Property valuation - when you want to buy/sell a house or increase your existing mortgage

Property valuation

You can have a valuation carried out if you would like to know the value of your property. This might be if you want to sell your home, need to know the value for fire insurance, apply for a mortgage or if you want to know whether a renovation will result in an added value. The most common reason for an appraisal is for a mortgage application. When you, for example want to buy a house or increase your existing mortgage, the bank will want to know whether your home is worth the investment and whether there are any exceptional circumstances.

With a valuation you can estimate whether the asking price of a house is realistic. The valuer records the findings in a valuation report. You will need this report in order to make the mortgage application. A valuation report is not a guarantee that you are eligible for the mortgage, but is a good indicator and banks almost always make this report compulsory. In addition to an extensive valuation report you can also have a value letter of your home drawn up. This will give you a good insight in the value of your residence based on the present market value in current circumstances, the condition of your house and the neighborhood in which it is located.

To determine the value of your property as well as possible, it is crucial to gather as much information of your residence as possible. First there will be looked at the state of maintenance, volume, surface, the quality of used materials and the construction. The rights and obligations that rest on the ground are investigated and there will be looked at external circumstances that may influence the price such as price developments in the market and zoning plans in the area.

To conclude, there are several situations in which you need a valuation or will be asked to hand over a valuation report. This will be moments in which parties need an independent value judgement that must be carried out objectively and expertly. Local market knowledge, reliability and an appraiser with years of experience are desirable.

Keep in mind that not all valuation reports will be accepted by all local banks in Curaçao for granting a mortgage. The valuations of Landmark Curaçao are accepted by the most and larger financial institutions on the island. We are more than happy to help you with a comprehensive and reliable appraisal report that is generally accepted locally!

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