Numerous free online calculators are available on the internet that allow you to estimate the value of your property in just a few minutes. However, these are not official valuation methods according to the German Valuation Ordinance (ImmoWertV). Can a suitable value still be determined using these tools?
You can find this tool on many real estate agent websites and property portals. To calculate the value, you need to enter some data, such as the property's location (postal code), living area, number of rooms, building condition, and property type (detached house, apartment, terraced house, multi-family house, etc.).
In the subsequent calculation of the property value, this data is compared with that of similar properties. Data quality is crucial here. Sometimes, asking prices, which are often higher than the actual purchase price, are used for this quick valuation. Other times, however, figures for actual sales prices based on sales collected by the valuation committees are used. Often, the data used by these online tools is not transparent to outsiders.
Naturally, the data available for a large city, where far more properties are sold than in a village, is better and more up-to-date. And it's easier to compare one apartment to another than a single-family home to another. This is because many other factors influence the value of a property, such as plot size, the condition of the garden, and additions like garages, conservatories, etc.
Therefore, this quick test can only serve as a rough guideline. It should under no circumstances form the basis of a price quote.
If you need to know the exact value because you want to sell or bequeath your property, you should commission an expert such as a qualified real estate agent, architect, or building surveyor to prepare an appraisal. Different calculation methods are used depending on the type of building.
Would you like to supplement your initial online price estimate with a professional appraisal? Contact us now.
Photo: AndreyPopov