Appraising an apartment or property is a process used to determine the value of a property on the market carried out by an appraiser certified by the Bank of Spain. It is the only valid form (performed by the approved appraiser).
An online valuation calculator is a very useful preliminary tool to help you get an idea of the value of a property and crunch the numbers about your home purchase. However, it is important to be clear that the results of the online home valuation calculator are not official.
Valuing a property is very important when applying to a bank for a mortgage for two reasons:
The first reason is that the bank can confirm the value that the property has in the real estate market. This ensures that it can cover the debt in the event of default of payment by the mortgage customer.
Secondly, appraisals are used to set the amount of financing that the bank will grant. Generally speaking, this is 80% of the appraised value.
It is a tool that gives you the approximate price of a property using information on its taxable value (which is based on its location, floor space, year of construction and certain characteristics of the property itself), as well as based on similar properties for sale in the nearby area. This is an approximate value, and must never replace aproperty valuation.