What is Real Estate Appraisal? What are the Conditions?

What is Real Estate Appraisal? What are the Conditions?

Appraisal processes which are made based on ethical rules within the scope of international methods for all real estate projects, benefits and rights pertaining to these real estates, the real estate belonging to all official and private institutions according to the current legislation in force, and all of the reports of these transactions are called real estate appraisal. 

In order to determine the real estate values, appraisal experts authorized by the institutions and organizations dealing with this subject in the market carry out some studies. These evaluations include more than one method. In order to choose the most suitable method, the location, nature, purpose of use, current condition, age, etc. features are considered.

Since all real estates have some variables within themselves, after the correct method is determined by the appraisers, information and documents are obtained from the relevant state institutions in order to complete the appraisal, appraisal studies are carried out in the region where the real estate is located, and finally real estate appraisal studies are carried out inside the real estate. At the last stage, the value of the real estate is ascertained by estimating and appraising.

What are the Real Estate Appraisal Conditions?

Aden Değerleme is an appraisal firm with highly appreciated references in terms of quality and experience. The appraisal specialists serving under the umbrella of Aden Değerleme perform the reporting with all the details required for the institutions and persons who are the addressee under all terms and conditions, within the framework of legal compliance and laws.

The biggest condition that is forgotten by the parties requesting the appraisal report in real estate appraisal is that they may not always encounter the use value in the reports that will be suitable for them while determining this value. The reason for this is that a report is prepared on the objective values ​​of the real estates in market conditions while determining the values.

How is the Real Estate Appraisal Report Prepared?

While preparing the real estate appraisal report, , international appraisal standards are taken as a basis. These standards are published by the International Appraisal Standards Council. There are 3 different appraisal standards: cost approach, income approach and market approach. In the cost approach, the price that a buyer will pay for the asset to be valued, except for risk factors, inconvenience and time factors that cannot be managed properly, is based on the principle that, in the case of an equivalent asset, it should not be more than its cost under construction or purchase conditions.

Although the income approach is examined under different headings, the common point is to determine the net present value of the estimated incomes that the right holder of the real estate has or is thought to be able to obtain concretely. Finally, if the market approach is considered, it is said that the value to be determined is based on the comparison of the price of the asset subject to appraisal with another asset with similar characteristics.

In the light of this information, the steps of the appraisal to be made are summarized as follows;

  • Conducting municipality and title deed researches of the real estate
  • Realizing investigations and photographing the area where the real estate is located.
  • If the information obtained is included in the appraisal process and no further research is required, adding these documents and annexes to the report in accordance with the International Appraisal Standards and making it ready for issue.
  • At the last stage, the report prepared is checked in detail by the appraiser, confirming the compatibility of the documents with the real estate and delivering them to the required unit or person.
What is Real Estate Appraisal? What are the Conditions?
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