Inheritance & estates
When a property value is needed in a transparent form within a community of heirs, for compulsory share questions or for a statement of assets.
Full market value report · Verkehrswertgutachten
Full market value report for property
A property value is not an opinion.
A full market value report has to show how the value is arrived at: from market data, documents and the property itself. I research, review and value personally, and put my name to it.
Jens Krüger · Let’s talk: +49 172 868 5666
A full market value report (Verkehrswertgutachten) determines the market value of a property as at a specific date and documents transparently how that value is derived from the characteristics of the property and the conditions of the property market.
from €2,599 incl. VAT
For flats and houses with up to 160 m² of living area under normal valuation conditions. For more complex properties and special valuation requirements, you receive an individual quotation before you place the instruction.
What is a full market value report?
The market value is the result. The full market value report documents the path to that result.
A full market value report is a comprehensive expert valuation of a property. The key difference from a short-form valuation is not that a “different” market value is determined. What matters is the much greater scope of review, research and documentation, and the intended use.
The factual and legal circumstances relevant to the valuation are examined and documented in full. Depending on the property, these include the land register, public building encumbrances, planning law, the status of development charges, floor areas, tenancies and other rights and encumbrances affecting value. The necessary information and documents are checked; where required, authorities and other competent bodies are included in the research.
It is precisely this extended scope of review, research and documentation that distinguishes the full market value report from a short-form valuation. The individual valuation inputs are not only used, but their origin, selection and application are explained transparently. This may include, for example, a detailed assessment of the location and legal circumstances, a specific building description, the derivation of the standard of fittings, the land valuation, the economic remaining useful life, standard construction costs (NHK 2010), the construction price index and market data used, such as market adjustment factors (Sachwertfaktoren).
A full market value report should not only state the result, but document and explain the path to the market value in such a way that the key valuation considerations are clear and comprehensible even to a reader with no particular knowledge of property valuation. Technical terms, valuation inputs and market data are therefore explained wherever this is needed to understand the valuation. A good report leads the reader step by step from the factual and legal circumstances through the valuation methods and market data to the final market value.
The technical depth of a report should not mean that only other experts can understand it. The skill lies in presenting complex valuation relationships correctly and at the same time clearly. This scope matters particularly where the valuation has to be justified in detail and documented verifiably for third parties – for example in court or official proceedings, in contentious divisions of assets or for other valuation purposes with higher documentation requirements.
At its core, a full market value report answers two questions: what is the property worth – and how can that value be professionally justified?
Property-specificLocation, plot, building, condition, fittings, use and special features are considered in the individual case.
Market-basedThe value is not calculated in isolation from the market. Suitable property market data is an essential component.
Date-specificEvery market value determination relates to a specific valuation date.
TransparentData, assumptions, methods and result are justified and documented in the report.
When is a full market value report useful?
A detailed report is particularly useful when the value of a property is not just to be estimated roughly but documented comprehensively and transparently.
Divorce & separation
When property assets need to be assessed objectively in a division of assets and a value as at a specific date is required.
Purchase & sale
When a detailed valuation is wanted as a basis for decisions or negotiations and a simple market value estimate is not enough.
Guardianship & assets
When property assets are to be documented and assessed, or a decision about the property is to be prepared transparently.
Several owners
When interests differ and an independent, transparent basis for the value is needed.
Special questions
Where rights, encumbrances, unusual plot situations or more complex residential, commercial and industrial properties are involved.
The intended use is what matters.
Whether a full market value report is the right form of valuation and which requirements apply in the specific case is clarified before the instruction is placed. For certain tax, court or institutional purposes, special requirements may apply to the report and to the expert.
Typical occasions: property valuation for inheritance · property valuation for divorce and accrued gains.
Verkehrswert and market value – are they the same?
Yes. Section 194 BauGB expressly uses the term “Verkehrswert (Marktwert)” – market value.
