Imagine you want to sell your car. You enter the make, model, and year of manufacture on an online platform and immediately receive a price suggestion. But is that really the final value? Probably not. The price also depends on factors such as the condition of the car, any repairs, mileage, and much more. the situation is similar with real estate—only much more complex.
Online valuation: fast but standardized
In today's digital world, everything seems to be just a click away—even the value of your property. An online valuation often seems tempting, especially when it is free and available immediately. But here's the catch: these tools use standardized data that cannot always take all the decisive factors into account.
What happens during an online valuation?
Online tools mainly draw information from databases. This includes:
- Location of the property: The postcode or city is taken into account.
- Size and year of construction: The floor space and age of the building are included in the calculation.
- Comparative values from the region: The most recent sales data for similar properties in the area are used as a basis.
This data provides a rough guide, but a truly accurate valuation is often not possible. Why?
The "invisible" factors
A nice example: Imagine two houses on the same street. Both are the same size, were built in the same year, and are located next to each other. Online tools would probably give the same value for both properties. But in reality, they could be valued completely differently.
- Condition of the property: Has one house recently undergone extensive renovation, while the other is getting on in years? Online tools are usually unable to capture such details.
- Special features: A well-kept garden, a high-quality kitchen or a newly modernized heating system – all these details influence the value but are often not taken into account.
- Micro-location: A property that is only one street away but has a better view or is in a quieter location may have a higher value than the algorithms can calculate.
A practical example:
We remember a customer who wanted to have his house valued. The online valuation was around €500,000. However, during our on-site inspection, we discovered that the house had particularly high-quality fittings, with a custom-made kitchen and an impressive conservatory. According to our valuation, the actual market value was $600,000. The online tool was simply unable to capture these special features.
Personal advice makes all the difference
A property is more than just square footage and year of construction. It also reflects the stories of the people who live in it. And every property is unique. A personal on-site appraisal by an experienced real estate agent takes all the decisive factors into account:
- The quality of the building fabric
- The state of renovation and modernization
- Special features
- Current market situation and demand in the region
- Micro-location and surroundings
The result is a well-founded and realistic estimate of the market value of your property—one you can rely on.
Conclusion: Online valuations as a first step
Online valuations are a good starting point for getting a rough idea of the value of your property. However, for a precise assessment, there is no substitute for an individual, professional valuation. Just as you would ultimately rely on an expert when selling a car, you should also seek sound advice when selling your property.
This is the only way to be sure that you know the actual value of your property and that you are not giving away a single cent.
If you would like to find out more about the exact value of your property, we are available at any time for a non-binding and free consultation.
Have your property professionally valued – trust in over 25 years of expertise in the Olpe district!
At Garcia & Co Real Estate, we are here to assist you with our many years of experience in determining the exact value of your property. Schedule a non-binding consultation now and benefit from our comprehensive knowledge of the local market.
Contact us today!