Based on the results of evaluating the apartment for a mortgage, the bank will determine the amount of the amount to be issued. It’s good when the appraised value is equal to or even higher than the price set by the seller - in this case, the mortgage loan will cover all the costs of purchasing the home. But you need to be prepared for the fact that the apartment or house will be undervalued; as a rule, banks issue a loan in the amount of 85% of the value of the property. The examination guarantees that if an unpleasant situation arises, for example, termination of a loan agreement, the parties will be able to sell the property and cover the costs.
You can order an assessment of the mortgaged property from an independent expert, but you do not need to look for a specialist yourself. Rosbank House works with accredited appraisers, whose professionalism is beyond doubt. The bank manager will help organize a specialist visit to the site. Usually the procedure takes 1 – 3 days. An application to accept a report from an appraiser not included in the Rosbank Dom list is considered no more than 30 working days from the date of submission of documents.
Apartment appraisal service in a new building
Valuation of an apartment in a new building is a popular service.
It involves work to determine the market value of a residential property. It is ordered by agencies, homeowners (present and future), and banks. Market price is the most objective indicator, and it is the one that appears in many transactions. There are two possible situations when resorting to real estate valuation in a new building:
- An apartment building was built and put into operation, the apartments in it were registered, they were assigned cadastral numbers.
- The house is just being built, and by taking out a mortgage on an apartment in it or buying it with one’s own funds, an individual does not yet become the owner. He is only a co-investor in the construction. In this situation, an assessment is also necessary, since there is no information anywhere about the market value of the apartment and when purchasing it is necessary to be based on specific (and, very important, objective) data.
How an object is assessed
It’s easy to order an apartment assessment:
- You will find out from the bank a list of accredited appraisers.
- You sign an agreement. It is concluded not with an individual, an appraiser, who directly carries out the assessment, but with the appraisal company for which he works.
After concluding the contract, the appraiser goes to the site to inspect the property, collects and analyzes information. Taking into account the client’s task, he selects a valuation method, calculates the market price of the object and generates a valuation report.
Deadlines. If the property is typical, for example, an apartment in an apartment building, then the appraiser usually prepares a report within 1-2 days after receiving the order. If the object is complex, then preparation may take a week.
Why are there such different prices for real estate in a new building?
The reality is that the cost of approximately identical apartments is different. This is due to the fact that the price of each object depends on many factors:
- Location. If you plan to buy in the city center, then you need to be prepared for the fact that the cost of the apartment will be higher than housing on the outskirts. The higher “price tag” is explained by the fact that land for development is more expensive, the demand for real estate is higher, the cost of connecting to communications is higher, etc.
- Transport accessibility. The cost is affected by the proximity of transport interchanges, train stops, and metro stations.
- Availability of finishing. Practice shows that about 15% of apartments on the primary market are sold fully furnished. They are more expensive, but this difference is lower than the amount that owners would have to spend on renovating an apartment without finishing.
- Square.
- Stage of house construction. Housing in a house under construction costs less than in one that has already been built and put into operation.
We present only a few factors. Independent appraisers evaluating an apartment in a new building take into account dozens of criteria so that the result obtained - the market value of the property - is objective. In their work they use income, cost and comparative methods.
Examination price
The cost of appraising an apartment for a mortgage depends on the location of the client and the location of the property they want to buy. In big cities, appraisers demand from 5 thousand rubles for an expert opinion. In settlements with fewer residents and a different income level, the price for market research will range from one and a half thousand rubles to three thousand. For urgency in each city you will have to pay extra.
Ours offers housing inspections starting from three thousand rubles. Clients will be able to view the cost of other services on the official website page in the price list. Actual prices may differ from those stated. Find out the final salary of experts from our consultants for free. It will depend on the location of the property, the type of housing and other criteria. You can also calculate the full cost of services using an online calculator.
Why do you need an apartment appraisal in a new building?
The assessment of an apartment in a new building is carried out for different purposes:
- For a mortgage.
- When registering property rights.
- For the court.
- When buying and selling.
- For insurance.
- When inheriting.
- In case of property disputes, for example, division of property between divorced spouses.
- When receiving a non-targeted loan.