The statutory definition describes the price that would be obtained at the relevant time in the ordinary course of business, taking into account the legal circumstances, the actual characteristics, the other attributes and the location of the property. Unusual or personal circumstances are to be disregarded.
Section 194 BauGB – official text of the law (German)Market value as a forecast of the most probable price
Market value is not a figure fixed mathematically to the last euro. It is an expert forecast of the price most likely to be obtained under normal market conditions as at the relevant date.
Imagine several largely identical detached houses in the same new development: comparable plots, the same construction, similar fittings and sales within a similar period. Even so, in reality these houses will hardly all sell for exactly the same price. Buyers and sellers negotiate differently, one property attracts several interested parties and another fewer, and individual parties may have particular personal motives.
The prices actually agreed therefore show a certain spread. The task of the valuation is to derive, from suitable market data and the characteristics of the specific property, the price level that is most probable under normal conditions. Unusual or personal influences are not taken as the benchmark.
Market value and purchase price can coincide – but they don’t have to.
The purchase price is the result of a specific negotiation between a specific buyer and seller. Market value, by contrast, reflects the usual market level under normal conditions as at the relevant date.
Valuation date and date of property condition
A market value determination distinguishes between two dates. The valuation date (Wertermittlungsstichtag) answers the question of which market conditions apply. The date of property condition (Qualitätsstichtag) determines the factual and legal state in which the property is considered.
In most valuations the two dates are the same. They can differ, however, if a different condition of the property is relevant for legal or other reasons.
General market conditions include more than current asking prices. Relevant factors include the situation on the regional property market, supply and demand, the general economic situation, conditions on the capital market and economic and demographic trends.
Section 2 ImmoWertV – principles and valuation datesWhat does a property valuation expert examine?
The specific property is valued – with its factual, legal and economic characteristics and in the context of the relevant property market.
- location, plot size, shape and possible uses
- type of building, year of construction, construction method, condition and fittings
- living, usable and other areas relevant to value
- modernisation, age and economic remaining useful life
- actual use and, for let properties, leases, rent levels and other income conditions
- standard land value (Bodenrichtwert) and other suitable property market data
- rights and encumbrances in the land register and, where applicable, public building encumbrances
- special property-specific characteristics
- general value conditions on the property market as at the valuation date
How are living and usable areas checked?
Existing floor plans and area figures are checked for plausibility during the site inspection. In particular, I check whether the layout shown matches the actual situation. Individual dimensions can be spot-checked.
A complete measurement of all rooms and an independent calculation of living or usable areas are not part of the full market value report unless separately instructed. If there are doubts about the existing area figures or an exact area calculation is needed, it can be commissioned as a separate service.
What does “general value conditions” mean?
A property does not have a value independent of the market. Interest rates, supply and demand, the economic framework and the development of the regional property market all influence the prices that market participants are prepared to pay at a given time.
The standard land value is not automatically the land value
The standard land value (Bodenrichtwert) relates to a notional reference plot with certain typical characteristics within a standard land value zone. The specific plot being valued may differ from it, for example in use, plot size, shape, depth or the status of development charges. Such differences affecting value must be taken into account in the land valuation.
The expert’s task is not just to calculate, but above all to assess.
An actual lease, for example, does not necessarily reflect the market rent without further checking. Likewise, an existing structural defect does not automatically lead to a deduction equal to the full cost of remedying it.
How is the market value of a property determined?
The German Property Valuation Ordinance (ImmoWertV) names the sales comparison approach, the income approach and the cost approach. Depending on the property and the available data, one or more of these methods may be used.
Which method is suitable depends on the type of property, the customs of the property market, the circumstances of the individual case and, above all, on which suitable data is available. The choice of method must be justified.
Sales comparison approach
The value is derived as directly as possible from suitable purchase prices of comparable properties or from suitable comparison factors published for the property market. Differences between the comparables and the subject property – for example in location, size, condition or date – must be taken into account appropriately.
