When a private house needs a valuation
The most common reason is a mortgage loan or refinancing with another bank. A valuation is also needed before a sale, during inheritance or division of marital property, in court proceedings, to determine an insurance sum, and while a house is still being built and the bank wants to see its projected value once complete.
If the house is unfinished, the valuation separately describes the stage of completion. This matters because the bank finances construction in stages and wants to see the actual situation at each one.
What documents we will need
- Land Register certificate for the house and land
- Land boundary plan
- Cadastral survey file or inventory file for the building
- Building permit and commissioning certificate, if the house is a new build
- Construction project and cost estimate, if the house is still being built
- Information on utilities: water, sewerage, electrical capacity, gas
- Details of outbuildings, fencing, access road and easements
How the process works
We respond to enquiries within 2 hours, arrange a time to view the property and agree on a deadline for the valuation. The valuer visits the house and land in person, measures and photographs the building, checks the condition of the structures, outbuildings and access roads, and compares actual transactions for similar houses in the same area or municipality.
We print the valuation on a form with an authenticity hologram, so it can be safely used in future transactions as well.
What affects a house's value
- Plot size, shape, terrain and quality of the access road
- The house's floor area, number of storeys, layout and year of construction
- Condition of the structures and roof, insulation, windows and doors
- Heating solution and the house's actual energy consumption
- Connected utilities and electrical capacity
- Outbuildings: garage, sauna, farm building, greenhouse
- Development of the neighbourhood and distance to the city or a school
- Legal encumbrances, easements and protection zones
A valuation banks accept
We prepare valuations in accordance with the LVS-401 standard, and they are accepted by the major Latvian banks, including SEB, Luminor and Bigbank, as well as other leasing companies and financial institutions.
What often lowers a house's valuation
The most common reason for an unexpectedly lower value is extensions and alterations not recorded in the documents. A terrace, a second storey or an attached garage that isn't registered in the cadastre will be described in the valuation, but the bank often won't include it in the loan security. The value is also affected by an unresolved legal situation with the land, for example if the house stands on someone else's land or is co-owned without a divided use agreement.
The access road matters in practice too. If the house can't be reached in winter, or the road belongs to a third party without an easement, this reduces buyer interest and, in turn, the market value.
Why clients choose PRO MOTION
Valuing a private house takes experience, because every house is unique and directly comparable transactions are often scarce. Our valuers are LĪVA certified experts, and in every valuation we explain which properties your house was compared with and why.
We work across all of Latvia. We arrange viewing times to suit you, even if the house is further from Riga, and we quote travel costs in advance so there are no surprises in the final invoice.