How to determine the price of the property in Bulgaria: tips for sellers
When trying to sell the property in Bulgaria, the real estate owners often use a random price and then wonder why the apartment does not get sold. Or they feel very disappointed when they realize that they sold their property too cheaply. The most reliable way to get the right sales price is to contact the Apart Estate agency – our experts have a great experience in the Bulgarian real estate market. They will help you determine the best price and quickly sell your house or apartment.
In some cases the sellers want to act independently, not involving real estate agencies. If you are one of them, we are happy to share some useful recommendations with you. Here are just a few of them.
Specifying property parameters: the floor, window views, condition, distance to the sea, etc.
The most important step in specifying a price for a studio apartment, flat, townhouse or a cottage for sale is to determine its exact parameters.
Pay attention to following details:
- Total and living area. If the total area of two apartments is the same, the higher price will be for the flat that has a larger living area.
- It is also important to know the area of each room, bathroom, balcony, basement, garage or parking lot. Sometimes buyers ask for the height of the ceilings, the distance between the walls, the width of the doors – be ready to provide a discount if these parameters are better in another flat.
- Floor. Traditionally, apartments in Bulgaria, located on the first and last floors, are cheaper than those located on the middle floors. These flats are usually cooler and at higher risk of situations when costly repairs will be required. However, there are exceptions to this point. If your property is on the ground floor and has its own yard, the price will be higher. If your apartment on the top floor offers a magnificent sea view or it is possible to install a Jacuzzi or a swimming pool on the roof, it will also cost more than the middle floor real estate.
- Documents. The buyers always ask for Act 16. This is a document confirming that the apartment is approved for living in. If this document is not available, property owners may face different problems. For instance, they will have higher electricity costs. If they are foreigners, there may be an issue obtaining or prolonging a residence permit in Bulgaria.
- The location of the residential building/ complex. The closer the building is to the sea in St. Vlas, Sozopol or Pomorie, to the ski lift in the Pamporovo winter resort or to the Burgas downtown, the higher the price will be. Do not be lazy to note the time it takes to get from your home to important objects, and measure the corresponding distance. The extra 50 meters, especially if you have to follow an abandoned path, will have a negative impact on the price. Be prepared for the fact that buyers will check the distance on Google maps or in a real environment.
- Apartments in residential complexes with a high maintenance fee usually cost less than in ordinary living buildings. However, there are exceptions. Thanks to the unique and excellent infrastructure, the apartments in luxury gated communities, such as Green Life in Sozopol, Fort Noks in Sunny Beach or Garden of Eden in Elenite, are really expensive.
- Appearance of the apartment, residential building and adjacent territory. No matter how easily you feel about the fact that the flat needs just a minor repair or it is not a problem to fix the elevator or paint the walls in the entrance, buyers are looking for the perfect home, and try to avoid any “little issues”.
- Finishing and furniture. There are buyers who are willing to pay more for real estate with a designer interior, but they are few. Most often, no one wants to overpay for finishing and furniture, and sellers have to focus on the average price of a similar apartment. If your property is well-furnished, all you can really say to sell it at a higher price is that it is ready to move in and live in.
- Window views and availability of a balcony. An apartment with a sea view is undoubtedly more expensive than property with windows overlooking a courtyard or a neighboring building.
There are more points to pay attention to. Apart Estate experts always ask sellers to provide as much information as possible. It is the details that will determine the right price and sell a house or apartment in Bulgaria more expensively.
Analysis of the market of similar apartment and the demand
In order to determine the right price of your apartment in Bulgaria, familiarize yourself with the current offers for similar property. They are available in the real estate agencies’ database and on advertisement websites. You can also find out the necessary information by talking to your neighbors – perhaps they or their friends are selling an apartment in the same building or complex.
Compare as many offers as possible for similar apartments and houses. To do this, make a table indicating the area, floor, location, availability of an elevator and other details. Include the total price of the property and the cost per square meter. Do not mix offers from different cities. An apartment in Burgas is much more expensive than an apartment in St. Vlas or Tsarevo.
When analyzing proposals, pay attention to the date of their publication. Announcements older than 3 months may not be relevant, especially if significant economic and political changes have occurred by the current moment, as well as new risks have arisen.
Sold property analysis
Note that offers you see on the internet often do not reflect the real picture. At the offer stage, houses and apartments are more expensive than when the sales deal is signed. Discounts can be 7-10%.
The second point is that the offers include commissions from agencies or intermediaries. Thus, the net price of an actually sold flat or studio apartment is somewhat cheaper.
Taking into account these points, it may be more informative to analyze the already sold real estate in the city or resort of Bulgaria you are interested in. Real estate agencies’ database contains similar information. You can get the actual prices by starting cooperation with the Apart Estate agency.
Another data source is the National Statistical Institute. This institution regularly publishes information on average prices for different properties by region. However, we would like to draw your attention to the fact that this information does not always reflect reality, since the real price may not correspond to the declared one. It is usually higher.
To determine the price of your property, collect as much detailed information about it as possible. With the received data, call our specialists at Apart Estate or leave a request on the site, we will analyze it, compare it with the history of transactions and help you determine the best selling price.