The five most common mistakes homeowners make when evaluating their property!

If you own property and are ready to rent or sell it, a crucial step at the very beginning is an accurate assessment of its value. You might think it's not that difficult, and you've probably heard that the golden rule is to find the average prices of properties similar to yours in the same neighborhood. This is a good guideline because the price of each property is largely defined by the state of the market - supply and demand at any given time. In this regard, you may find yourself in a situation where it's better to wait or expedite the sale of your property.

One of the most common mistakes is setting an unrealistically high or low value for the property, and both scenarios are encountered equally often. Owners often overlook the current market or overestimate their sentimental attachment to the home. You can easily determine the approximate market value on the Real Estate Prices platform. In one place, you can quickly and easily find prices at which similar properties in your neighborhood were sold for the time period you want to track.

In this text, we will focus on the most important factors when assessing real estate, so find out where you may have been wrong so far. Taking into account everything we will mention, you are doing yourself a favor and not only arriving at the correct price but also increasing the value of your property as much as possible.

You haven't provided the best first impression

When looking for buyers for your property, you want to present it in the best light possible. Sometimes, simple aesthetic improvements or certain "psychological tricks," which are actually objective intangible factors, can influence clients to choose your property. One of them is to declutter the space because an overcrowded interior with personal items usually discourages potential buyers and tenants. For example, if you have numerous pictures on the walls, souvenirs from travels, we recommend removing them before the final photographing of the apartment and introducing the first interested clients. Another important factor for the first impression is to increase natural lighting in the space, which can be achieved by using lighter curtains or removing them altogether. When it comes to colors, research has shown that people positively respond to calm tones. Painting the walls in a pastel shade is a change that doesn't cost much but significantly improves the impression. Additionally, buyers and tenants prefer an interior designed in accordance with current trends, so it's always advisable to give preference to a minimalist and modern home decor, rather than emphasizing personal style.

You haven't planned renovations by priorities

Renovating a residential property older than ten years can significantly increase its value. Priority should be given to solving functional problems, such as leaks or faulty locks. After that, consider installing new elements in the bathroom and kitchen, as these rooms contribute the most to the value of the property.

Most people want to buy a semi-furnished apartment, so it doesn't make much sense to invest in furniture; it's more advisable to invest in renovating windows, doors, and parquet if needed. Built-in elements and custom closets are highly valued; it's up to you to assess where your property needs a "refresh." If you own a newly built property, most elements are already in excellent condition, and you probably won't need much renovation.

You haven't ensured good promotion of your property

Effectively promoting your property is certainly a guarantee that you will find a client faster, and buyers and tenants prefer a property that is professionally presented.

Today, few buyers walk from apartment to apartment, giving each property that meets their basic criteria a chance. Quite the opposite, in the sea of offerings, many quality properties are neglected, and less quality ones with excellent media presentation are chosen!

That's why marketing is an asset worth investing in and indirectly increasing the competitiveness of your property. Cooperation with the City Expert real estate agency means that your apartment will receive excellent media attention, professional 360-degree photos, a video, and a property plan, allowing real virtual tours. In addition, we provide a prominent place on our website and free promotion on our rapidly growing social networks, ensuring that your property will not remain in active listings for long.

You haven't hired professional help

One common trap that property owners can fall into is avoiding professional help. Sometimes people want to avoid additional costs or believe they know their property well, but the truth is that for various reasons, average citizens often cannot adequately assess their property compared to other offers. On the other hand, real estate agents understand current prices depending on the part of the city, the structure of the property, floor level, year of construction, micro-location, renovation, and the most common preferences of buyers and tenants. Agents can quickly provide you with the most accurate sum at which it is realistic to sell or rent the property. They will advise you on how to make your property more desirable in a short time and with minimal investment. As a result, hiring professional help is often a guarantee of a faster sale or rental at the most competitive price.

Legal and property issues are not completely resolved

If you plan to sell a property that is not registered in the cadastre, first register it to facilitate the sales process and increase the property's price. This step reduces the risk for potential buyers due to the transfer of ownership. Keep in mind that banks do not approve loans for unregistered properties, further limiting the potential target group. Properties in the process of legalization have lower prices, but their turnover is still possible.

If there are unresolved legal and property issues, we recommend a thorough check with a lawyer. They will provide legal advice and suggest steps to resolve the situation and ensure a successful sale.

City Expert facilitates all these steps and represents a reliable partner in sales or renting. Due to the most professional presentation of your property on the website, legal advice, and free promotion on social media, your apartment will be visible to the largest user base. Achieve your goal quickly and easily by advertising on our website.