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Estimation of out-of-town real estate

Estimation of out-of-town real estate

Real estate in the outskirts of Kyiv is considered to be a promising target for financial transactions. Its purchase – is a profitable investment, sale – is a considerable sum of money in the pocket, renting - a constant additional income to the family budget. However, how to be: to pay the appointed amount of money or to put a price on your own? The best solution will be an independent estimation, which will determine the fair market value of the real estate.

In what cases the estimation of out-of-town real estate is needed?

  • Loan. When the building is mortgaged, terms and conditions of the loan will depend on its price.
  • Insurance. Real estate estimation is obligatory for calculating of insurance sum.
  • Deals. Estimation of the out-of-town real estate - it’s an obligatory procedure in the process of purchase-sale and other operations with real estate.
  • Disputes. It is related to court trials related to the proof of ownership. For example: registration of inheritance or division of property.
  • Damages. Estimation determines the optimal amount of insurance recompense and such document is essential for insurance payments.
  • Rent. Estimation is of high priority, as it will determine the rent price.

Having decided to rent an apartment daily in Kyiv or a country house for a long-term, tenants often believe that the rent price is off the mark. To avoid a possible conflict, an independent estimation of the rental rate should be made before the conclusion of the contract. Possessing the official document, you will not only confirm your words and find an understanding with the tenants, but also you will not make a bad bargain.

The execution period of the out-of-town real estate estimation varies from 3 to 7 days. 1 day – execution period is possible on condition that all the necessary documents and examination are provided, but it will be more expensive. The cost of estimation (for example, land plot estimation costs about- 500 UAH) depends on various factors and for more accurate determination each case should be examined individually.

What does influence the price?

  • Market price. It includes the price of the building (area, type, condition), and the land plot it`s located on.
  • The further is the capital, the lower is the price.
  • Real estate in a cottage village with all comforts is more expensive than a building without communications.
  • Transport availability. Comfortable car access to the land plot, the availability of public transport stops nearby.
  • Ponds, parks, forests, smart land plot near the house

Since November 1, 2013 in case of purchasing or selling the real estate estimation is obligatory in Ukraine. It is carried out by estimators certified in the State Property Fund who calculate the price on the basis of ownership documents, building and land plot engineering data. Taxes will be charged from this sum and not like it was before when they were understated to the level of BTI evaluation.

As to the temporary use of real estate or rent of apartments daily in Kyiv, estimation is necessary if the real estate is public or state-owned. Also it is not obligatory to estimate donation and inheritance deals. In these cases estimation is carried out on owner`s own request for justifying the price and avoiding financial risks.

This service helps to avoid conflicts when parties of contracts want to overprice or lowball. It`s worth remembering that the price of country houses is not a constant, and their evaluation will be valid for a certain period. It may happen that in case a deal was not concluded, for the next one you`ll have to carry out a new estimation.

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