They are used as synonyms and they are not, and confusing them costs money or trouble: the official appraisal and the real estate valuation They are different documents, made by different professionals, for different purposes. We clarify the difference between appraisal and valuation y, above all, Which one do you need depending on what you are going to do?.
The official appraisal (in homologada)
It is issued by an appraisal company approved by the Bank of Spain., signed by a competent technician, following ECO regulations. It is the document required by the bank to grant a mortgage, and the one valid for inheritances with conflict, judicial proceedings, contentious divorces or business accounting. It usually costs between 300 y 500 € (more in large chalets), It takes days and has a validity of 6 months.
Real estate valuation (market)
It is made by an agency with a method: comparable to real sales (no ads), property status, active demand for that typology in that area and observed sales times. Its purpose is to set the starting price and sales strategy. Doesn't work for the bank, but for selling it is more useful than the appraisal: reflects what the market pays today, not a normative value. At Mayrasa we make it free.
Why do they sometimes give different figures??
Because they measure different things. The appraisal applies prudent and normative criteria (can be lower in hot markets or higher in cold markets); The valuation pursues the exact point at which your home is sold within a reasonable period of time.. The same chalet can rate 240.000 € and sell for 255.000 € — or vice versa. None “is wrong”: answer different questions.
Which one do you need according to your case?
You are going to sell: market valuation (the appraisal will come later, paid by your buyer for their mortgage). You are going to buy with a mortgage: official appraisal, your bank will ask for it. Inheritance or divorce by mutual agreement: an objective assessment is usually enough to distribute peacefully; if there is a conflict or court, approved appraisal. Condominium extinction: consensus valuation as a basis and, If the bank comes to novate the mortgage, appraisal.
The mistake to avoid: “appreciate” with portals
Portals show ad prices—what people ask for, not what you get—and the neighborhood's average prices ignore orientation, planta, state and urbanization. Going on the market with that number is cause no. 1 of burned houses. We tell it in depth in What factors raise and lower the price of your home?.
Are you deciding what to do with your property? Start with our free valuation with real sales in your area: It is the data that orders all the others. And if the next step is to sell, we accompany you throughout the process. First the truth value; after, the decisions.
