How a property valuation works: step by step

A property valuation is most often needed when you plan to take a mortgage, sell or buy a property, settle an inheritance or divide property. The process is simpler than many people think, as long as you know what to prepare.

1. Application and documents

You can order a valuation by phone, by e-mail or through the request form on our website. State the property address, the purpose of the valuation (for example, for a bank or for a sale) and your preferred inspection time. The following documents are usually required:

• a Land Register extract or the cadastral number,
• the building cadastral survey file (inventory file) or a floor plan,
• the land boundary plan, if a house with land is being valued,
• information on encumbrances, lease agreements or improvements made.

If a document is missing, the valuer will tell you how to obtain it or will use publicly available register data.

2. Site inspection

The valuer inspects the property on site, photographs the rooms, the facade and the surroundings, and checks the technical condition, layout, finish quality and utilities. A flat inspection usually takes 20 to 40 minutes, a house with land slightly longer. A remote valuation without an inspection is possible only in specific cases and subject to the bank's requirements.

3. Market analysis and calculation

After the inspection the valuer analyses comparable transactions in the same neighbourhood, asking prices in listings, the rental market and the economic situation. For flats and houses the sales comparison approach is used most often; for income-producing properties the income approach is used as well. The value is affected by location, floor, area, building type and condition, renovation quality, energy efficiency and parking availability.

4. Valuation report

The result is a written valuation report prepared in accordance with Latvian and international valuation standards and accepted by banks, courts and public authorities. The report contains a description of the property, photographs, a market analysis, calculations and the determined market value. The report is usually ready within 2 to 5 business days after the inspection. We issue it both on paper and electronically signed.

How much does a valuation cost?

The price depends on the type of property and its location. Indicative prices for flats, houses and commercial premises are published in the pricing section of our website. You will receive an exact offer within one business day of your request.

Tip: if the valuation is needed for a bank, check with the bank before ordering whether it accepts an independent valuer's report and how long it remains valid. A valuation is usually valid for 3 to 6 months.