Why you need a professional valuation

We experience the following situation again and again: When Karl T. (name changed) sold his property after almost 50 years, he had a rough idea of its value. He still knew exactly how much it had cost at the time, and he had followed the price trends of recent years. So he offered it at what he thought was a reasonable price. But the perplexity was great when, despite the high demand, no interested parties came forward after weeks. Yet the property is in good shape. Why doesn't anyone want to buy it?

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Since no interested party came forward after almost two months, Karl T. contacted us. He explained to us how he had proceeded and wanted to know why no interested party responded to his ad. "Is there something wrong with my property? The demand for real estate is still high, despite Corona," he said.

The emotional value

When we looked at his ad, we immediately noticed the high price. We knew his property until then only from photos, but his offer price was clearly too high. Karl T. was very surprised. Emotions and memories played a big role in his asking price. After all, he had spent most of his life in the property. When we explained to him what was important in a professional property valuation and that we would be happy to value his property free of charge, he agreed to an on-site inspection.

The real value

The property was very well maintained and the last renovation was only a few years ago. There were hardly any defects. The location was also ideal for families. We took a close look at the documents: How large is the property and how much living and usable space? Are there any residential rights encumbering the property? All of this was taken into account in our valuation. Since the property had several annexes, it was too individual to be valued using the comparative value method. We therefore determined the value using the asset value method. We then suggested a suitable marketing strategy.

Since the property had been for sale for almost two months, it was already known to real estate seekers. Such cases can be problematic. Prospective buyers become skeptical when a property is offered at a lower price after some time. They then wonder if there is something wrong with the property. For this, too, we recommended a suitable strategy for dealing with prospective buyers. After Karl T. had convinced himself of our expertise, he commissioned us to sell his house. We took care of the marketing and took over the inspection management. Two months later, the property was sold. After signing the sales contract, a happy Karl T. told us: "I wish I'd had my little house professionally appraised right away!"

Would you like to know how much your property is worth? Contact us! We will be happy to advise you.

 

 

You can find more information here:

https://www.bmi.bund.de/DE/themen/bauen-wohnen/stadt-wohnen/wertermittlung/wertermittlung-artikel.html

https://de.wikipedia.org/wiki/Wertermittlung

https://de.wikipedia.org/wiki/Sachwertverfahren

 

Notes

In this text, the generic masculine is used for better readability. Feminine and other gender identities are explicitly included to the extent necessary for the statement.

 

Legal Notice: This article does not constitute tax or legal advice in individual cases. Please have the facts of your specific individual case clarified by a lawyer and/or tax advisor.

 

Photo: © Julietart/Depositphotos.com

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