Consultant | Valuation Department
Ieva's professional working experience in real estate valuation industry is 8+ years. Before joining Colliers International, Ieva worked as real estate appraisers assistant for 4 years at one of leading local real estate company in Latvia, where professional skills were gained by evaluating properties of different complexity. In Ieva's working experience has been done many residential and agricultural property valuation statements, commercial property, such as building properties with historical significance, shopping centres, logistics centres and industrial properties.
We estimate values for
- Mortgage Loans
- Other purposes
in Riga and Riga region
Residential valuation - to gain confidence in the value
For an objective and reasonable result. Following the changes in the real estate market, Colliers regularly analyzes market data and observes the trends of the residential sector.
The aim of the Colliers residential valuation service is to provide an objective valuation report in accordance with the Latvian valuation standards, based on calculations and understandable to the client.
Positive customer experience
Personal approach to each customer and prompt action in various situations while providing apartment valuation services are important to us.
Trust and knowledgeable apartment appraisers
The valuations prepared by Colliers are accepted by all Latvian commercial banks, we cooperate with the largest residential sector developers.
Apartment valuation sign-up form
Sign up for a valuation
Appraisal of an apartment for obtaining a mortgage loan
The apartment valuation service is most often ordered when a mortgage loan is needed in the apartment purchase process to determine the property's market value at the time of the transaction. Despite this, the appraisal of the apartment can also be ordered in cases where the apartment is planned to be purchased without attracting additional financing, such as to make sure that the transaction amount corresponds to the market level, as well as to find out the market value before selling the apartment.
Factors taken into account when determining the market value of an apartment
The location, the technical condition of the residential building and the apartment premises, as well as other influencing factors necessary for determining the market value of the apartment are taken into account in the apartment valuation process. The main factors affecting the market value:
- The completed reconstructions – their compliance with the Latvian Building Code and legal status. If the apartment was remodeled, the appraiser will ask to present the documentation and will verify its compliance with the Latvian Building Code, and note whether the apartment has been remodeled without coordination.
- Technical condition of the premises, quality of finishing.
- Sustainability and technical condition of the residential building - for example, year of construction, materials used, building management.
- The rationality of the room planning – the functionality of the composition of the rooms and their compliance with the best way of use.
- Location, which is one of the most important factors in the market value of a property.
When determining the market value of the apartment, additional nuances are also taken into account, such as the area of the apartment, the presence of a balcony or loggia, the height of the ceiling, the improvement of the surrounding area, the infrastructure of the neighborhood.
Objective determination of the market value of the apartment is carried out by independent and certified real estate appraisers, who develop the appraisal in accordance with the Latvian Property Appraisal Standard.
Apartment valuation process
The apartment valuation process takes place in several stages:
- Agreement on the work assignment. At the beginning, the client provides the appraiser with information about the composition of the object to be appraised, what needs to be appraised (for example, only an apartment appraisal or an apartment with a warehouse, parking space), for what purpose the appraisal is needed (appraisal for submission to the bank or for another purpose) and what value base should be determined (current market value or future market value). In addition, the client must submit appropriate documentation, which will be requested by the appraiser (property rights documentation, cadastral survey file with room plan, etc.).
- Object survey. The appraiser inspects the object (apartment, if there is one, then also the warehouse adjoining the apartment, the parking lot), takes photos and checks the compliance of the submitted documentation on the spot.
- Determining the market value and preparing the valuation report. The valuation is prepared in accordance with the Latvian Property Valuation Standard LVS 401:2013, which also complies with the International Valuation Standards (IVS 2022).
Contact the real estate appraisers of the Colliers residential fund to find out the price of the apartment appraisal service and order a professional and fast apartment appraisal!
In addition to residential appraisal services, Colliers provides commercial property valuation services.
Frequently asked questions
What is an apartment valuation?
Appraisal of an apartment is a document or an opinion - an appraisal report, which contains the conditions set forth in the valuation request, the appraisal basis, the expected use (purpose) of the appraisal and the results of the analysis, which is a conclusion on the determined value.
Appraisal of the apartment is carried out by a registered appraiser's assistant and approved by a certified real estate appraiser.
In which cases is an apartment valuation needed?
Why do banks require an appraisal of the apartment?
What is the process of an appartment valuation?
- Fill out the application form and the appraiser will contact you about the price of the service, the necessary documentation and the deadlines for the work.
- After confirming the order, an agreement is concluded (with a secure e-signature or in writing on the spot) about the work assignment and payment procedure of the valuation service.
- A certified appraiser or a qualified assistant appointed by the appraiser inspects the apartment (composition of the object) and takes photos.
- After the inspection, the market value of the apartment is calculated and a valuation report is prepared.
- When the apartment valuation is ready for transfer, it is transferred to the client in electronic format (signed with a secure e-signature) after full payment of the invoice.