5 Reasons why you should request a property valuation
Experts in real estate valuations in Mallorca - Savills Associates
Get a real estate appraisal done by a reliable and objective professional real estate agent in Mallorca
If you’re thinking about selling your property in Mallorca, one of the first questions to ask is ‘How much is my property worth?’ To answer that question, it is extremely important to receive a fair property valuation from trustworthy experts in order to price your property according to its market value. Selling your real estate at the right price will ensure a smoother sale and set you apart from property speculators.
Balearic Properties will help you if you need a property valuation in Mallorca.
How much is my property worth and do I really need a property valuation?
Sometimes when you look at real estate listings, it’s impossible to believe those properties are worth those prices. Those listings obviously skipped the essential property valuation stage. Whereas many owners have a high regard towards their home and decide to sell their property at their chosen price, the fact remains that only professional real estate experts can determine a property’s true value. Everything must be taken into consideration, according to market value.
1. An accurate property valuation can sell your real estate faster
Pinpointing the objective value of your property is what will avoid stress and disappointment when it comes to selling your home. A property valuation is more than just a number, it is an official document outlining all your property’s details, which determine market prices and real estate demand in Mallorca. As the seller, you set the price. However, pricing your property right can speed up the sales process, especially when your property is one of the best deals in the market.
2. A property valuation will save you time and money
There’s nothing more frustrating than having your property for sale longer than expected. This can lead to financial strains, delaying your plans and eventually resulting in demotivating price reductions. On the other hand, if you request a property valuation in advance, you will avoid pricing your property too high, or too low, and you will also anticipate potential buyers’ needs when purchasing property with the help of a mortgage.
3. Property appraisals are required by banks for buyers looking to buy real estate with a mortgage
Property appraisals are also necessary for buyers looking to buy property in Mallorca with a mortgage. In fact, most banks will ask for an official property valuation before even confirming a home loan application. To speed up the process for all parties involved, it’s always good to have an appraisal ready when dealing with serious buyers. Cash buyers will also want to know what the property is worth according to market value, and it’s always reassuring to have a bonafide answer.
4. Determining the value of your property can help with decision making
Once you have found out the market value of your property, you may find yourself at a crossroad. If your property valuation is less than you expected, you may decide to wait for another year or two until real estate prices rise. Our professional property experts can also advise you on certain property alterations to increase the value of your real estate. Perhaps a small renovation, or the addition of a swimming pool will increase your property’s asking price to what you expected.
5. Balearic Properties provides free property valuations in Mallorca
When selling your home in Mallorca with Balearic Properties, you can rest assured knowing that your property has been appraised fairly, accurately and it will be sold as soon as possible. We provide free property valuations, as well as a number of other services related to the sale of your real estate. Everything from viewings to liaising with lawyers and notaries will be handled by your chosen estate agent. Above all, we seek to provide a personal service, according to your needs.
Steps taken to provide you with a free property valuation
- Viewing of your property for sale by a member of our sales team who is an expert in your area
- Personal conversation regarding the history and details of your property in Mallorca
- Interior and exterior photos will be taken by a professional photographer
- All relevant property documents will be examined and photocopied
- You will be advised on how to prepare and stage your property for the sales market
- Your property will be discussed amongst our experienced real estate team
- A written property valuation report with be created including similar Mallorca properties for sale
- We will provide you with a realistic and market-orientated valuation of your real estate
Things taken into consideration when making a property valuation
- Location (region, municipality, neighbourhood)
- Orientation (cardinal direction, views, natural lighting)
- Age and condition of the property (reformed/unconverted, materials, square footage, layout)
- Features and valuable amenities (garden, pool, parking, lift, proximity to points of interest, etc.)
What if my property valuation is higher than expected?
In some cases, you may find that your property is worth more than you anticipated. Hence, you may want to sell your home without furniture, keeping your most valuable works of art and antiques. Your property valuation might also make you reconsider selling your property at all, keeping it as a holiday home instead, until it is time to retire. After all, Mallorca is one the best islands in the world for retirement. Whatever you decide, we can help you find a profitable solution.
Renting out your property as a holiday home while you wait
While you’re waiting for your property in Mallorca to sell, you may consider renting your home as short-term holiday accommodation with Balearic Villas. Renting out your home while you wait for the sale to go through is an excellent way to create passive income, especially if you plan to be abroad during the sale. Renting your property as a holiday home can help cover your property expenses, including taxes, property management and even mortgage costs.
The process of renting out your property for sale as a holiday home
Renting out your home while you wait is also an attractive selling point, especially when dealing with foreign buyers looking for an investment property in Mallorca. If your property is being sold with a holiday rental licence it can also positively impact your property valuation. When looking to rent out your property as a holiday home, our real estate advisors will:
- View your property for sale
- Advise you on how to optimise your property for the holiday rental market
- Take interior and exterior photos to market your property in Mallorca
- Advise you on short-term rental prices
- Explain the payment procedure and legal aspects
Sell your home with Balearic Properties
Balearic Properties has over 20 years of experience in the real estate market in Mallorca, working side by side with a network of architects and surveyors to provide accurate property appraisals. Our international real estate experts speak over 10 languages and can communicate with you freely in your language of choice. If you would like to sell your property with Balearic Properties, contact us to set an appointment at one of our offices in Pollensa or Puerto Portals.