La tasaciónis the Spanish word for real estate appraisal. It is carried out by a certified expert(tasador) to determine the market value of a property.

This essential step secures the investment and guarantees that the purchase price is in line with the real market value. 

Why is tasación essential?

• It is required to obtain a mortgage. Banks require it to ensure that the property covers the amount of the loan. If this is not the case, the personal contribution must be increased or the price of the property renegotiated.
• It protects the buyer, who can be sure of paying the right price for the property.
• It is useful for inheritance, gift and tax calculations (in the case of capital gains on real estate, for example).  

How do I get a tasación? 

1. The buyer or bank requests an estimate from a tasador approved by the Bank of Spain.
2. The professional inspects the property, analyzing its surface area, general condition, quality of building materials, energy efficiency, location, nearby services, amenities (swimming pool, garden, etc.) and urban planning conformity.
3. It carries out a comparative analysis and studies recent sales of similar properties in the area.
4. It submits a detailed report specifying the estimated value, the method used and the criteria analyzed.

Practical aspects 

• A tasación is valid for 6 months.
• In Spain, a property valuation costs an average of €400. It's the buyer who pays for it.
• It is important to have this tasación carried out before signing the arras contract. which allows the buyer to reserve the property.
• The property estimate is delivered within two weeks of the expert's visit.

What are the mistakes to avoid when applying for a tasación? 

• Choose an uncertified tasador and don't check online customer reviews to be sure of the professional's reliability. 
• It would be a mistake not to compare quotes from several tasadores. It helps optimize costs.
• Underestimate the cost of the work required, which affects the value of the property.
• Ignore the impact of the property's location.

FAQ: the tasación in the process of buying property in Spain

What is tasación?

A tasación is a real estate appraisal carried out by an accredited expert to determine the true value of a property. It is essential to secure the investment and guarantee a fair price.

Why is it essential?

• Mortgage loan: a tasación is required by the banks to verify the value of the property.
• Buyer protection: a tasación ensures that the buyer does not pay more for the property than the market price.
• Tax formalities: property valuations are useful for inheritance, donation or capital gains calculations, for example.

What are the practical points to remember?

• Valid for 6 months.
• Cost: €400 on average, payable by the buyer.
• Don't: choose a non-certified tasador. ignore the cost of the work involved and sign thearras contract before tasación.

Sources: Ing