Real estate valuation
What is real estate valuation?
Real estate valuation is a recognized and objective way to appraise real estate market value with the help of data and market analysis. Valuation is carried out by certified real estate valuers.
The market value of a real estate depends on its location, infrastructure, technical condition, encumbrances, concluded rental or lease contracts and other significant factors.
During the process of real estate valuation, the valuer analyses the property, defines the most effective ways to put the property to operation, examines the market segment of that property and identifies factors that may affect the market value.
Want to evaluate your property?
Apartments |
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|---|---|---|
| Property type |
Price EUR, without VAT |
Deadline (working days) |
| Typical apartments in Riga | from 90 | 2 |
| Typical apartments in Riga district and 100km distance from Riga | from 100 | 2 |
| Apartments in new projects in Riga and Riga region | from 110** | 2 |
| Apartments in Riga center | from 100 | 2 |
| Apartment future value estimation | from 35 to the standard service price | 2-3 |
| ** Applicable discount 20% (if confirmation email from the cooperation partner is received) | ||
Houses |
||
| Property type |
Price EUR, without VAT |
Deadline (working days) |
| Mansions (private houses, summer cottages, etc.) in Riga and Riga region | from 210 | 3 |
| Mansions in Jurmala (private houses, summer cottages) | from 285 | 3 |
| Building future value estimation in Riga and Riga region | from 230 | 3 |
| Building future value estimation outside Riga region | from 250 | 3 |
Building |
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| Property type |
Price EUR, without VAT |
Deadline (working days) |
| Land plots (without construction) in Riga and Riga region | from 185 | 2-3 |
| Land plots (without construction) outside Riga region | from 200 | 2-3 |
Land plots |
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| Property type |
Price EUR, without VAT |
Deadline (working days) |
| Private construction land plots (area up to 0,5ha) | from 185 | 2 |
| Agricultural land, rural farms | from 230 | 3-4 |
| Commercial premises (offices, shops, etc.) | from 220 | 3-4 |
| Land for project development | from 500* | 5-7 |
| Business institutions, house ownership | from 500* | 5-7 |
| Production facilities | from 500* | 5-7 |
Other services |
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| Property type |
Price EUR, without VAT |
Deadline (working days) |
| Preparation of references | from 10* | 1-2 |
| Issue of the additional evaluation report copy | from 15-25 | 1 |
| *The service price and the deadline shall be adjusted depending on the type and characteristics of the object, as well as the time and work capacity required to complete the task. | ||
Why and for whom real estate valuation is required?
Mostly real estate valuation is required to receive a mortgage loan, because valuation is one of the most important parameters that defines the loan amount.
It’s also worth ordering a valuation to determine real estate selling price and see whether it fits the market value. Real estate valuation is also carried out for the purpose of accounting, in case of legal proceedings or division of property and assets, in order to increase stock capital, for judicial officers in case of a compulsory recovery process, confiscation of property and other purposes.
Real estate valuation is most often required:
- By credit institutions (to receive a loan);
- By state institutions (for legal proceedings, inheritance cases, forming residence permits);
- For recognition (to determine selling price and its adequacy);
- For financial reports (accounting reports);
- For auctions (to determine forced sale price);
- For insurance (to calculate the amount of insurance premiums).
Real estate valuation is used by:
- Existing real estate owners;
- Potential real estate owners;
- Investors;
- Institutions related to the use of the real estate market and other assets in cases determined by laws and regulations.
Vestabalt real estate valuation
Vestabalt offers valuation of any real estate type all over the territory of Latvia.
Within an optimal deadline, Vestabalt valuers will carry out an objective valuation according to the Latvian Property Valuation Standards (LVS-401:2013) and determine the current market and / or future value of:
- Apartments, offices and commercial spaces;
- Detached houses and building properties;
- Newly-built houses and unfinished building objects;
- Commercial and manufacturing complexes;
- Specialized properties and engineering constructions;
- Land for construction purposes (private, commercial and public construction);
- Agricultural holdings (with buildings, land, forest stands and other long-term plantations);
- Unused land;
- Additional movable property related to real estate.
If you want to order a valuation, first you should get in touch with us to set a date and time for a real estate object inspection – our valuer will arrive to take photos and examine all documentation. Inspection duration and preparation of valuation always depends on the object’s complexity. Furthermore, the price of the real estate valuation service depends on the property type, complexity, volume and valuation requirements. As a result, the customer will receive a certified valuation that confirms real estate market value at the given time.
Real estate audit
Vestabalt offers real estate audit – independent and professional real estate inspection on a given date, the aim of which is to provide an objective overview – report on the current condition of the real estate as well as future suggestions on how to put the real estate in operation more effectively.
Real estate audit includes general, technical and financial / investment analysis which can be carried out as a complex service or one can choose a separate audit segment of interest.
The general analysis of the real estate audit includes:
- Evaluation of the factual relevance of the real estate condition according to the condition specified in the real estate documentation and state registers (available for public);
- Evaluation of legal status according to the registered real estate usage rights, encumbrances and legal framework of the territory use and construction;
- Audit of the existing area (space) usage (including the inventory of the unused and used areas (space), existing usage conditions).
The technical analysis of the real estate audit includes:
- Evaluation of the building’s technical condition according to the technical condition of the engineering structure or technical expertise materials, preparation of the plan on required repair works;
- Energy audit of the building (including thermography);
- Evaluation of the land quality (determining the geodetic and geological condition of the territory and chemical composition of the soil, inventory and evaluation of the long-term plantations);
- Inventory of the territory’s utility elements;
- Evaluation (audit) of the availability of the respective engineering communications.
The financial / investment analysis of the real estate audit includes:
- Audit of the maintenance costs, income accounting and compliance of tax calculations;
- Evaluation of the compliance of investment resources;
- Management of lease contracts and lessees.
Real estate audit overview – report on the results of real estate audit and future suggestions on how to put the real estate in operation more effectively will be prepared on a professionally high level according to your requirements and set deadlines.