The valuation of a property is a crucial step when selling or buying property. The value of your property depends on various factors that need to be carefully considered. In this blog post, we would like to explain how the value of your property is determined, whether free property valuations are available and how you can get the best price for your property.
How is the value of my property determined?
Property valuation is a complex matter, as many different factors influence the value of your property. Some of the most important aspects that are taken into account in the valuation are
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Location of the property:
Location is perhaps the most decisive factor when it comes to valuing a property. A property in an attractive area - be it close to schools, shops, restaurants, public transport or in a popular neighbourhood - is usually worth more than one in a less sought-after location. This applies not only to urban areas, but also to rural regions, where proximity to major transport links or natural attractions can have a significant impact.
The Micro location plays a key role here - such as the specific neighbourhood or even the orientation of the property. If your house is located in a quiet, well-kept street, this can significantly increase its value.
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Size and condition of the property:
The overall size of the property, both in terms of the plot and the living space, has a direct influence on the price. The condition of the property also plays a role. Has the property been regularly maintained? Are there any modern renovations or could it benefit from renovation?
Factors such as the age of the building, the quality of the building materials and the presence of energy-efficient appliances or state-of-the-art technology can also influence the value. A well-maintained property that is regularly serviced usually fetches a higher price than one that has been neglected.
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Comparables:
One of the most common methods of valuing a property is to compare it with similar properties (known as „comps“). This involves comparing your property with recently sold or currently offered properties that are in the same area and have similar characteristics to your property.
Selecting the right comparative properties is crucial in order to obtain an accurate valuation. Factors such as the size, year of construction, fixtures and fittings and location of the properties are taken into account. An experienced estate agent can help you find comparable properties and provide an accurate estimate of the value of your property.
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Market conditions:
The value of your property is also influenced by the current market situation. In a Seller's market, In a market where demand exceeds supply, you can set a higher asking price. In a Buyer's market, In a market where there are more properties than buyers, sellers may have to adjust their prices to attract the interest of potential buyers.
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Special features of the property:
Special features such as a garden, a terrace, a balcony or a high-quality pool can increase the value of your property. Additional amenities such as a modern kitchen, a fireplace or a well-developed basement or attic can also be considered value-enhancing elements.
Does your company offer a free property valuation?
Yes, many estate agents, online platforms and property portals offer a free property valuation. As a rule, this is an initial rough estimate of the property value based on publicly available data such as sales figures, market trends and the comparative values of similar properties.
This free evaluation can be a good orientation if you want to get an overview. However, it should not be considered a final valuation as it may not take into account important individual factors. A professional estate agent or valuer will usually carry out a detailed valuation, which will include an inspection of the property and a thorough analysis of the market conditions.
Some agents offer a free valuation as part of their service, especially if you intend to sell the property through them. These valuations often include not only a pure numerical analysis, but also an assessment of the sales strategy and market potential.
How can I achieve the best price?
Getting the best price for your property is a process that requires both preparation and strategy. Here are some tried and tested methods to get the most out of your property:
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Optimum presentation of your property:
A well-maintained property sells much better. A thorough clean, painting the walls in neutral colours and getting rid of unnecessary clutter can work wonders. Consider whether you should carry out minor renovations or repairs - such as replacing the flooring or modernising the kitchen or bathroom. An attractively designed property is not only more valuable, but will also attract buyers more quickly.
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Professional photos and virtual tours:
In the digital age, first impressions are crucial. Poorly lit or blurred photos can put off potential buyers. Invest in a professional photographer who will present your property in the best possible light. A virtual tour or 3D plan can also help to give prospective buyers a realistic idea of the property without them having to be on site.
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Pricing strategy and market analysis:
It's important to set the right price. If you price your property too high, you risk it staying on the market for too long, which can lead to a drop in price. On the other hand, if you price it too low, you could potentially lose valuable income.
An experienced real estate agent will analyse the market conditions in detail and help you to set a competitive and realistic price. In doing so, they will take into account both demand in the region and price trends.
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Time of sale:
The timing of the sale can also have a significant impact on the price. In many regions, spring and summer is the peak season for property purchases as the weather is better and families are looking to relocate before the new school year begins. An experienced real estate agent can help you determine the best time to sell your property.
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Negotiation management:
A good sales pitch is crucial to getting the best price. Be flexible, but also be prepared to insist on a reasonable price. An experienced estate agent will handle the negotiations so you don't have to deal with potential buyers. An estate agent knows how to negotiate the best deals and how to differentiate themselves from dodgy offers.
Conclusion:
Property valuation is a multi-layered process that takes various aspects into account, from the location and condition of the property to the current market conditions. A free property valuation can give you an initial guide, but a professional valuation is essential for an accurate price.
To achieve the best price for your property, you should not only focus on the right price, but also on a perfect presentation, the right sales strategy and good negotiation skills. An experienced estate agent can help you to accurately determine the value of your property and achieve the best possible offer.
