{"id":19511,"date":"2021-10-06T21:28:03","date_gmt":"2021-10-07T02:28:03","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/blog\/?p=19511"},"modified":"2021-10-18T17:21:35","modified_gmt":"2021-10-18T22:21:35","slug":"how-can-i-now-if-the-appraisal-of-a-property-in-the-riviera-maya-is-right","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2021\/10\/how-can-i-now-if-the-appraisal-of-a-property-in-the-riviera-maya-is-right\/","title":{"rendered":"How Can I Know if the Appraisal of a Property in the Riviera Maya is Right?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">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\u00c2\u00a0\u00c2\u00a0<a href=\"https:\/\/www.topmexicorealestate.com\/tulum-real-estate\/?art=prprtyapprsl100621&amp;web=blog\">Tulum properties for\u00c2\u00a0 sale<\/a><\/span><span data-preserver-spaces=\"true\"> 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.<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">What is an appraisal of a property in the Riviera Maya?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addition to the process of buying a house, the appraisal of a property in the Riviera Maya serves for other cases:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">To know the property&#8217;s value in the market.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">To be a creditor to a mortgage loan.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">\u00c2\u00a0If you want a credit for the purchase of a property.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">By insuring a property and establishing an adequate value of the insured sum.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">To fix the rental price. If you plan to invest in a rental property, it will be handy.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">As well as to help determine the taxable base of the Property Tax.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Likewise, lawyers use appraisals for judicial purposes.<\/span><\/li>\n<\/ul>\n<h4><span data-preserver-spaces=\"true\">Which are the factors considered to perform this process?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For instance,\u00c2\u00a0\u00c2\u00a0<a href=\"https:\/\/www.topmexicorealestate.com\/playadelcarmen-real-estate\/oceanfront-playadelcarmen.php?art=prprtyapprsl100621&amp;web=blog\">Playa del Carmen beachfront properties for sale<\/a>\u00c2\u00a0are 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.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-19518\" src=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/ralph-ravi-kayden-95ftMm68Ec4-unsplash.jpg\" alt=\"appraisal of a property in the Riviera Maya 1\" width=\"640\" height=\"360\" srcset=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/ralph-ravi-kayden-95ftMm68Ec4-unsplash.jpg 640w, https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/ralph-ravi-kayden-95ftMm68Ec4-unsplash-300x169.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h4><span data-preserver-spaces=\"true\">At what point will a person need an appraisal\u00c2\u00a0of a property in the Riviera Maya?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">One of the first steps in\u00c2\u00a0<\/span><a href=\"https:\/\/www.topmexicorealestate.com\/real-estate-books\/?propId=9001&amp;art=prprtyapprsl100621&amp;web=blog\">learning how to buy a property in Mexico<\/a>\u00c2\u00a0is learning how to value an estate which will serve two purposes.<\/p>\n<p><span data-preserver-spaces=\"true\">The first is to know if the value of the transaction is reasonably good based on what can be found in the appraisal.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">I<\/span><span data-preserver-spaces=\"true\">n 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.<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">How much does it cost?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">An appraisal costs between 2 and 3.50 pesos for every thousand of the property&#8217;s value, so the appraisal of a space of one million pesos is worth 3,500 pesos approximately.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">How long does the document last?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-19514\" src=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/linkedin-sales-solutions-oFMI6CdD7yU-unsplash.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/linkedin-sales-solutions-oFMI6CdD7yU-unsplash.jpg 640w, https:\/\/www.topmexicorealestate.com\/blog\/wp-content\/uploads\/2021\/10\/linkedin-sales-solutions-oFMI6CdD7yU-unsplash-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h4><span data-preserver-spaces=\"true\">Who may prepare this document?<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Let&#8217;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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Then, you take an excel sheet, enter all the various aspects of each condo, and then do the comparative.\u00c2\u00a0<\/span><span data-preserver-spaces=\"true\">But generally, we do not have the time or the patience to do that research and report by ourselves.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last, the Government will have a number assigned to your property which is the Cadastral number, and this document will also have the property&#8217;s value.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Now that&#8217;s quite different from what the commercial value is today, but this will be a number that will help you to negotiate.<\/span><\/p>\n<h4>To sum up<\/h4>\n<p><span data-preserver-spaces=\"true\">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&#8217;s appraisal in the Riviera Maya is right. Finally, they give you the comparatives between the properties.<\/span><\/p>\n<p>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.<\/p>\n<p>According to article 3 of the Regulations of the C\u00c3\u00b3digo Fiscal de la Federaci\u00c3\u00b3n (Mexican Federal Tax Code) , the institutions authorized to carry out tax appraisals are:<\/p>\n<ol>\n<li>The <a href=\"https:\/\/www.gob.mx\/indaabin?art=prprtyapprsl100621&amp;web=blog\">INDAABIN<\/a>\u00c2\u00a0 Institute of Administration and Appraisal of National Assets.<\/li>\n<li>Credit institutions.<\/li>\n<li>Public brokers who have current registration with the Ministry of Economy.<\/li>\n<li>Companies dedicated to the sale or auction of assets.<\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">The appraisal, in the end, is a report that qualified professionals prepare.\u00c2\u00a0<\/span><span data-preserver-spaces=\"true\">Remember that you can always contact one of our Top Mexico Real estate representatives to ask for advice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00c2\u00a0\u00c2\u00a0Tulum properties for\u00c2\u00a0 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1730],"tags":[1529,1528,1112,343,2137,801],"class_list":{"0":"post-19511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate","8":"tag-how-to-buy-property-in-mexico","9":"tag-how-to-buy-real-estate-in-mexico","10":"tag-living-in-the-riviera-maya","11":"tag-mexico-property-prices","12":"tag-purchasing-property-in-riviera-maya","13":"tag-riviera-maya-condos-for-sale","14":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=19511"}],"version-history":[{"count":11,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19511\/revisions"}],"predecessor-version":[{"id":19559,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/19511\/revisions\/19559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/19516"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=19511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=19511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=19511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}