Property appraisers: Owners often overestimate their homes’ value by hundreds of thousands of euros

What is a house really worth? It is one of the decisive questions in the property market, but it is far from easy to answer. Die Zeit asked three people who deal with that question every day: publicly appointed and sworn property appraisers.

The experts discuss the mistaken assumptions that distort owners’ ideas about the value of their homes. Sellers, they explain, often arrive at unrealistic price expectations. Personal attachment to a property can make it difficult to assess its market value objectively.

The appraisers also describe when renovation work makes financial sense and when it amounts to throwing money away. Not every improvement increases a home’s value. A swimming pool, for example, does not necessarily make a property more valuable.

Their advice also focuses on buyers. Certain defects and warning signs can sharply affect a house price, and prospective owners should not ignore them when assessing a property. The article examines which shortcomings and features influence the value of a home, and which assumptions can lead sellers and buyers astray.