Finding the right property price: How to get a fair valuation for your property
Assessing the value of your own property is a challenge for many owners. A price that is too high can put off potential buyers, while a price that is too low gives away cash. But which pricing strategy is the right one and how can the value of your property be reliably determined?
Why the right price is crucial
The property market is dynamic and optimal pricing requires expert knowledge and experience. Pricing too high unnecessarily prolongs the sales process, while pricing too low could put you at a financial disadvantage. Sometimes, however, a slightly lower starting price can bring advantages by stimulating competitive bidding.
Criteria for property valuation
The value of a property is determined by various factors, including
- Location: Proximity to infrastructure, schools and local recreation.
- Plot size: The bigger, the more valuable.
- Communal areas: Share and condition.
- Living space and property type: Size and type (detached house, flat, etc.).
- Equipment: High-quality or standardised equipment.
- Year of construction and renovations: Age of the property and modernisation work carried out.
- Market situation: Local supply and demand.
- Special features: Unique features such as views or listed buildings.
Valuation procedure for properties
Depending on the type of property, different methods are used to determine the value:
- Comparative value method: For undeveloped land and condominiums that can be easily compared with similar properties.
- Asset value method: For houses where no direct comparative properties exist.
- Income capitalisation approach: For apartment blocks and commercial properties where the focus is on returns.
Online reviews vs. expert opinion
Online valuation tools offer an initial orientation and provide average values and price ranges. But be careful: these values can differ greatly from the actual value of your property, as they do not take into account individual features such as special fittings or modernisations. A professional on-site valuation by a local market expert is essential to determine the actual value.
Conclusion: Rely on expertise
The value of a property depends on many factors. A well-founded valuation by an expert on site not only ensures you the optimum sales price, but also avoids unnecessary delays in the sales process.
Get non-binding advice now
Robert Schüßler
Property valuer (EIA and IHK)
Note: This text is for information purposes only and does not constitute legal or tax advice. Please consult an expert if you have individual questions.