Income approach
The focus is on the income achievable in the market. Taking into account operating costs, land value, remaining useful life and the property yield (Liegenschaftszinssatz), the income components relevant for the market are derived from it. The method is particularly relevant where income generation drives pricing.
Cost approach
The starting point is the land value and the depreciated replacement cost of the usable buildings and other structures. The provisional value derived from this is not yet automatically the market value: suitable market data, in particular the market adjustment factor (Sachwertfaktor), aligns the result with the conditions of the property market.
The methods are therefore not mere calculation recipes. What matters is whether the data used and the method chosen reflect the market for the specific property appropriately.
The land value is also part of the valuation.
Section 6 ImmoWertV – valuation methodsDepending on the case, the land value is derived from suitable comparable prices or by appropriate use of the standard land value. The published standard land value can therefore not simply be multiplied by the plot area without checking.
Rights, encumbrances, public building encumbrances and special characteristics
The land register may contain rights that allow a third party to use the property or restrict the owner’s possible uses. Examples include:
Right of residence (Wohnungsrecht)The right to live in certain rooms or a flat. For a buyer, this may restrict their own use of the area concerned.
Usufruct (Nießbrauch)A far-reaching right of use which usually also includes the right to draw income from the property. Its economic significance depends on the specific content of the right.
Right of wayA right to use another plot on foot or with vehicles, for example to provide access to a plot behind it.
Right to lay utility linesA right to run or maintain pipes and cables across a plot, for example for water, sewage, electricity or other utilities.
Such rights are often secured as easements or in another legal form. What matters is not just that a right exists, but what economic influence its specific content has on the use, income and marketability of the property.
Further reading: right of residence and usufruct in property valuation and heritable building rights and property value.
What is a public building encumbrance (Baulast)?
Baulasten are obligations under public law that a property owner has towards the building control authority. As a rule they are not entered in section II of the land register but – depending on the law of the federal state – in a register of building encumbrances. Examples include obligations regarding clearance areas, access routes or parking spaces. Whether and how a Baulast affects the market value depends on its specific content and its actual significance for the plot.
What are special property-specific characteristics?
This is the ImmoWertV term for value-relevant characteristics that differ considerably in type or extent from what is usual or from the model assumptions underlying the valuation method. Examples include particular income situations, structural defects and damage, soil contamination or rights and encumbrances relating to the plot.
Special features are not valued schematically with a flat-rate deduction.
Section 8 ImmoWertV – property characteristicsThe question is what influence a typical market participant would attach to the particular feature in the specific case. That is exactly why rights, encumbrances or unusual plot situations can involve additional research and valuation work.
How a full market value report is prepared
01
Clarifying the task
The purpose of the valuation, the property, the valuation date, the intended use and the required scope of the report are agreed.
02
Documents & preparation
Property documents and valuation-relevant data are reviewed. Missing information and the evidence required are agreed.
03
Inspection & survey
I inspect the property personally. Its condition, fittings, use and key characteristics affecting value are recorded and documented.
04
Research & valuation
Property and market data are analysed, suitable valuation methods chosen and the market value derived transparently.
05
Report & explanation
You receive the agreed written report. I explain questions about the valuation and the derivation of the result to you personally.
Which documents are needed for a full market value report?
You don’t need to have gathered all the documents before your first enquiry. We first clarify which documents are needed for the specific property.
Plot and legal circumstances
- current extract from the land register
- cadastral map
- information from the register of building encumbrances, where relevant for the plot
- information on the status of development charges, where required
- for registered rights and encumbrances, where applicable, the related registration consents, contracts or other documents
Building and floor areas
- building drawings, in particular floor plans, sections and elevations, where available
- living and usable area calculations or other area information
- information on the year of construction, conversions and modernisation carried out
- energy performance certificate, where available and relevant to the valuation
Additionally for flats in owners’ associations
- declaration of division (Teilungserklärung) including the division plan and relevant amendments
- minutes or collections of resolutions from recent owners’ meetings, usually in particular for the past two to three years
- where required, information on service charges, the budget, the annual statement and the maintenance reserve
Additionally for let properties
- leases and, where applicable, land leases
- current rent roll with areas, rents and key lease data
- where applicable, further details on special rental agreements or income conditions
Depending on the property and purpose
- heritable building right agreement
- information on contaminated land or soil conditions
- documents on listed building status, housing subsidy restrictions or other public-law special features
- existing earlier valuations or other property-related documents
Missing documents are no reason to delay your enquiry.
