Valuation & Survey

Types of Expert Property Valuations in Marbella

We offer two primary types of professional property valuations in Marbella, Golden Mile, Nueva Andalucía, Sierra Blanca, Benahavís, La Zagaleta areas, including:

1. Formal Valuations & Surveys

In Spain, formal valuations, known as tasaciones, are a critical component of property transactions, especially when mortgages, financing, or legal disputes are involved. These formal property valuations are performed by accredited professionals, typically technical architects or certified members of The Royal Institution of Chartered Surveyors (RICS), or by approved Spanish valuation firms. Spanish banks and institutions require these valuations to be conducted by authorised companies listed on their panels.

Key features of a formal valuation include:

• Thorough inspection of the property by a qualified professional, adhering to stringent regulations.
• Extensive report of property condition, planning and license compliance, and market comparisons.
• Report available in English and Spanish.

It’s important to note that official valuations are often conservative, reflecting official comparable property prices rather than market listing prices. They provide a high level of assurance, making them essential for obtaining mortgages, finance, or resolving legal matters.

2. Market Appraisal Valuation

A market appraisal should be conducted by experienced real estate agents who possess the experience and knowledge to assess the property’s value based on current market conditions, recent comparable sales, and their in-depth local knowledge. While this type of valuation is not accepted by banks for financing purposes, it offers valuable insights into the property’s market potential and demand.

At MPDunne & Hamptons, our market appraisals are backed by years of expertise in the Marbella luxury real estate market, providing clients with an informed and realistic perspective on their property’s value.

Why Obtain a Property Valuation?

If you are a Seller

Having your property professionally valued is one of the best things you can do as a homeowner. For vendors, obtaining a professional property valuation or appraisal helps you to be confident of the asking price and value of your asset. Particularly when selling more expensive properties, a professional valuation helps with the negotiation process and assists in speeding up the mortgage process if the potential buyers require finance. Courts or lawyers often request a formal valuation if the asset is a subject of litigation, divorce, or probate.

If you are a Buyer

If you require finance for your purchase in Spain, the bank will require a professional valuation by a certified valuer to assess the amount the bank will finance. Spanish regulations require that valuations for Spanish banks, disputes, and courts be provided in Spanish by an accredited “TASADOR” or “PERITO.” While each bank has its own preferred company, they can also accept a valuation from another accredited valuation company.

Understanding Property Surveys in Marbella and Spain

In Spain, the term “survey” does not carry the same meaning as it does in the UK. Here, most purchases, especially apartments, often proceed without a full structural survey. This is because apartment buildings are typically covered by the community’s insurance policy, which manages common areas and structural elements. The responsibility for the interior of the apartment lies with the owner.

However, for larger, high-value properties or newly built homes, it is prudent to acquire a detailed Home Buyer’s Report. This report closely resembles what is considered a survey in the UK and provides a comprehensive assessment of the property’s condition.

What is a Home Buyer’s Report?

A Home Buyer’s Report is a thorough inspection designed to:

• Assist you in making an informed decision about purchasing the property.
• Identify potential structural issues, damage or defects not immediately visible.
• Highlights any necessary repairs and usually gives a guide of repair costs.

Why Should You Get a Home Buyer’s Report?

While it is not standard practice in Spain to conduct detailed surveys on properties, a Home Buyer’s Report can be a wise investment to ensure the home has no serious defects or issues, particularly for high-value villas or newly built homes. New properties come with a ten-year structural guarantee, but issues like snagging defects may still arise, but these are usually covered by a one to three-year developers guarantee. We recommend obtaining a Home Buyer’s Report to ensure your investment is well-protected, as in second-hand properties, once the sale is completed, the seller has no further liability.

What is an ITE Technical Report?

Distinct to the Home Buyers Report, a Technical Report is a detailed report on the state of systems, humidity or any other aspect of the home that an owner or potential buyer would like to investigate. For example, a potential buyer may request a technical analysis of humidity levels or functioning of water or heating systems in a home.

A voluntary or informal technical report is also distinct from the ITE, a detailed report that properties over 45 years old must obtain in Spain every ten years for villas and every five years for residences in collective housing buildings. ITE technical inspections must be undertaken by a professional surveyor, architect or engineer who will inspect humidity levels and functioning of systems, including a visual and photographic analysis looking for defects in building structure, railings, cornices walls, roofs, water tightness, electricity, sanitation, plumbing and sewerage systems.

The ITE technician will write a Building Evaluation Report known as an IEE, evaluating the state of the structure and community facilities, disability access, giving an energy certification, and stating whether it is compliant with regulations. If the property is not compliant with ITE standards, the owner is liable to fix it, overseen by a technical architect for more significant problems, who must provide another report and continue the process until the property is compliant.

When do I Need a Technical Report?

If you are considering buying a property approaching or over 45 years old, it is wise to request the existing or obtain ITE and IEE prior to purchasing so that the costs of any required repairs can be considered in negotiations. Apart from being liable for thousands of euros in fines, this compulsory report can help to avoid accidents or health issues arising from these imperfections.

You can also voluntarily request a Technical Report if you are concerned about moisture or the functioning of any systems before purchasing a property or when you are an owner. The technical report will examine these systems to provide peace of mind for owners or potential buyers.

What Kind of Valuation Services Can We Provide?

At MPDunne & Hamptons International, we act as a trusted intermediary for formal valuations and surveys, connecting our clients with accredited experts in the field. While we are not licensed to conduct formal inspections such as Home Buyer Reports or tasaciones ourselves, we facilitate these services by collaborating with certified companies. We can either obtain an estimate on your behalf or directly introduce you to the right professionals for the job.

When it comes to real estate market appraisals, we excel. As a long-standing agency established in 2004, we combine extensive local market knowledge with the rigorous standards of the Hamptons UK brand. Our team adheres to the highest industry practices, providing expert appraisals that reflect true market conditions and trends in Marbella.

How Much Does a Property Valuation or Survey Cost?

The cost of valuations and surveys varies based on the type and size of the property:

• Home Buyer’s Report or Structural Survey cost from €700 to €4,000, depending on the complexity and size of the property.
• Formal Property Valuation or Tasación for Mortgage Lenders typically costs between €400 and €2,000, again depending on the size of the property.
• Market Appraisal by an Experienced Estate Agent is often included in our listing package, or otherwise upon request for legal purposes.

Conclusion

When selling your property in Marbella, Golden Mile, Benahavís, or Nueva Andalucía, an accurate valuation is crucial to making informed decisions and providing invaluable guidance and advice on the current market. Our expert valuation team at MPDunne & Hamptons International provides precise market assessments, offering you the confidence to proceed with your sale or purchase. Contact us today for a tailored real estate valuation service that aligns with your needs.