Quick help with the most frequently asked questions

Questions & Answers

The most frequently asked questions from our practice are summarised here. If you can't find the right answer, please book a non-binding consultation appointment.

Questions about buying a property

The confirmation of a cancellation policy upon receipt of the exposé is required by law. It provides information about the obligation to pay the estate agent's commission in the event of success, without incurring any further costs, as long as no purchase is made. An exception may be an expense allowance for firm reservations.

A surveyor is not absolutely necessary, but is recommended, especially when buying a second-hand property. This can help to avoid unexpected costs and problems.

In addition to the purchase price, there are incidental purchase costs: 6 % land transfer tax in Berlin, 2 % for notary and court costs, and 3.57 % estate agent's commission, totalling approx. 11.57 %. These costs may vary depending on the federal state.

The purchase contract is read out at the notary appointment. Questions can be asked at any time, with the notary acting as an independent authority to ensure that everything runs smoothly.

The transfer of possession and ownership is regulated in the purchase contract and usually takes place one day after payment of the purchase price, after both parties have confirmed receipt of payment to the notary.

The notary's fees are around 2 % of the loan amount, as he also settles the land registry fees directly. The land transfer tax is between 3.5 and 6 %, depending on the federal state. These ancillary purchase costs of around 6-8 % must be taken into account when calculating the total investment.

When using equity in a loan agreement for a property or renovation, the bank expects a portion of the equity to be used for ancillary construction costs or purchase costs before it disburses a portion of the loan itself. Further parts of the loan are released as construction progresses. Notary fees and any estate agent costs incurred also directly reduce the equity capital.

As a rule, the bank requires the registration of a land charge on the property to be financed as security. This serves as security for the loan. In the event of payment defaults, the bank can realise the property in order to settle the outstanding amount.

How much can I afford?

Use our simple budget calculator to find out in just a few steps how much equity and what monthly contribution you need to finance your property.

How high are the ancillary costs?

Use our additional costs calculator to quickly determine the additional costs such as notary fees, land transfer tax and any estate agent fees.

How high are the interest costs?

Use our interest calculator to calculate your monthly instalments and the interest costs incurred for your loan in detail.

Should I rent or buy?

With our comparison calculator for renting or buying, you can quickly find out which option is more favourable for you in the long term.

Questions about selling a property

Yes, you need proof of insurance, building and fire insurance. Otherwise you will no longer be able to purchase a property. This means that every financing bank will ask for this proof of insurance. We also advise every buyer who buys a property without a bank to have proof of insurance. Otherwise, this property is not insured. Should damage occur, your capital would be lost if you do not have insurance.

You do not necessarily need planning permission or building plans before you buy.

However, when purchasing a second-hand property, we recommend that you obtain the architect's plans or the plans that are usually attached to the declaration of division. The certificate of completion has been drawn up by an architect - you should definitely have this document. Depending on which credit institution you have your financing with, you should also have the construction plans. However, this varies from case to case.

From the annual accounts of the last few years, you can see what costs have been incurred in a house, whether they have been paid and whether there are any outstanding costs. This can occur, for example, in a case where tradesmen have provided a service and there are still warranty claims or where tradesmen have provided services that have not been paid for because there have been disputes. In such a case, you should get a clear picture of the economic structure of the building.

You do not always need proof of repairs. This depends in particular on whether you are selling a new build or an old building. If you are selling an old building, you will need proof, especially if it is many decades old. It is important for you and the bank to know what has happened in recent years, whether and if so, which renovations, refurbishments or repairs have taken place. All of this can be found in these documents.

If you want to sell or let a flat, you always need an energy performance certificate - this is mandatory by law. There are two different energy performance certificate classes, one based on demand and one based on consumption.

You need a floor plan to scale if you want to sell a property, and especially if the buyer wants to lend on the property - i.e. wants a loan from their bank. All banks now ask for a dimensioned floor plan.

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Questions about the valuation of a property

If you cannot find an answer, please book a non-binding consultation appointment.

An accurate assessment of the sales value is crucial for any decision to buy or sell. Both buyers and sellers benefit from knowing the current market value of a property. Our online property valuation offers you a quick and non-binding way to determine an initial guide value.

Using our online valuation gives you a sound basis for optimising the sales process and achieving the best possible price for your property. Take the opportunity and have the current market value of your property assessed conveniently online.

No online valuation can fully capture the exact value of a property, as many individual factors play a role that often cannot be taken into account online or are inaccessible for data protection reasons.

Online property valuations are usually based on statistical methods. These are based on general market data and take into account standard criteria such as living space or the number of floors. However, other factors, such as special property types, unusual features or specific locations, have a considerable influence on the value. Such special features, which often have a major influence on the sales price, are not or only insufficiently taken into account in online valuations.