In the first conversation we clarify which documents are already available and which are still needed for the specific valuation. Where additional documents or information from authorities are required, I can request them from the competent bodies myself with your authorisation. So you don’t have to collect every document yourself before instructing a full market value report.
Full market value report or short-form valuation?
Both services deal with the market value of a property. The key difference lies in the depth of investigation, the scope of research and documentation, and what the valuation will later be used for.
Short-form valuation
from €1,299 incl. VAT
A compact expert property valuation with a personal site inspection. It is particularly suitable for internal statements of assets, sale considerations and non-contentious private decisions where comprehensive report documentation is not required.
At JK-Wertermittlung this service is deliberately called a short-form valuation (Kurzbewertung). The frequently used German term “Kurzgutachten” (short report) is not standardised and is used in the market for very different services.
Full market value report
from €2,599 incl. VAT
A much more comprehensive investigation and documentation. The valuation basis, property characteristics, legal circumstances, market data, methods and the derivation of the market value are presented and justified in detail.
Where a valuation has to be documented particularly transparently for third parties, or where there is a court, official or already contentious context, it should generally be checked whether a full market value report and possibly a specific qualification of the expert are required.
For internal use, a short-form valuation is often enough.
If, on the other hand, it is clear when the instruction is placed that the property value will be used in court or official proceedings, towards institutional third parties or in a contentious division of assets, we clarify in advance which form of valuation is suitable for that specific purpose. For certain tax purposes – in particular evidence of a lower fair value under section 198 of the German Valuation Act (BewG) – special statutory requirements apply to the person of the expert.
Not sure which form of valuation you need? The purpose of the valuation can usually be clarified at the first contact. I do not automatically recommend the most extensive service, but the form of valuation that suits the specific question.
How long does a full market value report take?
Preparation usually takes about three to four weeks after the site inspection, provided the documents required for the valuation are complete.
For more complex properties, special legal circumstances or information still to be obtained, it may take longer.
If a valuation is particularly urgent, please let me know. Depending on workload, the property and the availability of the required documents, the work can be accelerated in individual cases.
How much does a full market value report cost?
The cost does not depend on the value of the property alone. Key factors are the type of property, its size, the documents available, the purpose of the valuation, rights and encumbrances, and the amount of research and drafting required.
Full market value report
from €2,599 incl. VAT
The starting price applies to flats and houses with up to 160 m² of living area under normal valuation conditions.
Rights and encumbrances affecting value – for example rights of residence or usufruct, rights of way, public building encumbrances or similar features – may involve additional valuation work. For apartment buildings, mixed-use buildings and commercial and industrial properties, the fee is calculated individually.
You receive the specific price before you place the instruction.
Property valuation with personal responsibility
As a property valuation expert, I inspect every property myself; the professional valuation and responsibility for the report lie with me personally. The valuation is not passed on to changing staff within an anonymous platform.
20+ yearsof valuation practice
700+valuation instructions handled personally
3 locationsDresden · Berlin · Lemgo
- Dipl.-Wirtsch.-Ing. (FH), construction engineering and management
- Expert for the valuation of developed and undeveloped land (TÜV)
- Geprüfter Sachverständiger für Immobilienbewertung (EIPOS) – examined property valuation expert
★★★★★
“The valuation report he prepared was extremely thorough, transparent and technically sound. I would particularly highlight the clear structure, the easy-to-follow valuations and the high precision of his work.”Ute Roßner · Google review (translated) · Valuation report
The appropriate approach also depends on the type of property. Properties valued include detached and two-family houses, flats, apartment buildings, mixed-use buildings, commercial property and land. Industrial and special-purpose property has its own specific requirements.
