When taking out or refinancing a mortgage
This is by far the most common reason. A lender wants to know the value of the collateral before providing financing. When purchasing a property, a validated appraisal report is almost always required, and the bank usually requests one when refinancing or increasing the mortgage as well.
In such cases, the report must be validated by a recognized validation institute such as the NWWI. A real estate agent’s independent appraisal is not sufficient in such cases, no matter how carefully it is prepared.
For renovations and sustainability improvements
If you want to finance a home renovation, both the current value and the value after the renovation are often appraised. Based on that second amount, the bank determines how much more you can borrow.
Appraisals also play a role in sustainability efforts. Some lenders offer more favorable terms for properties with a better energy rating, and the appraisal report documents the initial condition of the property. Therefore, be sure to clearly outline your plans in advance; the appraiser will base their valuation on what’s on paper.
In cases of divorce, inheritance, and business transfers
When a home is divided, an objective value is needed that both parties can rely on. In the case of a divorce, this refers to the value at the time of division; in the case of an estate, it refers to the value on the date of death.
In principle, the Tax Authority uses the WOZ value for inheritances, but in certain situations, an appraisal is advisable or necessary. We recommend coordinating this with the notary in advance to ensure that the report uses the correct valuation method.
Need a property appraisal report
for your mortgage?
Our NRVT-registered appraisers provide a validated report, usually within five business days.
- With no obligation whatsoever
- Response within 24 hours
If you object to the WOZ value
If you believe the WOZ value is too high, you can file an objection. A well-documented appraisal report is your strongest tool in this process, especially if you can demonstrate that comparable homes in the neighborhood have been valued at a lower amount.
Keep an eye on the deadline: an appeal must be filed within six weeks of the date of the decision. A successful appeal not only reduces your tax assessment but often has an impact on subsequent years as well.
