Definitions of Registers Iceland’s valuation stages:
Valuation stage 1
- Building and construction permit.
- Marks the beginning of the building’s construction history. The Building Authority’s blueprints are sent to Registers Iceland to be registered in the Property Register.
Valuation stage 2
- Construction of the building commences and the foundations of load-bearing structures completed. The bottom slab shall be in place if it is a load-bearing part of the foundation.
Valuation stage 3
- Load-bearing structures raised.Load-bearing structures for the building have been raised.
Valuation stage 4
- The building is weather-tight.
- A building is considered weather-tight when the roof has been waterproofed and windows and doors have been sealed. When a building is weather-tight, its value is calculated into the property valuation.
Valuation stage 5
- Building ready for interior fitting. The building/unit is ready for interior fitting. Partition walls (concrete/stacked) have been completed.
- Wooden or metal grid walls are covered and ready for plastering, and other walls have been finalised in a corresponding manner.
- Floors are to be finalised at the correct height for the final protective covering.
- Finishing work of concrete roof slabs ready and timber ceilings to the roof have a finished moisture-protection layer, conduit channels and a frame for electrical wiring and are ready for cladding.
- Windows and sashes must be complete, with glass and fittings.
- Indoor wastewater drains complete along with utilities.
- Heating and ventilation systems must be complete and finished.
- The electrical intake is connected and completed, as is wiring to the mains switchboard.
Valuation stage 6
- Building complete apart from finishing work on-site.
- The building/unit is complete apart from finishing work on-site.
Valuation stage 7
- Building complete.
- The building/unit is complete.
- The building as a whole is considered complete when all of its units are complete.
- Pedestrian crossings and parking spaces at the site must have been completed as well as all soil work.
Valuation stage 8
- Building not fully completed but taken into use.
- The building/unit is incomplete but has been taken into use. At valuation stage 8, the building may undergo a fire insurance appraisal.
Valuation stage 9
- Building undergoing reconstruction.
- Describes the situation when a considerable part of the building is undergoing reconstruction and the construction work is so extensive that there is reason to change the valuation temporarily.
Up to valuation stage four, the property valuation is the same as the lot evaluation, but as of valuation stage four, the property valuation consists of the house and lot valuation. The valuation then changes in accordance with the valuation stage until the house is considered complete, as it may be assumed that the market value of the house increases as the building becomes more complete.