"What is (my) a property worth?" This question must be answered by Minkner & Partner’s real estate experts on an almost daily basis. Sellers and buyers have very different ideas for one and the same property, regardless of the fact that the seller always gets the highest possible price and the buyer wants to pay as little as possible ( "Do not you have a real bargain ...??" ). The seller often has a very subjective view of the price: he has perhaps built the house himself (blood, sweat and tears), has perhaps also had to do without or lovingly decorated the house himself and made "a nest" his family. Or perhaps he has watched the children and grandchildren grow up in it. All are subjective aspects, which will not be included in a reputable real estate valuation. And the buyer: he may not know the particular circumstances of the situation, perhaps a price limit has been set that does not comply with comparable objects. In short, this requires a neutral specialist, who is capable of a serious assessment due to his education, experience and market knowledge.
If the experts from Minkner & Partner are asked for a valuation of a Mallorca property, it is usually determined by market values , i.e. the value that can be achieved in the market. To this end, procedures have been developed that are applied internationally, including Mallorca. The most important of these procedures are the income approach , the asset valuation and the comparative value method.
The determination of the value of real estate aims to make a prediction as to how future buyers will behave towards a particular property. A highly probable purchase price is therefore to be determined. This is the most probable purchase price. When evaluating, the personal preferences of the owner that he has implemented in the property need not be considered unless there is likelihood that there will be a larger group of interested parties sharing these preferences and willing to pay a certain price. If, for example, a figure skater has built an ice rink on his property that he can use at any time thanks to elaborate ice machines, this system can only be included in the evaluation if the expert sees a great probability that a multitude of others Ice skaters will be interested in this property. If this is not the case, the ice rink does not count. This example also makes it clear that the evaluation does not take into account what it has cost, but only what it is worth to a larger interested public.
This income approach is applied primarily to real estate where a return is achievable, namely for tenants, business premises and commercial properties such as, hotels and hospitals. In this procedure, the expert takes into account the existing stock, its probable lifetime and the possible yield. In the daily assessment practice of Minkner & Partner, the income approach method is rarely used, as it is not relevant for the valuation of second homes and properties used only by owners.
More important is the asset valuation that the expert assesses the fair value taking into account cost of building, construction defects and damage and useful period of time remaining. Additional factors taken into account are done so through market adjustment factors such as location and surroundings.
This Finally, the comparative value method , derives the market value of a property from the actual realized purchase prices from other properties which are comparable to the property to be assessed in terms of position, use, condition, configuration and fixtures and fittings. Increases and decreases are then made according to any anomalies. Therefore, corresponding comparative properties must always be found and the anomalies must be correctly assessed.
The valuation practice of Minkner & Partner usually involves a mixture of material value and comparative value methods. Minkner & Partner has one of the largest real estate banks on the island, due to its more than twenty years of activity in Mallorca. With this data material and the collected data of the property to be assessed, the property value is then adapted by a factor to the local conditions of the current market, which means that the market value is defined as the following in Germany in § 194 BauGesB: "The market value shall be determined by the price at the time to which the valuation refers, in the normal course of business, according to the legal situation, other attributes and the characteristics and location of the plot or other object under valuation without considering extraordinary or personal conditions.
If you want to have reputable valuation of your property, the professional Minkner & Partner team is at your disposal.
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