The reference value procedure is a procedure for the valuation of real estates. To this procedure the value of a property is led away from actually realized purchase prices from other properties, which in situation, use, cut, ground condition, cut and other condition with that property which can be compared to agree sufficient. The optimal case is the direct comparison: A neighbouring property of homogeneous layer, size of, use etc. was sold yesterday to market prices. This case is however in practice rather the exception. Usually therefore as a rule the indirect comparison value procedure is used.

Reason and soil

Concerning reason and soil the indirect reference value procedure is based on the purchase price collection of the panels of experts (in Germany purchase of land contracts are to be recorded always notarially, whereby a copy of the sales contract goes toward to the panel of experts). For this view can be taken into the anonymizated purchase price collection at the panel of experts. A safe evaluation is possible only with sufficient number of sufficiently suitable comparable purchases (at least 10, better 20 or 30).

Another way is the use of the soil appoximate values, which derive the panels of experts empirically from the purchase price collection. These are derived for larger cities in the form of soil appoximate value maps for certain situations, whereby as a rule kind and measure of the structural use are at the basis lying average property size indicated as well as to the value derivative. At least the kind of the structural use and the situation Umrechnungskoeeffizienten should agree be used between land value zone and to evaluating property, for measure of the structural use and property size can. If no sufficiently comparable soil appoximate value zone is to the hand, an again indirect derivative can be tried, which is contestable however usually.

Since most properties exhibit a great many individual characteristics, a complete agreement of the characteristics is often not both that direct and properties which can be compared indirectly given. The difference is expressed in the way of the derivative by or anticipated payments and/or Korrekturfaktoren. The arising deviations should not be higher after German iurisdiction as a rule than 30% - 35%. Otherwise one cannot speak no more of comparable properties.

Examples of characteristics, which are to be considered with and anticipated payments:

• Local situation, e.g. Situation in the cultivated area, to the directions, exposure, traffic conditions
• Ground condition e.g. Underground, load-carrying capacity
• Size and form e.g. Deep one, shape, extent of frontage
• e.g. Dismantling possibilities
• Situation in danger zones
• Degree of the development
• Environmental influences e.g. noise, smoke, smells,"…
• Basic transfers, basic inclusions, building site characteristic
• Planning and building law: Land use and development plan and/or "§"§ 34 and 35 BauGB
• Restrictions of use
• Gesetzl. Restrictions of the free order: Monument protection, protection for tenants, world cultural heritage
• Was entitled the exterior installations: necessary repairs
• Kind and use of the neighbour real estate properties

The determined value reason and soil is if necessary by and anticipated payments for worth-affecting factors like e.g. To correct contamination and material rights.

Structural facilities

As described is the case for the productive value procedure, own used properties and/or real estates can like e.g. In and two-family houses as well as free-hold flats in the comparison value procedure to be naturally evaluated. In former times the asset value method often used for it is unsuitable on the retreat, there tendentious for real estates acted at the market.

Also for structural facilities the reference value procedure relies on the purchase price collection of the panels of experts. Just like with the reason and soil however usually directly comparable cases of purchase are missing. In the indirect beginning therefore on the one hand the property market reports of the panels of experts are to be consulted and on the other hand due to own market search at the regional market attainable selling price. Situation-specific deviations (quarters) and the size can be usually well considered. The further characteristics require an individual estimate and a related to value consideration like e.g.:

• Micro situation (infrastructure, inhabitant, noise, etc.)
• Equipment
• Subjective impression

It is advisable to indicate won the value breakdowns and to justify the estimate of the object which can be evaluated within the span comprehensibly. The Plausibilisierung is likewise useful on the basis the others, however not than primary method suited, appraisal procedure (e.g. Asset value method for EFH/ZFH, productive value procedure for ETW).

It can locking be stated that the reference value procedure represents the most strongly market-focused procedure (there oriented at actual prices), but due to the inhomogeneity of the economic goods real estate in the necessary adjustment of the reference values strongly the authority the consultant depends.

See also: Productive value procedure, asset value method

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