One of the common situations when a real estate appraisal in a new building is necessary is obtaining a mortgage.
What should you know about assessing an apartment in a new building for a mortgage?
Before registering ownership of an apartment purchased with a mortgage, you must register a mortgage on the property with the bank. The document must reflect the market value of the mortgaged (collateralized) apartment. Let us remind you that all these features and the algorithm for registering an apartment in a new building with a mortgage are regulated by the Federal Law “On Mortgages (Pledge of Real Estate)”.
The purpose of assessing an apartment in a new building for a mortgage is to determine the liquidity of the property. The appraiser needs to go to the property to inspect and photograph it and the surrounding area. If a multi-storey residential building has not yet been built, then assessing objects that do not yet exist or are unfinished is a complex procedure. In fact, the market value is determined not of the apartment itself, but of the property right to it. Appraisers carefully select analogue apartments located in similar buildings. In the situation with unfinished apartments, the factors influencing the price that we cited above are partially applied, and the specialist determines the cost taking into account the coefficients. Thus, the market price is determined taking into account inflation risks. The risk of bankruptcy of the developer company does not stand aside either. The year of completion of construction and the period of commissioning also matter.
Required documents
To carry out the assessment, the borrower will need the following documents:
1. Documents establishing the right to property.
2. Documents containing a description of the entire area and exact dimensions.
3. Cadastral passport (copy).
4. A certificate stating that the building is not subject to demolition (not needed if the apartment is in a new building).
5. A certificate certifying the ceilings (if the living space is located in a house built before the 1960s).
6. Copy of the borrower’s passport.
7. Borrower's contact information.
Who has the right to evaluate an apartment in a new building?
Not every specialist working in the field of appraisal activities can evaluate apartments in a new building and other residential real estate. When ordering an assessment, owners must determine whether the specialist meets the following requirements:
- Listed in SRO.
- His civil liability is insured for the amount of 300,000 rubles.
- Has a higher education and at least one year of work experience in this field.
Only an appraiser who meets these requirements has the right to draw up an official document - an appraisal report, which will be accepted by the credit institution as a source of reliable and objective information. Sometimes banks require approval of the “candidacy” of an appraiser. This is due to the fact that the credit institution and clients expect different results from the assessment. The first one wants to reduce the value of the collateral property, and the second one wants to determine the value of the object as close as possible to the market value. This is one of the important reasons why banks will carefully, meticulously check the appraisal report, so it is very important to contact a professional appraiser. The result of his work will not cause any complaints from interested parties.
How much does a property valuation cost?
The cost of the report depends on the locality in which the property is located. The price ranges from 3,000 to 7,000 rubles. Experts evaluate the real price of the property, as well as the price of existing rights (if any). The area of the property, location, and date of construction are taken into account. Estimated completion time is 1-3 working days.
Traditionally, the document is drawn up by the interested party – the buyer. The exact order has not been officially approved. The report must be paid from the bank account of the buyer of the property. However, the funds themselves may belong to the seller if the parties to the transaction are able to find a compromise.
What documents are needed when evaluating an apartment in a new building for a mortgage?
The list of documents is quite extensive. It is necessary to, on the one hand, determine the legal status of the property, and on the other, to form a complete picture of the property. The appraiser must provide:
- A document showing how the property in the new building was acquired (for example, an agreement on shared participation, purchase and sale, etc.).
- Copies of the constituent documents of the developer company.
- Cadastral passport of the apartment, extract from the Unified State Register (their copies).
- A copy of the technical passport issued by the BTI (with information about the explication and floor plan).
- Transfer and acceptance certificate (copy).
- Identity card of the customer of the assessment.
This list is approximate and can be supplemented in each specific situation.
Valuation report as a result of determining the market value of an apartment in a new building
After visiting the site and studying all the documentation, an independent appraiser carries out calculations using one or a set of methods:
- Income approach – takes into account the possibility of increasing the value of the property in the future.
- Cost - the amount of costs for the construction of a similar apartment is determined.
- Comparative – takes into account the experience of selling apartments similar to the property being evaluated.