Frequently asked questions about the full market value report
Is a “Wertgutachten” the same as a Verkehrswertgutachten?
In everyday German, “Wertgutachten”, “Immobiliengutachten” or “Gutachten für das Haus” are often used for a detailed valuation of a property. Technically, the Verkehrswertgutachten is the transparently documented determination of market value under section 194 BauGB. If a more compact assessment is sufficient, a short-form valuation or a market value indication may also be suitable – which form fits is clarified before the instruction.
What is the difference between Verkehrswert and market value?
In the statutory definition there is no difference. Section 194 BauGB expressly refers to “Verkehrswert (Marktwert)”. It means the value level to be expected for the property under normal market conditions as at the valuation date.
What is the difference between market value and purchase price?
The market value is derived by an expert under normal market conditions. The purchase price, by contrast, is the price actually agreed between a specific buyer and seller. Personal motives, the negotiating situation or particular interests can cause the purchase price to differ from the market value.
How can I have the market value of my house determined?
A robust market value determination considers the property documents, the specific property and suitable property market data. For a full market value report, a personal inspection and survey of the property is normally part of the valuation process.
How much does a valuation report for a house cost?
At JK-Wertermittlung, a full market value report for detached and two-family houses with up to 160 m² of living area under normal valuation conditions starts at €2,599 incl. VAT. Special rights, encumbrances or increased valuation work are taken into account before the instruction is placed.
When is a short-form valuation sufficient?
If a professionally justified and transparent value estimate is needed for a private decision, but comprehensive report documentation is not required, a short-form valuation may be the more suitable and economical solution.
Does the property have to be inspected for a full market value report?
For my full market value reports, a personal inspection and survey of the property is always part of the work. This is the only way to take the key factual characteristics of the property properly into account.
Which valuation method is used?
The method is not chosen solely by type of building. Under section 6 ImmoWertV, the sales comparison, income and cost approaches – or several of them – may be used. Relevant factors include the type of property, market practice, the individual case and the suitability of the available data.
Which documents do I need for a property valuation report?
Depending on the property, for example a land register extract, cadastral map, building drawings, area information, details of modernisation and, for let properties, rental documents. Which documents are required in the specific case is clarified before the valuation begins.
How long does it take to prepare?
Preparation usually takes about three to four weeks after the site inspection, provided the required documents are complete. More complex properties or information still to be obtained may take longer. In particularly urgent cases, we can check in advance whether faster processing is possible.
What is the difference between the valuation date and the date of property condition?
The valuation date determines which market conditions the valuation is based on. The date of property condition determines the factual and legal state of the property that is valued. As a rule both dates are identical; for special valuation purposes they can differ.
Is the standard land value already the land value of my plot?
No. The standard land value relates to a notional reference plot with the typical characteristics of the zone. If the specific plot differs in characteristics affecting value, these differences must be taken into account in the land valuation.
What do rights, encumbrances and public building encumbrances mean for the property value?
Rights of residence, usufruct, rights of way, utility rights or public building encumbrances can influence the use and marketability of a plot. What matters is their specific content and its economic significance; a flat-rate deduction simply because a right exists would not be appropriate.
Regional presence
Offices in Dresden, Berlin and Lemgo
Dresden · SaxonyMarket value reports in Dresden & Saxony →
Berlin · Potsdam · BrandenburgMarket value reports in Berlin & Brandenburg →
Lemgo · East Westphalia-LippeMarket value reports in Lemgo & OWL →
Do you need a full market value report?
Briefly describe the property and the purpose of the valuation. Once the required scope has been checked, you receive a reply and a specific quotation.
Let’s talk.You speak directly to me: +49 172 868 5666