Are you facing important decisions regarding your property and wondering what the right next steps are? Whether it's appraisal, sale, or handling an inheritance, having a clear plan is crucial. This guide shows you how to efficiently achieve your goals with data-driven strategies.
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The topic briefly and concisely
A comprehensive property valuation is the first and most important step to avoid financial mistakes and to create a solid basis for a sale or inheritance arrangement.
The early and complete compilation of all relevant documents (land register, energy certificate, building plans, etc.) is crucial for a swift and smooth progression of all real estate processes.
Both when selling real estate and dealing with an inheritance, a clear strategy for the next steps is essential to maximize value and avoid legal pitfalls.
The real estate market is complex, and decisions often have far-reaching financial implications. Many owners and heirs feel overwhelmed by the multitude of tasks. Do you need a quick, impartial valuation or are you planning to sell your property? Perhaps you are also faced with the challenge of managing a real estate inheritance. This article highlights the most important next steps in these scenarios, provides you with practical tips, and demonstrates how professional support can help you avoid costly mistakes and optimise the value of your property. Discover how to overcome typical obstacles with a clear strategy.
Laying the Foundation: The First Steps in Property Valuation
Before making important decisions, a well-informed property valuation is the first logical step. An online appraisal can provide you with an initial price indication in just about 3 minutes. For a detailed analysis, all factors of the property, its location, and the current market conditions are considered to determine a probable purchase price at a given date. A professional valuation protects you from misjudgements that can account for up to 30% of the value. Property valuation is subject to legal regulations and is therefore transparent. Knowing the exact market value is essential for the next steps in your property strategy.
There are three main methods for value determination: the comparative value method, the income value method, and the asset value method. The comparative value method is often used for owner-occupied properties and apartments, drawing on recently sold, similar properties. The income value method is ideal for rented properties as it capitalises future rental income. The asset value method, which considers only the production costs and land value, is often used for unique properties with few comparable properties. The choice of the appropriate method depends on the type of property and can affect the valuation’s accuracy by up to 15%. Precise value determination is the basis for all subsequent considerations.
Preparing documents: The foundation for every step of the process
Regardless of whether you want to sell, inherit or have something valued, complete documentation is crucial. Missing documents can delay processes by weeks. The most important documents for almost every transaction include a current land registry extract (no older than 3 months), the site map, and the energy performance certificate. The absence of a valid energy performance certificate can result in fines of up to 15,000 euros. Compile these documents early to avoid delays in your next steps.
For a sale or a comprehensive valuation, additional specific documents are required:
Floor plans and an accurate calculation of living space according to WoFlV.
A copy of the construction file including the building permit and construction description.
For condominiums: declaration of division and minutes of the last 3 owners' meetings.
For rented properties: rental agreements and a list of income/expenditure.
Proof of modernisations and maintenance (e.g. artisan invoices from the last 10 years).
Careful compilation of these documents not only speeds up the process but also builds trust with potential buyers or the appraiser. Organising these documents is an important step before entering more complex phases.
Planning property sales: Strategic next steps to success
Successfully selling a property requires a well-thought-out strategy and clear next steps. After the property evaluation (Step 1), the development of a sales strategy and planning follows (Step 2). Carefully consider which target audience you want to reach – a single-family house appeals to different buyers than an investment property. Clearly defining your target audience can reduce the selling time by up to 25%. We have already covered the organisation of documents (Step 3). This is followed by advertising and marketing (Step 4), viewings, price negotiations and contract closure (Step 5), as well as post-notary formalities (Step 6). An effective valuation process is crucial here.
The marketing phase is critical. A professional brochure with high-quality photos and all relevant information is essential. Consider which channels to use: online portals reach about 90% of all searchers. The notary appointment is a key milestone. The notary certifies the purchase contract and initiates the property transfer in the land registry. After signing the purchase contract and paying the property transfer tax (approximately 4-8 weeks after certification), the property transfer occurs. Handing over the property, including the keys and a handover protocol, completes the process. Good preparation for these steps can accelerate the sales process by several weeks.
Real Estate Inheritance: The Key Next Steps for Heirs
Inheriting property involves not only emotional aspects but also legal and financial obligations. The first step is to decide whether to accept or renounce the inheritance. You typically have only six weeks to do this from the time you become aware of the inheritance. Renunciation is advisable if the estate is over-indebted, as heirs are also liable for debts. Therefore, promptly assess the assets and liabilities. An important first step in evaluating the estate is essential here.
