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How to prepare your home for sale at the best possible price?

2023-12-05   |  BULGARIAN PROPERTIES


The real estate market in Bulgaria has seen a strong growth in the last two years - not only as a result of inflation and the rise in commodity prices, but also as a response to increased demand from investors and buyers. The upward trend continues in the second half of 2023, although the pace has slowed considerably, according to the statistics.

And while in Germany the first symptoms of a crisis in the sector have already begun to be felt, in Bulgaria the still low cost of credit continues to support demand. At the moment, deals are being done mainly off-plan, as attractive projects manage to sell out long before Act 16 and banks are flexible in providing financing.

The more limited supply of housing on the secondary market positions the sellers of such properties in a very advantageous position, points out Polina Stoykova MRICS, Managing Director of BULGARIAN PROPERTIES.

Those who are currently looking to sell their property have the chance to achieve the highest historical levels in over 20 years.

What does it take to successfully sell your property?

Despite the excellent market conditions, many sellers still have difficulties in completing a transaction. The experts of BULGARIAN PROPERTIES point out the most common mistakes we make and how to prepare our home for a successful sale on the market:

1. Unrealistic listing price

Often sellers set the price of their property solely in relation to their own expectations, without researching the market and similar properties such as type of construction, location, etc. This can in some cases lead to underestimating the value of the property and making a deal on terms that are not good enough for the seller. And in others, an unrealistically inflated offer that the market cannot accept.

To help sellers, BULGARIAN PROPERTIES offers on its website an Online Valuation Calculator, with which we can get a free express estimate of the current price of our home in less than 60 seconds. This estimate is not an actual offer, nor a commitment to sell through the agency, but gives the user an easy and convenient tool to get a feel for the market. Behind the calculator's estimates are solid statistics and an overview of property transactions in the respective city, backed by the agency's 20 years of experience.



2. Poor property presentation

In the digital age, consumers research, analyse and choose entirely online. That's why we need to make sure that our real estate for sale advert attracts interest right from its presentation. Two poor-quality photos and a laconic presentation of a few sentences are more likely to put off potential buyers than make them seek us out for more information.

Convey the home in a good commercial appearance - tidy, refreshed, cleaned. Prepare good quality photographs showing each of the rooms in sufficient integrity. Today's platforms even allow posting short videos that create an even more realistic feel of the place. Not only will this help to better position the listing, but it will also save unnecessary viewings from buyers looking for other features.

Prepare a detailed description, making sure to include:
● Location characteristics (access to public transport and major roadways; proximity to supermarkets, pharmacies, parks, kindergartens and schools, medical facilities, etc.)
● Description of the building (type of construction, year, type of heating, availability of lift, parking spaces, yard, security or CCTV, etc.)
● Description of the dwelling (number and types of rooms, exposure, amenities, specific features that distinguish the property). If the home is being sold with furnishings and/or equipment, provide this briefly as it may represent a substantial "bonus" to the final price of the property.

BULGARIAN PROPERTIES is one of the first agencies in Bulgaria, which 20 years ago introduced as a rule for its listings the detailed description and rich photo material. This is what we still rely on today, with trained experts visiting and creating a professional portfolio for each property for sale to ensure its competitive positioning on the market. Backed by new technological tools, the agents not only take photos, but also 360-degree visualization and virtual tours of the property.

3. Uncertainties about the legal status or ownership of the property

After all the efforts and inspections, it is not uncommon for deals to fall through at the last minute - due to unclear circumstances surrounding the property. The owners themselves, confident in what they own, fail to do their checks beforehand. For example, about the ownership of the land, about co-ownership of inherited properties, about uncleared encumbrances from the past, about the legal status of the home itself, etc.

Prepare all documents regarding the property in advance, including tax assessment, certificate of encumbrances and no encumbrances, site plan, even sketches and plans for electrical and plumbing, etc.

Real estate transactions, as standard as they may seem in nature, have a number of pitfalls and risks for both sellers and buyers. Consultation with a specialist regarding legal and commercial issues in the transaction is essential to protect your rights and interests.

Take advantage of our legal services





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