Property valuation

from Wikipedia, the free encyclopedia

The land and property valuation (also outdated goods assessment ) is a by legal norms regulated valuation which sound through the application of operational, legal and structural engineering expertise a market value ( market value ) of developed and undeveloped land and land rights ( real estate ) at a certain date in the ordinary Business transactions determined.

Purposes

Qualification

The land valuation is usually by use qualified experts carried out for land valuation. The designation "expert" or "expert" is not protected in Germany. The following common forms occur in right-hand traffic:

  • the publicly appointed and sworn expert at the Chamber of Architects or IHK
  • the independent expert (often affiliated with an association)
  • the certified expert.

The certified experts are certified on the basis of DIN EN ISO / IEC 17024. On the basis of the Accreditation Body Act (AkkStelleG), five certification bodies are currently (as of January 2018) accredited by the German Accreditation Body (DAkkS) in the area of ​​"Property valuation experts":

  • DIAZert, Freiburg,
  • EIPOSCERT, Dresden,
  • HypZert GmbH, Berlin,
  • IQ-ZERT, Sankt Augustin,
  • Sprengnetter Certification GmbH, Bad Neuenahr-Ahrweiler.

In principle, an expert is expected to

  • has several years of professional experience,
  • has above-average real estate expertise,
  • Can prepare reports,
  • lives in economically orderly circumstances,
  • guarantees impartiality and independence.

Experts usually have a scientific university - or technical college in architecture , civil engineering , facilities management , surveying engineering , business administration , construction economics , real estate economics , urban planning or geography and several years of professional experience or further training in the field of property valuation. According to § 193 BauGB, an expert committee also issues market value reports .

Educational academies offer relevant courses for special qualification (“above-average real estate expertise”) as an expert.

Goal in the land valuation is to determine the market value ( market value ) within the meaning of § 194 Building Code. Various recognized valuation methods are used for this.

German procedures, standardized

Comparison value method

In the comparison value method , purchase prices for properties that are sufficiently consistent with the property to be valued due to their intrinsic value (so-called comparison properties) are to be used. This method is particularly suitable for the valuation of undeveloped land and condominiums . The prerequisite is that there is a sufficiently large number of objects to be compared. Small differences in the nature of the property can be compensated for with a compensation procedure. The more specific the property, the less suitable the comparison value method is for practical use ( Section 15 ImmoWertV).

Capitalized earnings method

When applying the capitalized earnings method , the value of the building must be determined separately from the land value on the basis of the income. The land value is usually determined using the comparative value method. To assess the building, the condition and remaining useful life are considered. In addition, alternative possible uses are evaluated in order to include the entire economic potential in the evaluation. The discounted earnings method comes into play in particular when the achievement of income is the decisive criterion for real estate investment or when the type of real estate is usually rented on the market. This mainly applies to residential properties with three or more residential units , commercial properties and so-called operator properties such as hotels , hospitals and leisure properties ( sections 17 to 20 ImmoWertV).

Real asset method

When using the material value method , the value of the structural system, such as buildings, outdoor facilities and special operating facilities and the value of the other systems, must be determined separately from the land value according to the normal production costs . The land value is to be determined using the comparative value method. The real value method is mainly used for owner-occupied properties such as single-family homes. The real asset is also adjusted for the market in order to arrive at a result that is in line with the regional market ( sections 21 to 23 ImmoWertV). The real value guideline contains important information on the real value method and the determination of real value factors.

application

These three procedures are standardized in Germany by the Real Estate Valuation Ordinance (ImmoWertV) and are used in current court practice.

To complement the property valuation Regulation (ImmoWertV) are valuation guidelines (WertR) observed.

German procedures, not standardized

The "broker procedure" is a simple method for a rough appraisal of a property. The net income from the property is multiplied by a factor that depends on the type of property .

example

Factor is the assumed 15-fold value: 

  Reinertrag im Jahr:       100.000 Euro
  × Faktor 15:            1.500.000 Euro
  = Kaufpreis Immobilie:  1.500.000 Euro

The residual value method is used to determine the maximum land purchase price for a property.

International procedures

There are other procedures that are used internationally:

Evaluation standards

literature

  • Thomas H. Garthe: The valuation reform. With all changes 2010. Haufe Verlagsgruppe, 2010, ISBN 978-3-648-00852-2 .
  • Wolfgang Kleiber among others: Determination of the market value of properties. Commentary and manual for determining market values ​​(market values) and lending values ​​as well as for tax assessment taking into account the ImmoWertV. 8th, completely revised edition. Bundesanzeiger Verlag, Cologne 2017, ISBN 978-3-8462-0680-5 .
  • Regina Koch: Real estate valuation made easy . Interna Aktuell, Bonn 2000, ISBN 3-934662-08-0 . ( also as e-book )
  • Ralf Kröll, Jürgen Piehler, Goetz Sommer (Ed.): Property and building valuation. Loose-leaf collection with CD-ROM. Haufe Publishing Group, ISBN 978-3-448-03343-4 .
  • Wilfried Mannek: Professional handbook valuation of real estate. Walhalla Fachverlag, Regensburg 2011, ISBN 978-3-8029-3354-7 .
  • Peter Zimmermann: ImmoWertV. Real estate valuation ordinance. Comment. 1st edition. Verlag CH Beck, Munich 2010, ISBN 978-3-406-60257-3 .
  • Hans Otto Sprengnetter (Ed.): Real estate valuation - textbook and commentary. Loose-leaf collection. Sprengnetter publishing house, Bad Neuenahr-Ahrweiler, ISBN 3-937513-02-7 .
  • Hans Otto Sprengnetter, Jochem Kierig: ImmoWertV: The new valuation law - commentary on the real estate valuation ordinance . Verlag Sprengnetter, Sinzig 2010, ISBN 978-3-937513-51-5 .
  • Goetz Sommer, Ralf Kröll: Textbook on real estate valuation: Taking into account the ImmoWertV and the real estate guideline. 4th edition. Luchterhand, 2013, ISBN 978-3-8041-3092-0 .
  • Götz-Joachim Gottschalk: Technical and textbook "Real estate valuation". 3. Edition. Verlag CH Beck, Munich 2014, ISBN 978-3-406-65243-1 .

Web links

Individual evidence

  1. ↑ Commercial property. Retrieved March 26, 2020 .
  2. ↑ Announcement of the guideline for determining the real value (real value guideline - SW-RL). (PDF) In: Bundesanzeiger . Federal Ministry of Justice, October 18, 2012, accessed on April 17, 2019 .