How much will I get for my inherited property?

It is often difficult to estimate the price of an inherited property. Especially when it comes to the family home, to which many valuable memories are attached, people often overestimate. But if you set the price too high, you may not find a buyer. And if you set it too low, you will miss out on money. Or can setting a slightly lower price bring advantages after all?

Just as a price that is too high drives away potential buyers, a lower price creates massively increased demand. More buyers give the seller room to negotiate. For example, a bidding process can be carried out. This often generates higher prices than are usual on the market. Once you have fallen in love with the house or apartment, you don't want to lose it to other bidders. This pays off for the seller.

However, it is advisable to consult a real estate expert for this. This is because setting the right price requires expert knowledge, knowledge of the current situation on the real estate market and a great deal of experience. Many local market factors must be taken into account in order to determine the optimum entry price together with the owner. This is only possible with an expert who deals with local price dynamics on a daily basis.

The valuation of a property is determined by various criteria. The most important include: Location, plot size, proportion of communal areas, living space, type of property, standard of fixtures and fittings, year of construction, renovations and structural alterations carried out, the market situation and special features.

There are three different methods for determining the value of a property, depending on the type of property: the comparative value method, the asset value method and the capitalized earnings value method. The comparative value method is generally used for undeveloped land and condominiums, for which there are usually a number of comparable properties. When selling houses for which there are no comparable properties, the value is determined using the asset value method. The income capitalization approach is used for apartment buildings and commercial properties where the aim is to generate a return and not for owner-occupation.

Online valuations can also be used to get an initial idea of what the property is worth. Average values and price ranges can be determined here in just a few minutes. But be careful: the average values can deviate considerably from the actual value of your own property. This is because it is subjective whether a property is of high quality or "normal". For this reason, there is no substitute for an on-site valuation of the property by a local market expert.

Would you like to know how much your property is worth? Please contact us. We will be happy to value your property.

Photo: © AndreyPopov