All calculations, photographs, conclusions are reflected in the assessment report - a document that has legal force and is accepted by the bank as a weighty argument. It is valid for 6 months. Its preparation is paid for by the future owner, that is, the one who takes out the mortgage.
On a note! Often, appraisal companies are asked to evaluate an apartment in a new building that has not yet passed the state commission and therefore has not been put into operation. Such an apartment is not registered in Rosreestr, it is impossible to obtain a certificate of ownership for it, and the bank, in turn, cannot enter a note in the register about the presence of an encumbrance. Does this mean that it is impossible to evaluate such real estate? As practice shows, it is possible. The bank gives a mortgage and receives the right to claim the future property.
Applying for an estimate of the cost of an apartment in a new building in is a guarantee of your profitable deals!
Federal Law “On Valuation Activities in the Russian Federation” (No. 135-FZ)
Federal Law “On State Cadastral Valuation” (No. 237-FZ) dated 07/03/2016
Federal assessment standard “General concepts of assessment, approaches to assessment and requirements for assessment” (FSO No. 1)
Federal Valuation Standard “Purpose of Valuation and Types of Value” (FSO No. 2)
Federal assessment standard “Requirements for an assessment report” (FSO No. 3)
Accredited companies of SberBank
There are a number of specialists whose services SberBank is ready to accept. From this list, you can independently select an appraisal company and cooperate with it, but it is not recommended to choose organizations not mentioned in the list. SberBank will be obliged to accept their assessment, but most likely it will require corrections and double-checks, and the borrower will lose time and money. It is best to turn your attention to large appraisal companies, since they inspire more confidence in the bank than small firms.
Loan “Gospodderzhka 2020” SberBank, Person. No. 1481
from 0.1%
per annum
up to 3 million
up to 30 years old
Get a loan
The list of companies accredited by SberBank includes the following:
- Real Estate Center LLC;
- LLC "Bureau of Business Assessment";
- LLC Expert Assessment;
- DiAnMax LLC;
- NJSC "Euroexpert";
- LLC Center for Innovative Technologies "SEVIAL";
- LLC "Center for Independent Expertise of Property";
- LLC "KO-INVEST";
- LLC "SARG - Mortgage Center";
- and others.
Why you should contact us
Guarantee. Several cooperation options for your convenience. You pay only for the result! The liability of each of our appraisers is insured under an insurance contract.
Efficiency. By calling our company, you get in direct contact with a specialist. You don’t need to explain your problem several times and listen to ringtones on your phone endlessly. At any stage of interaction with the company - from the first call to specialists to the assessment - the Customer can count on a quick and effective solution to their issues.
Convenience. It is you who choose the day and time of inspection of the property being assessed. You don't need to reschedule any business. We will arrive when it is convenient for you.
Quality. In our company, each conclusion - assessment report - before printing, undergoes a two-stage check for compliance with the standards of expert activity - checked by a leading expert and the head of the organization.
Reputation. Why take my word for it? Look at the reviews from our Clients. Maybe your partner is among them?
Professionalism. We employ certified specialists who are members of a self-regulatory organization and have a license.
Good practice. More than 300 won cases.
Where can I make an assessment?
When applying for a mortgage, the apartment can only be assessed by a company that has the right to engage in this type of activity. There are also special requirements. Feel free to ask if the company meets these requirements when you first contact:
- The appraiser's work is insured;
- The appraiser - no matter whether it is a company or a private entrepreneur - is a member of the SRO. The association is professional and does not hide its contacts and list of members;
- The appraiser has a civil liability insurance policy for his work.
Please note that the bank may provide you with a list of so-called “accredited valuation agencies”. The manager, in pursuit of bonuses, may even report that the market valuation of an apartment for a mortgage can only be carried out by these organizations. Actually no - you are free to contact any independent agency.
But having an organization on an accredited list increases the chances that the organization will issue a report that meets all modern legal requirements. Before ordering a report, check the company to see how long it has been on the market and whether it has any recommendations.
We recommend contacting a company rather than an individual - in pursuit of savings, you may receive a report that a credit institution will not accept. Our organization has extensive experience in preparing appraisal company reports for obtaining mortgage loans. Documents are accepted by banks, borrowers become owners of an apartment without delays or problems.
