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Back You are here: Home Property Buying, Selling, Renting House Won’t Sell

House Won’t Sell

There are many reasons why some properties sell well and others do not. Quest Bulgaria takes a look at why this happens…Our article on valuations gives some helpful advice on how to price your property realistically for the Bulgarian market. One key point to remember is that profit on your property should reflect the purchase price plus reasonable profit and not either the money you emigrated with on top or the cost of every vacation you have spent there.

 

Kerb Appeal

Is your house completely renovated or is it still in the state it was in when you purchased it? If it has been left untouched then you should still be able to sell it at a reasonable price – but don’t think unrealistically – in todays market it is unlikely to earn you double digit growth. If your home is still in a semi state of completion then it is not ready for the market place. Half finished homes and indeed gardens deter buyers who cannot see beyond the work they have to do to complete the project.

The growth in new builds over the last few years has meant that there is a greater choice of turn-key homes available and those purchasers who are buying within a budget or taking advantage of mortgage facilities to purchase here –  and will not be looking for additional fees on top of the purchase price. If you are unsure on how to smarten up your home ready for sale, take a look at our article entitled Kerb Appeal for more tips.

Location

Think about the location of your home and be honest with yourself. Did you buy property in the middle of nowhere just because it seemed cheap? What facilities are within easy reach of your property and are there any new amenities in the pipeline? You need to sell the benefits of your location as well as your property to attract buyers and if your property really is miles from anywhere, then you should look closely at how much people are charging for property in your area and whether any of it is selling. If you think you have bought a pig in the poke then you need to look at some aggressive marketing.

Marketing

Is your home really for sale or have you just mentioned this to a couple of people you know? In Bulgaria, many of the locals work this way; they tell everyone they meet that they have something to sell and hope that somewhere down the line someone remembers. If you are serious about selling you have to invest time and effort into advertising and marketing your house.

Choose as many agents as possible to send your details to and make sure the details contain plenty of pictures and full details of the property and area.

If you still have difficulty selling your property once you have registered with numerous agents you need to consider other methods like getting a website and advertising in your local press with your web address or listing the property on a third party website. Do you have a for sale board outside of your property or are you still playing Chinese Whispers? Agents in Bulgaria do not put signs up, but many locals construct their own. The most informative boards are those which advertise the price and give contact details.

The Right Target Market

For the last few years the profile of investors in Bulgaria has changed dramatically. The market for British buyers has shrunk due to the implications of the credit crunch, but the beauty of Bulgaria’s property market is that interest has not died off. Investors from neighbouring countries are now flocking here in their droves; interest from Russian buyers is at an all time high and new buyers particularly from Ukraine and Poland are starting to make an impact on the market. If you are advertising to an English only market then you are seriously limiting your potential to sell. You need to ensure that you choose agents with offices or websites in a variety of languages in order to cash in with the new wave of buyers.

Rental Potential

If your house is lying vacant for most of the year, why not consider earning an income by renting it out. The Quest Bulgaria website contains several articles aimed at helping you to maximize your rental potential. There are several private agencies who can help you as well as many websites where you can list your property and with the increase in the number of foreigners choosing to make Bulgaria their permanent home, the market is growing stronger.

Investing Long Term

If you are not in desperate need of the money from your Bulgarian property purchase, then the best thing to do is to take a long term view. If you invested when prices were high then you may need to stick with the market for a little longer to make a any profit if any. The market for a fast buck never lasts long in any property market and it is usually the experienced investor who cashes in on this trend in the first place.

Making the Move

With house prices in the UK falling and the cost of living rising, perhaps you should consider emigrating and moving into your Bulgarian property. If you find it difficult to sell your house in the UK, you could always rent it out to cover the cost of your mortgage payments or to provide you with an income whilst you live in Bulgaria. Life here is much more relaxed and with the growing number of foreign firms relocating here the employment market is flourishing. A UK pension goes a long way in Bulgaria and you may not need to work to survive here. More and more people are choosing to live permanently here and very few regret the decision.