I’ve been house-hunting recently and am ready to take the plunge. When I got to the mortgage stage, I came across something called a Tasación, which seems to be mandatory. However, after asking around about the cost, I got a lot of different answers, and it was a bit of a headache. So, I did some research on Spanish property appraisal myself, combined it with advice from real estate agents and friends in banking, and I’ve put together this guide. I hope it helps others on the same home-buying journey.
In simple terms, if you need a mortgage from a bank to buy a house, the bank requires an official appraisal report from a professional valuation company. This is to assess the property’s true value and determine how much they can lend you. This report is the Tasación, and the cost is typically covered by the buyer.
The Cost of a Property Appraisal
This cost is not a fixed figure. Usually, the bank you’re applying for a mortgage with will arrange the appraisal company for you, but you can also find a company approved by the Bank of Spain yourself. The price range is quite wide, but generally, the appraisal for a standard apartment will fluctuate between €250 and €600.
So, what determines the appraisal cost? Here are the main factors:
| Influencing Factor | Details |
|---|
| Property’s Assessed Value | This is the key factor. The more expensive the property, the more complex the report, and thus the higher the fee. |
| Property Type and Size | Appraising a small city-center apartment is definitely cheaper than appraising a suburban chalet with a garden. |
| Location | If the property is in a remote area, the appraiser’s travel costs will also be factored in. |
| Appraisal Company’s Pricing | Each company has its own fee structure. It’s always wise to compare quotes. |
My advice is to get quotes from two or three different companies before letting the bank assign one. While you might ultimately have to use one of the bank’s affiliated firms for the Spanish bank appraisal, it’s always good to be informed. Remember, only a report issued by an institution approved by the Bank of Spain will be valid for a Spanish bank appraisal! Otherwise, the bank won’t accept it, your money will be wasted, and that would be a real shame.
The Tasación is an unavoidable expense in the mortgage process. While you can’t skip it, you can avoid getting overcharged by understanding the market and comparing different options. I hope this information is helpful! If you’ve recently gone through the mortgage process, feel free to share how much your appraisal cost in the comments. Let’s help each other out!