The following next steps are central in the event of inheritance:
Apply for a certificate of inheritance: This legitimates you as the heir to banks and the land registry office, in the absence of a notarial will. The costs for this can amount to several hundred euros.
Land register correction: Apply for the change of ownership in the land register. This is often possible free of charge within two years of the inheritance.
Check inheritance tax: Inform yourself about allowances (e.g. 500,000 euros for spouses, 400,000 euros for children) and possible tax exemptions, such as owner-occupancy of the property for at least 10 years.
Manage the community of heirs: If there are multiple heirs, all decisions must be made jointly. This often requires a high level of willingness to compromise. A partition auction should be considered a last resort, as it often leads to financial losses of 15-20%.
Early advice from experts such as the ImmoGPT-Chat from Auctoa can help make the right decisions and avoid costly mistakes. The complexity of an inheritance requires careful planning.
Enhance value and optimize costs: Intelligent next steps
Regardless of your specific goals, certain measures can increase the value of your property or reduce costs in the process. Minor renovations, such as a fresh coat of paint or replacing silicone seals in the bathroom and kitchen, can significantly enhance the first impression and increase the attainable price by up to 5%. Modernizing the heating system or installing new, energy-efficient windows can boost the value by another 5-10% and are often eligible for grants. Document all upgrades carefully, as this will be positively regarded during evaluation and in sales discussions. These evaluation steps are often critical.
There are differences in the costs for assessments: A brief appraisal for an initial evaluation often costs between 100 and 500 Euro. A comprehensive market value report, required for legal disputes or submission to banks, can cost 0.5% to 1.5% of the property's value – so for a value of 400,000 Euro, this would be 2,000 to 6,000 Euro. Clarifying early on what type of appraisal is needed can avoid unnecessary expenses. For many situations, like an initial orientation, an Auctoa valuation can represent a quick and cost-effective solution. The right information leads to better financial outcomes.
Conclusion: Successfully taking the next steps with a clear strategy
Successfully navigating through real estate processes—whether valuation, sale, or inheritance—largely depends on good preparation and knowing the correct next steps. A well-founded valuation always forms the basis and protects against financial disadvantages, often exceeding 10%. Carefully assembling all necessary documents can accelerate the entire process by several weeks and is essential for a smooth procedure. Whether selling or inheriting, a clear strategy and understanding of each phase reduce risks and optimise the outcome by up to 20%. The complexity of the subject often requires expert knowledge. Use digital aids like the ImmoGPT chat or a professional Auctoa valuation to plan your next steps in a secure and informed manner. This way, you make informed decisions and maximise the success of your real estate project.
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Additional useful links
Statistisches Bundesamt offers a page on construction prices and the real estate price index.
Statistisches Bundesamt provides a table on house prices and building land.
Deutsche Bundesbank offers a report on the real estate market in Germany.
ifo Institut publishes the ifo real estate index for April 2024.
Bundesfinanzministerium provides information on the property transfer tax.
Bundesnotarkammer offers information on purchasing real estate.
FAQ
What are the next sensible steps after an online property valuation?
After an online assessment, which provides an initial indication, the next step is often a detailed on-site assessment by an expert to obtain an accurate market value. Meanwhile, you should gather all relevant documents.
Do I always have to accept an inherited property?
No, you have the right to renounce an inheritance within six weeks of becoming aware of it. This is particularly advisable if the property is over-indebted, as otherwise you would be liable with your personal assets.
What role does the notary play in a property sale?
The notary is legally required. They authenticate the purchase agreement, inform both parties about the legal aspects, arrange for the registration of a priority notice, and finally, the transfer of ownership in the land register.
Can I increase the value of my property before selling it?
Yes, targeted measures such as renovations (e.g. bathrooms, floors), modernizations (e.g. heating, windows), or an appealing garden design can often increase the value by 5-15%.
What happens if an inheritance community cannot reach an agreement?
If co-heirs cannot agree on the management or sale of a property, the last resort often is partition auction. This is usually associated with financial disadvantages, as the full market value is rarely achieved.
Is an energy certificate mandatory when selling a property?
Yes, the energy certificate must be presented to potential buyers at the latest during the viewing and handed over upon contract completion. Failure to do so can result in hefty fines.
