Why you need a professional valuation

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

As no interested parties 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 parties had responded to his advertisement. "Is there something wrong with my property? The demand for real estate remains high despite coronavirus," he said.

The emotional value

When we looked at his advertisement, we immediately noticed the high price. We had only seen photos of his property before, but his asking price was clearly too high. Karl T. was very surprised. Emotions and memories played a major 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 refurbishment 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 plot and how much living and usable space is there? Does the property have a right of residence? All of this was included in our valuation. As the property had several extensions, 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.

As the property had been for sale for almost two months, it was already known to property seekers. Such cases can be problematic. Potential buyers become skeptical when a property is offered at a lower price after some time. They then wonder whether there is something wrong with the property. We also recommended a suitable strategy for dealing with prospective buyers. Once Karl T. was convinced of our expertise, he commissioned us to sell his house. We took care of the marketing and managed the viewings. Two months later, the property was sold. After signing the purchase contract, a happy Karl T. told us: "I wish I'd had my house professionally valued straight away!"

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

Further information can be found 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

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.

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