The true value of a property

MYNE has made it its mission to fulfil the dream of a second home for as many people as possible. Not just anywhere, but with holiday homes in the most beautiful places in Europe. In the process, we too are confronted with the current movements in the real estate market. Whether it is rising interest rates, higher construction and ancillary costs due to inflation or the growing demand for the sustainable nature of a residential property - the decision for or the search for a suitable holiday property is becoming increasingly demanding and complex. MYNE sees itself as an upstream quality filter: we have carefully selected every property we market. All properties are checked both structurally and legally for their suitability and quality, and must meet the high quality standards of our clients.

Furthermore, we pay attention to a wide range of offers, in which individual preferences of all kinds can be found. Important: all properties we sell are fully furnished to a high standard - by specialists who have an eye for the harmonious combination of design and function. This ensures that the critical success factors for the value of a property are optimally taken into account. In combination with our co-ownership concept, the potential holiday homeowner is almost perfectly prepared to face the current situation on the real estate market.

To ensure our high standards in the selection and valuation of properties, we work together with qualified experts such as Patrick Beier. As an absolute professional in the field of real estate appraisals, we regularly commission him as an expert to put selected properties through their paces. In a short interview, he told us what to look for in a property, especially under the current conditions, so that you can enjoy it and at the same time make the safest possible investment. For this purpose, we have compiled the most important questions on the subject of real estate valuation that we are currently confronted with the most.

Which core factors significantly influence the development of a property's value?

While for many real estate agents it is primarily "location, location, location" that means good value development, for us experts the aspects are much more complex: from the quality of the macro- and micro-location, the demographic development to the energy quality and accessibility of the property. Especially the last two aspects are often underrepresented in holiday properties. But at the end of the day, there is still the question: How expensive will a holiday in your own holiday home be, and how long can you use your dream property in old age?

What role does sustainable housing play today and in the future, and how does the topic influence the real estate markets?

We are currently experiencing a severe energy crisis - not only in Germany. For many people it is already financially tight within their primary residence, and if the holiday property now has an enormous increase in management costs as well, it is sometimes no longer affordable. Since 2010, valuation experts have had to include statements on the energy efficiency of a building in their appraisals. This aspect was neglected for a long time, but has become more and more important in recent years (not just now). The legal requirements for energy refurbishment also play into this: soon it will no longer be a question of whether I want to refurbish my house for energy efficiency - soon refurbishment will be mandatory. The planned EU Energy Efficiency Directive is to stipulate that residential buildings must achieve at least energy performance level F by 2030. By 2033, at least category E must have been achieved and refurbished accordingly. Naturally, energy-efficient buildings will meet with a larger group of buyers - which will be reflected positively in the price.

What new regulations will homeowners face in the near future?

As I just mentioned, the EU is planning to introduce an energy efficiency directive and is unlikely to meet with much resistance at the moment. But already today there are obligations under the Building Energy Act to carry out energy-efficient refurbishment, for example when there is a change of ownership.

What does this mean for purchase prices and maintenance costs with regard to the increased energy requirements?

Let us imagine the following case: Two exactly identical properties stand next to each other on two identical plots of land. One of them, however, has been renovated for energy efficiency. Which property would appeal to the larger group of buyers? Exactly, the one that has been renovated for energy efficiency, since there are no more investments to be made here. In addition to the costs for the energy-efficient refurbishment, an economically active market participant would also take into account the waiting time for the duration of the refurbishment as well as an increased expense for the non-refurbished property. This is a double problem for non-refurbished buildings.

To what extent does green building influence the valuation of a property?

Buildings that are certified as "green buildings", for example by the DGNB (German Sustainable Building Council), I would personally rate as "particularly marketable" better than "standard properties" in the context of real estate valuation.

How is the state subsidy responding to the increased effort of homeowners?

So far, unfortunately, somewhat slowly. Recently, the subsidy for new buildings was partially cancelled, which was not at all wrong: measures were promoted that should have already been implemented to a large extent with regard to the regulations in the Building Energy Act. That was not purposeful. Unfortunately, a nationwide, innovative promotion is still a long time coming.

What should potential buyers pay particular attention to when buying a house - especially against the background of the higher energy requirements and stricter regulations in the future?

A detached single-family house in Germany costs on average about 500,000 - 600,000 €. The costs for an expert are about 500 - 1,000 €, i.e. about 0.1 - 0.2 % of the purchase price. However, the expert then checks applicable regulations, construction flaws, structural damage and much more. Actually a good investment to avoid an unpleasant surprise, isn't it?

Interview partner: Patrick Beier - Owner, Head of Expert Opinion Department Certified expert for market and mortgage lending value appraisals of real estate, ZIS Sprengnetter Zert (residential & commercial), banker (IHK), mediator (FH) https://www.sachverstandmitherz.de/