Valuing a Bulgarian Property
Selling a Bulgarian Property follows the same basic principles as selling a property anywhere in the world.
There a few basics that you must get right or you will not get the most from your property in Bulgaria. The first and in my view one of the most important steps is putting an accurate valuation on your property.
Valuing a Bulgarian Property
A valuation is an opinion based on your agents interpretation of the information available to them at a particular moment in time. This will sound vague and that is because it is. Please remember that any sale is based upon the opinion of the willing Buyer and the willing Seller where agreement is reached as to the value of the purchase in question at the time of the agreement.
It seems like an obvious point, but placing an unrealistic valuation on your Bulgarian property will drastically reduce the likely hood of achieving a sale. The majority of valuations for Bulgarian holiday homes or indeed Bulgarian city properties are based on comparing your property with similar properties which have recently sold or with those currently for sale. Asking prices can be deceptive as there are a great many properties currently advertised in the Bulgarian market at prices which may not be current, where owners have not taken their agents advice or frankly where the properties are advertised at prices which the owners have not approved.
Valuations are based on information and the accuracy of the valuation you receive will greatly depend on the accuracy of the information you provide. One common example of this would be if you have a specific timeframe in mind for achieving a sale.
Appreciating Assets provide valuations for Bulgarian property owners every day and we base those valuations on our opinion of the current Bulgarian property market at that time. If for example we are asked by two owners to value very similar properties but one owner wants to establish the price that can be achieved very quickly and the other owner does not specify a time line, will both properties receive the same valuation?
The answer is yes, because the asset value remains the same, the only difference will be the owners individual requirements.
In this case we advise both owners as to the asking price we feel is in line with the market at that time. However we inform the owner with a timeframe as to the discount that they should be willing to offer should a purchasers decision be based solely on price.
With offices throughout Bulgaria, Appreciating Assets have been valuing and selling Bulgarian properties for UK and Irish investors since 2009.