What is the market price of my real estate at the moment? This is a matter for every owner – be it a Bulgarian or a foreign citizen. Excel Property provides a competent and professional response within 24 hours, absolutely FREE. Sell your Sunny Beach, Saint Vlas or Nessabar apartment with us today.
The market follows its cycles of development, following the years of boom and high growth, the subsequent global economic crisis and the collapse of the price bubble, followed by stabilization and revival of the market. The main problem in Bulgaria remains the lack of a national property register, in which the statistical data about the change in property prices is actually taken into account. In this way, all property owners face the difficult task of determining the real selling price of their property.
This has never been an exact science, although demand and supply remain the determining factors. In the situation of the dynamically changing conditions of the real estate market in Bulgaria, when demand and supply sharply change its direction, it is becoming increasingly difficult for a non-professional to predict exactly how much money buyers are willing to spend on a real estate and how brokers determine sales prices.
In recent years, a trend has emerged in Bulgaria for the use of independent expert assessors for real estate valuation. However, the expert reports of these specialists are paid and in most cases are used to obtain a mortgage for the purchase of a real estate, the determination of the insurable value or the real value of the long-term assets when making investment decisions.
They will not, under any circumstances, provide you with their FREE service to determine the sale price of your real estate and place it as a sales offer on the market.
In general, the sale price is a balance obtained by analogy of pricing and valuation of similar real estate in the context of current market conditions. Three are the most commonly used methods for assessing real estate:
Cost method – When assessing a real estate property using this method, first of all, what are the necessary costs for building such a type of building, using high-quality building materials and modern building technologies.
After calculating the construction cost of the building, the accumulated depreciation is calculated, which has three main components – physical wear, obsolescence and wear under the influence of external factors. After determining the depreciation value, the current market value of the plot on which the building is built should be added to the price of the property.
Revenue Method – With this method of valuation of the real estate, capitalization is the main measure used to calculate the estimated income from the property being valued. This magnitude is determined by the real estate market, in accordance with its development and liquidity, as well as the investment risk in the respective type of property. Depending on whether the real estate is used by the owner or leased, this method of valuation uses the technique of direct capitalization or discounted cash flows. The discounted cash flow technique is usually used when the real estate is leased and on this basis prognosis is made of future operating profit and of the cash flows of the property.
An analogue market method – based on the reduction of the average price of analogue objects to the price of the property being valued. When using this method of valuation of real estate property, the valuer must have sufficient information about realized deals of similar type of property by location, type of construction and types of properties. Taking into account the corrections (pluses and minuses), an average cost per square meter of the real estate is calculated.
Based on the analysis and valuation of the real estate through these three methods, a report is prepared by the valuer, which determines the real market value of the property. For this purpose, one of the assessments obtained from the different valuation methods is selected or a weighted average of the different values is made.
In conclusion – it must be known that the most important condition that can guarantee the high quality and precision of the real estate valuation is the availability of up-to-date market information, experience and competence of the valuer.
Excel Property has extensive experience in working with Bulgarian and foreign clients. The company has the necessary information about the current legislation in the country, building standards, marketable sites and builders.
Property and consultancy, legal and accounting services, property management – these are just a small part of the package of high-quality services that Excel Property can offer you “under one roof”. Take advantage of our services NOW and get your real estate valued absolutely FREE. Sell your Sunny Beach, Saint Vlas or Nessabar apartment with us today.
Our unique website means that we can attract cash buyers from around the world. A cash buyer means that they have the finance in place to be able to go ahead with the sale and do not need to seek financial assistance. This allows us to complete the sales process much quicker and generate much more sales than traditional websites.
Excel Property is a leading company with more than 10 years of experience in the field of buying and selling, rental, construction and property management in Bulgaria.
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