Experienced investors will tell you that buying in a foreign market without the proper advice is too big a risk to take. While the reporters submit stories of cut-price properties in Spain and bargains just waiting to be snatched up, it is essential to confirm the correct current market value of a property from somebody very familiar with the area.
A Survey Spain Valuation Survey considers much more than the property itself, assessing the geographical location, market positioning and information on comparable properties. Our Independent Report will also assess and analyse the documentation available at the time, in an effort to identify any irregularities.
What we do for you
- A Survey Spain Valuation Survey concentrates on noting the positive and negative features of a property, its surroundings, legal rights and duties.
- We go through the property one room at a time and note the accommodation, character and quality of facilities, layout, design and decoration, functioning of services and equipment, and all matters that influence the value of a property including any major defects inside or out. In addition, we comment upon other documents and plans with which we are provided.
- We also compare the accommodation and size of the property with the registered title information and the Catastral description (for property taxes). As they may not have visited the property, it is possible for a solicitor to prepare perfectly good title deeds, but for these not to describe the property accurately.
- We check the neighbourhood, noting items that may add to or detract from the overall value property in the area. We are constantly in touch with local affairs so that we are aware of many proposed changes that might affect the desirability of an area and the value of a property.
- A major difficulty for all urgent buyers is the uncertain time involved in obtaining reliable information from Town Halls and planning departments. We cannot include within our standard reports verbal information of planning zonings and permissions for the property or its neighbourhood. However, we are able obtain written confirmation of these matters on specific instruction.
- We also note other properties being offered for sale nearby and in comparable locations that are likely to compete in the same market.
- We collate all this information, comparing it to the property to be valued, and form an opinion of its current market value on the basis of the RICS definition:
‘The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’
The Survey Spain Network has individually designed software linking 14 residential RICS chartered surveyors and valuers working all round the coastal and inland areas of mainland Spain plus the Balearics, Canaries and Gibraltar. All reports are reviewed by another chartered surveyor and covered by professional indemnity insurance.
