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Unlike the standard apartment layout, individual residential buildings (also called cottages) have a unique architecture. Therefore, assessment is a more extensive type of work. As a rule, two objects are assessed - a house and the land under it, a personal plot. The assessment of a residential building is carried out both with a land plot and outbuildings, and without them. It all depends on the specific goals of the owner.
Valuation of a residential building (cottage) is the objectively determined market value of the building. To evaluate a house, experts take into account more parameters, not only usable area and location. As a result, the owner receives an official document - a report on the assessment of market value, necessary for purchase and sale, legal disputes, registration of bank collateral, etc.
When is a house and plot appraisal needed?
It is required in different cases. This document is needed:
- To formalize the purchase and sale agreement and certify the transaction by a notary with payment of the state fee;
- In case of resolving disputes and defending their interests in court, including when a transaction is declared invalid;
- When dividing jointly acquired property in the event of a divorce in court;
- When buying a house with a mortgage and registering the same real estate as collateral with a bank, an expert assessment is required;
- When applying for a large loan for any purpose with collateral in the form of collateral of your own real estate;
- In case of sale of collateral by the bank and foreclosure of the mortgaged property.
- The amount of the state duty for payment to the budget when performing notarial acts upon entering into an inheritance depends on this amount.
In any case requiring documentary evidence of the assessment, experts take into account a huge range of different factors.
Kinds
This process can be performed in two situations :
- voluntarily, and usually this is necessary if the property owner himself wants to determine at what optimal market price he can sell a particular property;
- compulsorily when an assessment is required in accordance with the law, namely when carrying out the privatization process, when transferring property by inheritance or when carrying out other similar actions.
According to the method of determining the cost, it can be:
- mass, in which several objects are assessed at once, for which statistical indicators are taken into account;
- individual, when several calculation methods are used for one element being assessed.
The process is also classified by type of property :
- real estate, which includes various buildings or plots of land;
- movable, and this may include cars, other types of vehicles or expensive equipment;
- business, when various stocks or bonds, as well as shares in enterprises, are considered.
When carrying out this process, different types of cost :
- market, which is considered the most reasonable and objective indicator, taking into account which it is possible to actually sell values;
- investment, which assumes that this indicator will change significantly in the future, and such a change can be not only positive, but also negative;
- to determine the tax, and such value is required to calculate the taxable base;
- liquidation, determined for the mandatory sale of property, and this is not affected by established demand or conditions existing on the market, and such an indicator is usually used in relation to property owned by liquidated organizations;
- recycling is necessary to determine the costs associated with the construction of the facility.
For real estate, the inventory value is usually determined, for the calculation of which the technical parameters of the property are certainly taken into account. Additionally, it is often necessary to determine the cadastral value, which is directly affected by the market situation.
What factors influence the market value of a home?
In addition to the area and location of a country house or cottage, other factors also play an important role:
- Transport interchanges and the availability of communication routes, the presence of major highways;
- Layout, area, original architectural project, exclusive design in the same style;
- Construction materials, finishing materials, roofing materials, insulation materials, quality of finishing;
- Cottage town or other nature of the surrounding development of the locality;
- Infrastructure, close proximity to shopping facilities and social services;
- Improvement of utilities, connection to energy supply, gas mains;
- Availability of security and own checkpoint for entry into the territory, access roads directly to the cottage;
- Absence of debt for utilities, encumbrances and seizures by the executive service.
For different types of property
This process can vary significantly depending on the type of property being considered.
State
Carried out by independent companies that have the right to engage in this activity. A company is selected after a competition, as a result of which the choice falls on the most advantageous offer.
Based on the results of the process, a report is prepared, which specifies the market value of the objects, as well as the inventory price, their composition and age, wear patterns and other technical parameters.
Residential
The customer is the owner of the property. During the process, the condition and technical parameters of the object, as well as the market situation, are taken into account.
The price of a property is influenced by numerous factors:
- location;
- quadrature;
- population size in the region;
- natural and political conditions.
Various methods can be used for assessment, and for residential premises the cost method .
Each residential property is individual, so all elements are considered by specialists separately.
Commercial
The need for an assessment arises when selling or renting out real estate. The cost of such objects depends on various factors, taking into account the planned profit received from them, as well as possible financial risks.