In addition, the supply and demand situation plays a decisive role: sought-after property types or locations generally achieve higher prices, while in less sought-after locations the property value and thus also the potential sales price can fall.

Conclusion: An online assessment is a good starting point for gaining an initial overview of the potential market value, but it is no substitute for a detailed assessment by an expert who can take all individual factors into account.

With our online valuation, you can enter the most important data and individual features of your property step by step. Based on relevant market data, current comparative values and the current supply and demand situation, an initial guide value is calculated for your property.

The initial valuation is quick and uncomplicated. All you need is information on the living space, plot size and year of construction of your property. The other questions are also easy to answer. Immediately after entering your data, you will receive a price range as an initial indication of the current market value of your property.

As the exact value of a property is influenced by various additional factors, we receive the result by e-mail. On request, we can then prepare a more precise and detailed valuation for you.

Our tool is also used by banks and insurance companies for initial analyses and assessments for credit enquiries. This emphasises the quality and significance of the values obtained.

An online property valuation can provide helpful initial guidance, but is no substitute for a detailed valuation by a surveyor. Online valuations are usually based on statistical methods and general comparative data that take into account factors such as the living space, year of construction and location of the property. They provide a quick estimate of the potential market value based on up-to-date data.

However, special features of a property, such as high-quality fittings, special architectural details or exceptional locations, cannot be comprehensively recorded online. However, these individual features play a decisive role in determining the exact value of a property. In addition, not all relevant information may be included online for data protection reasons.

A valuation by an expert goes much deeper. Not only are all the individual factors of the property recorded on site, but specific market knowledge and structural features are also taken into account. This leads to a more precise and often more realistic assessment of the actual value.

Conclusion: An online valuation is ideal for an initial assessment, while an expert valuation provides a detailed and accurate basis for the sales process.

The Income capitalisation approach is a valuation method that is used in particular for investment properties such as rental flats, office buildings or commercial properties. The focus here is on the Earningsthat can be generated with the property, i.e. the rental income or lease income.

The capitalised earnings value is determined by Annual net income of the property (rental income less management costs) is capitalised, i.e. the income is discounted over a specific period. This is done by applying a suitable capitalisation rate that reflects the market conditions and risks.

The Land value This is considered separately from the value of the building, as the land typically does not depreciate in value. The building value, on the other hand, is valued taking into account the remaining useful life and wear and tear.

In summary, the capitalised earnings value method provides the economic value of the property by taking into account the potential income that the owner can realise through letting or leasing. This procedure is particularly relevant for properties that are primarily used as Investments serve.

 

The Asset value method is a procedure that is primarily used for owner-occupied properties, such as detached houses or special types of buildings. It is used when the Market value cannot be determined by comparable sales (as in the comparative value method) or by realisable income (as in the capitalised earnings value method).

In the asset value method, the value of the property is calculated on the basis of the Production costs and the condition of the property. The asset value is made up of two main components:

  1. Land valueThe value of the property is determined separately, based on the current standard land values for the respective location.

  2. Property valueThis value is calculated on the basis of the current Restoration costs of the building, i.e. the amount that would be required to rebuild the property in the same way today. Factors such as construction costs, material value and technical equipment are taken into account. A reduction in value is deducted from this value due to Wear and tear or age is deducted.

The asset value method therefore reflects the actual physical value of the property, without taking into account the potential income or market conditions. It is particularly suitable for properties where the value in use is the main focus and not primarily the capitalised earnings value or market demand.

The Comparative value method is a valuation method that is based on the comparison of similar properties in order to determine the market value of a property. It is primarily used for properties where many comparable properties exist, such as Condominiums, Terraced houses or undeveloped properties.

In the comparative value method, the value of the property is determined by comparing it with the actual purchase prices of similar properties in the same or a comparable location. The following factors play a role here:

  1. Location of the property: The prices in the immediate neighbourhood or in similar locations are used.
  2. Size, condition and equipmentThe comparison is based on criteria such as living space, plot size, year of construction, condition and special features.
  3. Market situationCurrent market conditions, such as supply and demand in the region, are also factored into the valuation.

The purchase prices of these comparable properties are used to calculate the Comparative value are taken into account. Any differences in equipment, condition or location are equalised by surcharges or discounts in order to adjust the value precisely.

The comparative value method is considered to be particularly reliable as it is based on real market data. It is often used for owner-occupied properties and land, as there is usually sufficient comparative data available from the surrounding area.

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In our YouTube videos, we show you how we can support you as an estate agent! Find out how we can help you buy or sell your property.

Well-prepared documents are the key to success when selling a property. We support you in compiling all the necessary documents.

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