Insurance, Property Value and Appraisals
Property Value and Appraisals
Mexican Valuation Appraisal ($150-800 USD per parcel)
The appraisal is made by a Mexican government authorized appraiser. This appraisal is similar to assessments used in the U.S. and are primarily used for taxation purposes.
Appraisals range from $150 to $800 USD, per parcel, depending upon the real estate value. This cost includes both the fees (derechos) due to the property tax department for authorizing the appraisal and the fees for performance of services by the appraiser. An appraisal must be made for each parcel as registered in the tax office – this includes each structure, like the home, as well as other outbuildings.
The appraisal is made by a government appointee, often an architect, who is called Perito Valuador, Official Appraiser. This appraisal usually comes in substantially lower than market appraisal.
Residential Appraisal ($1500 – 4500 USD)
The residential appraisal is a market appraisal done by a third party to determine the market value of the property in comparison with the purchase price of the property. A real estate agent’s market “appraisal” differs greatly from an appraisal done by a Certified Appraiser.
A Certified Appraiser should have a solid, ongoing presence throughout Mexico and be highly familiar with the specific the market where your new home is located. The Appraiser should have in depth knowledge of Master-Planned communities, residential developments, condominiums and single-family homes in your area, using statistics from the local Multiple Listing Services (MLS), public registry of properties sold and closed and the local “Realtors” (AMPI).
Ideally, the appraisal should be done adhering to the American Society of Appraisers’ Standards. The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties. A Certified Appraisal has a minimum charge of $1,500 USD up to $4500 USD.