Online valuation, on-site property valuation, expert opinion: Why a property valuation?
Are you wondering which type of property valuation is worthwhile for you? And why you should do a property appraisal in the first place?
We will inform you.
Property valuation is useful in many cases – especially if you are considering selling your property. Here, the valuation by a real estate agent or an expert helps to set a price in line with the market. But the valuation is also an important document in cases of inheritance, divorce and real estate financing.
Whether online, on site or by appraiser. We will be happy to present the various options for determining value, including their advantages and disadvantages, to you in more detail.
Online assessment: Quick and uncomplicated for an initial assessment
A property valuation via a freely accessible online tool is quick and uncomplicated and in many cases even free of charge. Input masks for online valuation are clearly structured so that the function is self-explanatory and can also be used by beginners. To estimate the value of your property, the tool needs as much information as possible regarding location, infrastructure, equipment, size and condition of the property in order to establish a comparative value. An online valuation can be useful to get an initial assessment of the property value and the market situation. However, due to the lack of neutrality, transparency and accuracy, an online valuation alone is not an alternative to a professional valuation by a real estate agent who knows the area.
Property valuation on site: Accurate results for a timely sale
Before selling a property, a professional property valuation is essential to reflect the current value of your flat or house. An on-site property valuation is carried out by an experienced real estate agent who objectively assesses the value of your property in order to generate a market-relevant asking price for a prompt sale. After viewing and inspecting the property for sale, the real estate expert prepares a detailed inspection report in which the condition of the property is recorded regarding the building fabric, energy efficiency, water and gas pipes, electrical systems as well as the roof and window constructions. Since individual values can be determined precisely based on the agent’s local knowledge, experience and knowledge of the market, an on-site property valuation provides more accurate results than an online valuation. In addition, there is the advantage that a real estate agent will also take care of obtaining all the necessary documents for the valuation as well as the subsequent marketing.
Get our voucher for a free valuation now:
Expert opinion: Exact inventory in the event of divorce or inheritance
Thanks to his many years of experience, an independent valuer is able to realistically assess the market value of your property even against a sensitive background. This may be the case, for example, if it is a divorce or inheritance property for which an accurate inventory is particularly important in order to achieve a fair sales price for all parties involved. A written appraisal by a legally recognised real estate appraiser is also necessary if you have to provide information about the value of your property to the tax office, an insurance company or a court. The determination of the market value also proves to be advantageous in terms of simplifying financing with banks and lenders.
What procedures are available for a property valuation and which is best for my property?
Depending on the type of property, other procedures for determining the value are useful or absolutely necessary.
The evaluation procedures in detail
Income approach
The capitalised earnings value method is intended for the valuation of rental properties. Here it is determined what future income can be expected that will affect the value of the investment property. This allows potential buyers to see how profitable it is to rent out the property.
The income value is calculated from the land value of the property, which is also called the net asset value, and the value of the income to be generated by letting or leasing. This results in the net income. In addition, the appraisal can make a forecast of future income.
Comparative value method
The comparative value method is a common method for valuing a property. Here, the current market situation in particular is used for the calculations in order to provide interested parties with an objective value. Purchase price collections for comparable properties in the immediate vicinity serve as a basis.
This procedure is used for undeveloped properties. If you are planning to sell a condominium or a house for private use, the comparative value method is usually the appropriate form of valuation for you.
Real value method
A third option for determining the value of a property is the asset value method, which requires a complex calculation. This procedure is relevant for properties that are to be used by the owner and not rented or leased, but do not have comparable properties nearby. The procedure is intended to estimate the costs incurred in the construction of the property.
To determine the real value, the certified expert uses the land value including the development costs and the real building value. The latter takes into account the construction value, the ancillary construction costs and the value of the remaining property, such as the garden. The remaining useful life also flows into the valuation.
Would you like to know how much your property is worth?
Contact us without obligation for a free valuation by our experts. We at BAMBERGER IMMOBILIEN look forward to your enquiry.
Our team looks forward to your call at +43 (0) 662 42 34 20. You can also send us an e-mail at office@bamberger-immobilien.at! We are here for you and will be happy to advise you!