How can I value my detached house?

In this context, the market value is derived on the basis of the construction costs for the buildings and the land value. The land value is determined using the comparative value method (Sections 15–16 of the ImmoWertV), i.e. either by reference to comparable prices of sufficiently similar comparable plots of land (Section 15(1), second sentence, ImmoWertV) or by using standard land values (Section 16(1), second sentence, ImmoWertV).

In the second step, the building’s real value is determined using standard construction costs (NHK 2000 or NHK 2010), which are subdivided into different fit-out classes and building types. The nationally standardised values should be adjusted according to the federal state, the size of the locality and trends in construction costs in order to arrive at a value appropriate to the property being valued. In addition, there may be building components not covered by the NHK, e.g. outdoor facilities, fixtures and garages.

Finally, an assessment is made as to whether the market accepts the determined provisional asset value as it stands, or whether a significant adjustment to market conditions is required through the application of surcharges or discounts.

Reasons for surcharges could include, for example, particularly attractive architecture or interior fittings that are in above-average demand. Reasons for discounts might include, for example, a floor plan layout that is not in high demand or fittings that do not reflect current tastes.

Valuation committees often provide average real value factors as a guide in this regard, although each property should be assessed individually on the basis of excellent market knowledge.