Guide to property valuation: How do you determine the value of your property in Tenerife?

Property valuation is a process that is carried out when property owners are interested in knowing the economic value of their property. To give you an idea of the complexity of the process, we briefly explain some of what is involved in establishing this value with a focus on properties in Tenerife.

Factors affecting property valuation. Tenerife real estate case

Property valuation requires several criteria. One of the most important is that the valuation must be personalised. This is because each property may present conditions or characteristics that affect its value, increasing or decreasing its final price. Among these factors are:

Location

The geographical area where the property is located is one of the most important factors in determining its economic value. For example, properties in Tenerife with proximity to the sea, to tourist areas and with access to essential services (hospitals, restaurants, shopping centres…) tend to have a higher cost than those that are further away from them.

Surface area and distribution

The amount of square metres and the way the property is laid out also influences its valuation. The larger the property is, the higher its value will be. The same applies to the number of rooms it has (living rooms, bedrooms, bathrooms, gardens, garages, swimming pools…).

Conditions of the property

The condition of the property takes into account the state of conservation of the property. In general, properties with renovations that provide functionality or an improvement in style are more expensive. The same applies to recently built properties, as they tend to comply with energy efficiency requirements.

Valuer Tenerife: How do you determine the value of your property?

Any property valuation process in Tenerife must comply with a series of steps. Make sure that the real estate service you hire carries them out.

• Inspection of the property: This includes an on-site visit to the property to inspect its internal and external characteristics (location)

• Market analysis: This is the stage where the market value is analysed, comparing the prices for which nearby properties have been quoted.

At the end of the inspection and evaluation, the valuer must issue a detailed valuation report. This will include the market analysis and, in particular, the established price of the property.

At Proyectos Insulares we can help you with the valuation of your property thanks to our online property valuation service. Remember that this is an essential process in any process of buying and selling a property. A professional valuation is the best way to increase the confidence of the buyer, facilitating the negotiation. Contact us!