In an instance or two, you might have heard of the term ‘appraisal’, and in both instances, you might have ended up scratching your head. For someone who isn’t in the field of real estate or property valuation in the Philippines, this is the scenario.
Appraisal is an estimate of how much a thing is worth. In other words, this pertains to the approximate value of a thing which could range from something small in size like a piece of jewelry or an antique furniture to a real estate or property to something in larger scale like a business.
The purpose of appraisal is to be able to arrive at a fair sales price, also known as market value. But other than that, appraisals are also used for tax purposes, home loans, divorce papers and remodeling or renovation plans.
Home appraisal is one of the more common forms of appraisals, which is done to be able to get a bank loan. It is not generally a requisite to get a bank loan, but it’s a policy of most banks to require an appraisal report before they approve a loan.
How much would it cost to get an appraisal?
The cost for an appraisal varies, and is very much dependent on different factors such as the type of property and the location and square footage of said property.
A few things about home appraisals: these things have no permanent expiration dates although validity holds up to six months from date of release.
So do you need an appraisal?
The answer is almost always yes. If you’re looking to get a loan, it will be less of a hassle if you have your home appraisal ready should the bank you’re applying for requires it. It’s also very handy when you’re thinking of selling your home but has no idea how much it is worth or what areas you need to improve before you sell.
Whether you need home appraisal or a real estate appraiser in the Philippines, just get in touch with us at Aviso Valuation and Advisory. We can help you get through the nitty gritty of the whole appraisal process.
