Calculating property value
Are you planning to buy a house? Then it is significant to know the value of the house. The value of the house determines how high your maximum mortgage can be and whether you qualify for the Nationale Hypotheek Garantie (NHG).
We are happy to explain why it is essential to be aware of the value of the house . We will also share several common methods used to determine property value, such as desktop appraisals.
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Desktop appraisal
A desktop appraisal evaluates a property's value without requiring an in-person visit. This type of appraisal typically costs about €100 and that relies on statistical models and available market data, such as information from the Land Registry.
The main benefit of a desktop appraisal is its speed; you can often receive the report within a few hours, whereas a traditional appraisal might take various days. Additionally, desktop appraisals are much more affordable.
However, there are some drawbacks. Desktop appraisals are generally accepted only for financing up to 90% of the house’s value. If you want to finance the full value of the property, a desktop appraisal won't be sufficient. Moreover, many lenders do not accept desktop appraisals for certain house types, such as apartments.
Physical appraisal by an appraiser
Another method is a traditional appraisal, which costs between €500 and €800. In this process, a professional appraiser visits the property to assess its condition, size, location, and other relevant factors. The appraiser also compares the house to similar ones that have recently sold.
The appraiser then creates a detailed report containing an accurate estimate of the property's value. One of the major advantages of a traditional appraisal is that it allows you to finance the house up to 100% of its value, making it a preferred option for many buyers.
Different ways to calculate property value
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BLG Bespaarhypotheek2,99%
ASN Bespaarhypotheek2,99%
Woonnu3,03%
Obvion Woon Hypotheek3,04%
Reguliere hypotheek3,05%
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