Most homeowners still know how much their house cost when they bought it. But how much the house is worth now makes many owners uncertain. Because if you set the price too high, you might 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?
In order to set the right price, expert knowledge, knowledge of the current situation on the real estate market and a lot of experience are necessary. And to be able to determine the optimal entry price, many local market factors have to be taken into account. This can only be done 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 of these are: Location, plot size, proportion of common areas, living space, type of property, standard of fittings, year of construction, renovations and structural changes carried out, 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 capitalised earnings value method. The comparative value method is usually used for undeveloped land and owner-occupied flats, for which there are usually several comparable properties. For the sale of houses for which there are no comparable properties, the valuation is carried out using the asset value method. The capitalised earnings method is used for multi-family houses and commercial properties where the focus is on yield and not on owner-occupation.
Online valuations can also be used for an initial orientation as to what the property is approximately worth. Here, average values and price ranges can be determined in a few minutes. But be careful: the average values can deviate considerably from the actual value of your own property. After all, it is subjective whether a property is of high quality or "normal". Therefore, there is no substitute for an on-site valuation of the property by a local market expert.
Photo: AndreyPopov
