If you are considering selling or buying a property in Quintana Roo, you may want to know if the appraisal of the Playa del Carmen or  Tulum properties for sale is correct. The figure of an appraisal is essential to give you certainty about the real value of the property. This appraisal will bring confidence to both buyers and sellers and will facilitate the negotiation process.
What is an appraisal of a property in the Riviera Maya?
An appraisal report serves to determine that the property is worth what the seller says. In the same way, you need to know what and how certain aspects are qualified to obtain its actual cost.
In addition to the process of buying a house, the appraisal of a property in the Riviera Maya serves for other cases:
- To know the property’s value in the market.
- To be a creditor to a mortgage loan.
- Â If you want a credit for the purchase of a property.
- By insuring a property and establishing an adequate value of the insured sum.
- To fix the rental price. If you plan to invest in a rental property, it will be handy.
- As well as to help determine the taxable base of the Property Tax.
- Likewise, lawyers use appraisals for judicial purposes.
Which are the factors considered to perform this process?
For this process, the appraiser of the property considers the particular location of the area. They also consider conservation, age, construction materials, and the price of other similar properties in the area.
Also, there are other aspects to take into account, such as legal, social, geographical, and environmental issues. Each one of these aspects will impact the final resolution.
For instance,  Playa del Carmen beachfront properties for sale are not the same as a property ten miles back into the jungle. Or to buy a home in a presale than to buy a ten-year-old home.
At what point will a person need an appraisal of a property in the Riviera Maya?
One of the first steps in learning how to buy a property in Mexico is learning how to value an estate which will serve two purposes.
The first is to know if the value of the transaction is reasonably good based on what can be found in the appraisal.
The second will grant the institution that will provide the credit with certainty that this asset, which remains as collateral, is worth a certain amount with which they can sustain a potential loss.
Around 99% of the time, the cadastral value is much less than the commercial value. It is to the benefit of the property owners because that value multiplied by a factor is the amount of taxes that you will have to pay for this property.
The final cost of the property must be as similar as possible to that specified in the appraisal. Multiple factors influence the final price, such as the urgency to sell or buy.
In the end, all this set of subjective variables can distort a little at the time of executing the appraisal; however, both amounts should not be too different.
How much does it cost?
An appraisal costs between 2 and 3.50 pesos for every thousand of the property’s value, so the appraisal of a space of one million pesos is worth 3,500 pesos approximately.
The cost depends a lot on the value of the guarantee. It usually can be a percentage of the property value. In the end, the company that does it is assuming a risk before a possible error or incorrect process.
How long does the document last?
According to specialists, the validity of this document is approximately six months, as long as the property does not undergo any modification or drastically change the economic conditions.
Who may prepare this document?
Anyone can do the process. If you are willing to, you may research all the properties of the same kind as the one you are trying to buy. Then gather all the information about the several aspects needed to do this report.
Let’s say you want a condo, and you compare it to several condos in the area. One may have a fitness area, and the other may also have a fitness area but with less equipment, etc. Maybe one has an elevator and the other does not.
Then, you take an excel sheet, enter all the various aspects of each condo, and then do the comparative. But generally, we do not have the time or the patience to do that research and report by ourselves.
In many cases, it is issued by a company with specific requirements and accreditations that will allow a document that defines the value of an asset.
In Playa del Carmen, we have Colegio de Arquitectos de la Riviera Maya A.C. You can find there the qualified professionals who will perform the valuation of the property you are interested in.
Last, the Government will have a number assigned to your property which is the Cadastral number, and this document will also have the property’s value.
Now that’s quite different from what the commercial value is today, but this will be a number that will help you to negotiate.
To sum up
Usually, you would go to the Top Mexico Real Estate site, look at an area, and select the different properties that appeal to you within your budget. Then, you ask their representative if the property’s appraisal in the Riviera Maya is right. Finally, they give you the comparatives between the properties.
Although you can hire an independent appraiser registered with the tax authority, you can also do it through different institutions. However, you must make sure that this is, as well, an authorized institution.
According to article 3 of the Regulations of the Código Fiscal de la Federación (Mexican Federal Tax Code) , the institutions authorized to carry out tax appraisals are:
- The INDAABINÂ Institute of Administration and Appraisal of National Assets.
- Credit institutions.
- Public brokers who have current registration with the Ministry of Economy.
- Companies dedicated to the sale or auction of assets.
The appraisal, in the end, is a report that qualified professionals prepare. Remember that you can always contact one of our Top Mexico Real estate representatives to ask for advice.