Important factors taken into account by experts are: the location of the property, the period during which it is paid off, condition and wear and tear, the market situation and the level of inflation. Typically, three assessment methods are used at once.
Arrested
Often the objects are already used in enforcement proceedings, so they need to be sold in order to pay off the debts of the debtor. In this case, you need to know at what price they should be sold, and the timing of the sale depends on the established price.
Bailiffs can independently evaluate objects, focusing on market prices of similar values. If the debtor believes that the cost was determined incorrectly, he can appeal this figure. A hired specialist may also be hired for the work.
Collateral
If real estate is transferred as collateral to the bank, then it is required to evaluate it to determine its price. This is the main condition of a financial organization for issuing borrowed funds.
The assessment should only be carried out by a company that is accredited by the selected bank.
When drawing up the report, the requirements and wishes of the financial institution itself are taken into account. The document is valid for six months, so during this time you need to apply for a loan.
Property shares
Only qualified specialists can determine the price of a share of property. To do this, numerous market factors are certainly taken into account, and it is also taken into account that the cost of an apartment divided into shares will be lower than if it had one owner.
Based on the results of the work, a report is made in which only a certain part of the property is indicated.
Real estate valuation procedure
An expert assessment of a residential building and cottage is carried out in accordance with the requirements of Federal Law No. 135-FZ of July 29, 1998 (as amended on July 31, 2020). It regulates valuation activities in Russia. Also complies with the Federal Valuation Standards, approved by Order of the Ministry of Economic Development of the Russian Federation No. 611 dated September 25, 2014.
The procedure includes the main steps:
- Application for assessment work;
- Concluding an agreement to conduct an assessment and pay for services according to the tariff plan;
- Submission of necessary documents for appraisal work;
- Access to the property by an authorized appraiser;
- Calculation of market value and preparation of a report by an expert;
- Signing the act of completed work and services.
The assessment must be relevant and reliable. Experts are responsible for the data provided in the report.
Legislative regulation of the issue
Property valuation is regulated by Federal Law No. 135.
This law specifies what the process is, why it is performed, and what requirements it must meet.
Real estate valuation is a procedure based on which the value of a property is determined. It is at this price that it is possible to sell this object on the market.
When carrying out this process, certain principles are taken into account :
- the higher the efficiency of using the object for its intended purpose, the higher the estimated value will be established;
- the results are directly affected by the harmonious appearance of the property;
- during the procedure, the price of all elements included in the property is taken into account, after which the resulting values are added up, which will determine the total cost;
- the final result is influenced by the similarity of the property in question with similar values;
- the benefits that can be obtained from the object in the future are taken into account.
Only specialists can follow the above principles, therefore the assessment is entrusted exclusively to experienced professionals.
Documents required for assessment
- All documents for the ownership of a residential building (cottage) (extract from the Unified State Register of Real Estate and supporting documents that are listed in the extract or in the state registration certificate
- All documents on the ownership of the land plot (extract from the Unified State Register and supporting documents that are listed in the extract or in the state registration certificate
- Technical passport for a residential building
- Cadastral extract of the land plot (if available)
Experts have extensive experience and provide assistance in the most difficult cases.
Registration of results
After the assessment, the results obtained are certainly documented correctly. For this purpose, a special assessment act , otherwise called a report .
This document has legal force and can therefore be submitted to government agencies or the court.
It is formed on the date when the cost of the object is directly determined. The document states the appraiser’s conclusions regarding the price of the property, and also provides arguments for this result. It is signed by the appraiser, and the company’s seal and the signature of the manager are also placed on it.
This document is valid for six months.
Disputing the results
Often reports become evidence in court proceedings, and in this case one of the parties may challenge the information available. To do this, documents must be prepared to confirm that the determined value is incorrect. Also, some error may be found in the document, which will become a reason for declaring it invalid.
The court appoints an examination to verify the report , and the experts evaluate and check all the methods used for the calculation, analyze the motives for making certain decisions, and also study the evidence. It is on the basis of this examination that it is decided whether the document will be challenged.
Thus, real estate valuation is a complex and specific process, performed only by professionals. It is presented in several forms, and can also be forced or voluntary. This service is certainly paid for by the owner of the property, and as a result he receives a report that has legal force.
For information on the rules for determining the value of real estate, see the following video:
