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Is the value of furniture and appliances taken into account when evalating an apartment?

Armchair and TV in an empty room

“How to evaluate the housing – with or without furniture?” – this question is one of the most frequently asked when evaluating apartments in Kyiv. As you know, the procedure for determine the market value significantly affected by purpose of the evaluation . In the case of apartments, the most common evaluation functions are to present the title to the notary for re-registration (sale, donation, inheritance) and to submit documents to the court as part of the division of property at divorce.

Evaluation of apartments for a notary

If the expert evaluation is required for presentation to a notary for the purpose of sale, gift or inheritance, then the appraiser determines only the value of the property with inherent improvements. By the concept of «inherent» we mean such improvements, which it is not advisable to take when selling an apartment. First, we are talking about the interior of the apartment, it is clear that even super expensive wallpaper or tile no one will rent when selling an apartment. Second, such improvements may include, for example, an air conditioner or a satellite dish, which often costs more to install/dismantle than the equipment itself. A controversial issue from the point of view of accounting in the cost of housing can be built-in kitchen, or rather not even itself, but built-in household appliances.

Division of property upon divorce

Well if an independent evaluation is required for the division of property (e.g., in the case of divorce), in most cases is determined separately the cost of the apartment itself, as well as separately the cost of furniture and household appliances. This separation is due to different market value approaches and methodologies of different types of property. You can read about the evaluation criteria of apartments in our material “How do you determine the cost of the apartment?”

Completely different methods and approaches are used to determine the value of furniture and household appliances. Furthermore, even approval documents for the evaluation equipment (household appliances) and other property are different.

In this way, property valuation, which does not refer to immovable, is a separate task. For its implementation, a list of furniture and equipment to be evaluated is formed. Such work often also involves evaluation of cars, if they are also in dispute. It should be borne in mind that while real estate is generally the most valuable asset, the work of valuing furniture is more labour-intensive from the point of view of the appraiser. For more information about this work, look at section equipment valuation.