Property appraisal (tasación)
The tasación determines how much the bank will lend you. Not how much your property is worth — how much the bank wants to risk. They finance a percentage of the appraised value or the purchase price, whichever is lower. Always the smallest number.
What it is and why it matters
A certified appraiser (tasador) visits the property, checks its condition, surface area, location, and comparable sales in the area, then issues a report with the property's market value. The bank needs this report to approve the mortgage. No appraisal, no loan.
How much it costs
Between 270 and 500 euros, depending on the property value and the valuation company. Higher-value properties cost more to appraise. Some companies offer occasional promotions.
The buyer always pays for the appraisal. Some banks refund it if you ultimately sign the mortgage with them — but that's the exception, and tied to accepting their conditions.
Who should commission it: you or the bank
Commission it yourself. Always. For several reasons:
- You control the outcome. If the valuation comes in low, you can dispute it with the valuation company or order another one before showing it to the bank.
- You can use it at multiple banks. If the bank commissions it, it's under their name and you can't take it to another lender without changing the petitioner (a 1-2 day process).
- Better negotiating position. If the appraisal comes in above the purchase price, you're in a stronger position with the bank.
If you let the bank commission it, you lose control over the one number that determines your financing.
Which valuation companies to use
Banks accept appraisals from companies accredited by the Bank of Spain (Banco de España), but each bank works with a specific approved list. The most universally accepted:
- Tinsa — the largest, accepted at nearly all banks
- Sociedad de Tasación (ST) — well-regarded by users, known for "good and fast" appraisals
- Gloval — accepted at most institutions
- Tecnitasa — mixed reviews, heavily depends on the individual appraiser assigned
Before ordering, ask the banks you're comparing which companies they accept. If you choose one that all of them accept (Tinsa or Sociedad de Tasación usually work), you avoid complications.
Each major bank has its own list. For example, BBVA accepts Tinsa, Gloval, Krata, Sociedad de Tasación, Tasaciones Hipotecarias, UVE, Valmesa, and Eurovaloraciones. CaixaBank works with Tinsa, Gesvalt, ST, and Krata. ING accepts Valtecnic, Tasaciones Hipotecarias, Tecnitasa, ST, and Tinsa.
What if the appraisal comes in low
If the appraisal is below the purchase price, you have a problem. The bank will only lend based on the appraised value, so you'll need to bring more cash.
Options:
- File a complaint with the valuation company. You can formally dispute the report if you believe it contains errors.
- Order another appraisal. From a different company or even a different appraiser at the same one. Users have reported variations of over 100,000 euros between two companies for the same property.
- Negotiate the price with the seller. If the low appraisal reflects the actual market value, the asking price was too high.
When to get the appraisal
As early as possible. The bank needs the appraisal to send your application to its risk department and issue the FEIN (binding offer). Delaying the appraisal delays everything. For new-build properties, you can order the appraisal even before construction finishes, though it will appear as conditional on completion.
Common warnings in appraisal reports
Don't panic if the report includes warnings about discrepancies between the registered surface area (superficie registral) and the cadastral records (catastro). This is very common, especially in older or renovated properties. What matters is whether the difference exceeds 10% — if it does, the bank may require regularization before approving the mortgage.
Note: appraisal costs and the lists of approved valuation companies at each bank can change. This guide reflects what real buyers have reported in online mortgage communities, 2024-2026.