The tasación is the Spanish word for real estate valuation. It is carried out by an accredited expert (tasador) to determine the market value of a property.
This essential step secures the investment and ensures that the purchase price is in line with the actual market value.
Why is the tasación essential?
- It is necessary to obtain a mortgage. Banks require it to ensure that the property covers the loan amount. Otherwise, the personal contribution must be increased, or the property price renegotiated.
- It protects the buyer, who is assured of paying the fair price for the property.
- It is useful for inheritances, donations, and tax calculations (in the case of capital gains tax, for example).
How to obtain a tasación?
- The buyer or the bank requests a valuation from a tasador accredited by the Bank of Spain.
- The professional inspects the property: they analyze the surface area, the general condition, the quality of the construction materials, the energy efficiency, the location, the services available nearby, the equipment (swimming pool, garden, etc.), and compliance with urban planning regulations.
- They carry out a comparative analysis and study recent sales of similar properties in the area.
- They submit a detailed report specifying the estimated value, the method used, and the criteria analyzed.
Practical aspects
- A tasación has a validity period of 6 months.
- In Spain, a real estate valuation costs on average €400. The buyer is responsible for this cost.
- It is important to have this tasación carried out before signing the contrat d’arras which allows the buyer to reserve the property.
- The real estate valuation is provided within two weeks of the expert's visit.
What errors should be avoided when requesting a tasación?
- Choosing a non-certified tasador and not checking customer reviews online to ensure the professional's reliability.
- Not comparing quotes from several tasadores would be a mistake. This allows for cost optimization.
- Underestimating the necessary renovation costs that influence the property's value.
- Ignoring the impact of the property's location.
FAQ: The tasación in the real estate purchase process in Spain
What is the tasación?
The tasación is a property valuation carried out by an accredited expert to determine the actual 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 banks to verify the value of the property.
- Buyer protection: a tasación allows the buyer not to pay more than the market price for the property.
- Tax procedures: the property valuation is useful for inheritance, donations or capital gains calculations, for example.
What are the practical points to remember?
- Validity: 6 months.
- Cost: €400 on average, payable by the buyer.
- To avoid: choosing a non-certified tasador, ignoring the cost of necessary work and signing the arras contract before the tasación.
Sources: Ing
