Berlin apartment valuation
Are you thinking about selling your Berlin apartment and would like to get it previously assessed? There is good news: the valuation of a flat in Berlin is easier than the assessment of a Berlin house.
But even for the valuation of Berlin real estate there are a number of peculiarities that must be taken into account.
Prices per square meter as basis
In the valuation of a Berlin property the price per square meter (sqm) plays an important role. This applies especially to vacant Berlin apartments, where buyers, on a regular basis, assess their price worthiness based on prices per sqm. Example: in the Berlin property market the cost for existing flats in good locations is around 3,000 euros per square meter, and for new berlin properties it can rise up to 4,500 euros per sqm.
It is important to notice that a flat located in a district where the price per sqm is for example 2,500 euros, could however be worthy only 1,200 euros, or by contrast, 3,500 euros per square meter. The differences could be substantial because in the valuation of a Berlin residential property, many factors that could increase or reduce the average price come into play.
Examples of criteria that affect the value of a Berlin apartment:
- District and micro location of the Berlin condo
- Year of construction and condition of the Berlin flat
- Apartment floor
- Floor plan, brightness, etc.
Past data is decisive in the valuation of Berlin property prices
In the valuation of a property in Berlin there are many empirically established figures, because a large number of Berlin apartments and Berlin houses are sold every year. So, it is possible based on the year of construction, to draw statistical conclusions about the Berlin real estate prices (e.g. Berlin property prices of Berlin apartments from the 1960s are lower than new or pre-World-War-II Berlin apartments).
Nevertheless, the valuation of Berlin flats is not easy, because the Berlin real estate market price is determined by a great number of factors.
Joint Berlin property in determining the value of Berlin apartments
Furthermore, to be considered in the apartment valuation, is that the owner of a Berlin flat has also stakes in the entire building and facilities (joint property). The resulting aspects and issues (e.g. maintenance and modernisation needs, legal disputes in the community, etc.) may also affect the value of the Berlin apartment.
Value of a rented Berlin apartment in comparison to a vacant Berlin flat
The value of a rented Berlin apartment is primarily determined by the amount of rental income. Rented Berlin apartments are usually worth less than vacant Berlin flats, because the owner, if a permanent lease has been signed, cannot have the apartment at its free disposal. In good locations the price reductions can be up to 30 %.