers, buyers, and lenders need be able to determine the worth of their real estate assets in order to establish an effective financial decisions. Property valuation is the process which determines the economic value of real estate.
Especially in Crete – where data availability is problematic – property valuation typically seeks to determine fair market value, the price at which property seller willingly sell his/her property and a buyer will willingly buy it.
The expected market price for a property is one of the most important parameters to know whether you are a property buyer or a seller. Getting a feel for the market price can be done by looking at recent sales in the area.
Fair market value is not always equal to the sales price and for this reason our team implements a plethora of inputs to proceed to a reliable valuation. In addition, the property valuation may differ from a real estate agent’s appraisal and the actual purchase price. A formal valuation will take into account parameters such as:
- The location of the property
- The building structure and its condition
- Building/structural faults
- Features of the home
- Comparative sales in the area
- Physical condition, wear and tear, etc
- Size of the land and building
- Development plans that might change the value of the property in the future
- Ease of access, such as good vehicle access and a garage
- Planning and restrictions and local council zoning
- Additional features of the property (particularly relevant in rural areas)
In conjunction with a property valuation, a range is often given to indicate the degree of uncertainty surrounding the fair value estimates. The value range is usually +/– 5 per cent but can vary depending, among other things, on the market situation, the technical standard of the property and investment requirements.
In addition to residential properties sectors, our services can be applied across a number of commercial properties too, including leisure and hotels. With over 10 years of experience and a proven track record of unparalleled service, you have peace of mind knowing you’ll receive a reliable valuation you can trust.
