The appraisal report is an author's expert opinion of a valuer, made in writing and concerning the value of a real estate. Appraisal reports are most often drafted for banks which provide credits for the purchase of a given real estate, in case of litigations, in order to establish a selling price, or determine fees related to real estates, e.g. for the perpetual usufruct of land, for adjacent payment, and expropriations.
Appraisal reports can be made solely by certified valuers - property experts, licensed in the field of real estate valuation. The manner of real estate valuation is regulated by the provisions of law, as well as professional standards developed by valuers. The appraisal report is valid for 12 months, provided that no substantial changes of factors affecting the value of the real estate were made.
The opinion on the value
The opinion on the value, unlike the appraisal report, doesn't have to be formalised to such an extent. It rather has an advisory function, e.g. while settling a price for a real estate. It can be applicable to standard real estates, such as flats and houses which are often the subject of trade on a given market. In comparison with the appraisal report, the opinion on the value provides more advantages, its preparation is less time consuming and it is less expensive. One should however keep in mind that while drafting the opinion on the value, the author doesn't usually have the chance to examine the real estate thoroughly, to know its advantages or restrictions, and therefore the value estimated in this way is definitely less accurate than in case of the appraisal report.
The scope of the ordered market analysis is always established individually with the Customer; there are no standard patterns, or elements which it is supposed to contain. There are as many types of analyses, as there are questions of customers, who are seeking answers before they decide to get involved in an enterprise on the real estate market. The components which are included in most analyses are the following: study of trends in price changes, study of the numbers of transactions in a given section, SWOT analysis of the assessed property, competition analysis, sensitivity analysis and analysis of scripts. The market analysis can be also in a form of the appraisal report defining the individual value of a real estate - that is a value concerning parameters assumed by the Customer.
Energy performance certificate
Buying a house or a flat, buyers more and more often ask about running costs of such a real estate. The expenses associated with heating, hot water or ventilation and air-conditioning are the most important elements of such expenses. The structure of a building, the isolation, the quality of materials, or the installed energy saving devices; it all influences these costs. An energy performance certificate is a document which, apart from promoting the energy effective building, also performs an important role in the administrative and legal trade and is required in accordance with the Act on Construction Law, in case of:
- completion of construction (as one of the documents which are essential to obtain an occupancy permit to use the building)
- sale of a real estate
- lease of a real estate
Energy performance certificate (also referred to as: Energy performance certificate of a building, residential premises or part of a building constituting an integral technical and functional entity; energy certificate; energy passport) is valid for 10 years.