Steps to Selling a Home
Selling your home is a project that requires preparation. An accurate valuation, an appealing listing, a realistic price and a good command of the notary process shorten the time to sale and increase your net proceeds.
1. Determine Your Home's Value
The first step of the sales process is knowing the realistic market value of your home. Compare current listing and sale prices of similar apartments in the same area with comparable floor area, age and floor.
With Imotilist's free valuation tool, you can find out your home's estimated value within minutes and see the price trend in your area.
2. Prepare Your Listing
A well-prepared listing reaches more buyers. State the location and the standout feature in the title; in the description, fully list the floor area, number of rooms, floor, heating type and local amenities.
Photo quality is the most important factor in listing performance. Clean and tidy the home, open the curtains and shoot in daylight.
Shoot in Daylight
Take landscape-orientation photos around midday, with all the lights on and the curtains open.
Tidy and Simple
Reduce personal items; the more spacious the home looks, the better the impression it makes.
Clear Description
Share information on maintenance fees, floor, orientation and transport honestly and completely.
3. Price It Right
A price that is too high means the home goes unsold for a long time, while a price that is too low means lost earnings. Starting at a price 3-5 percent above market value and leaving room for negotiation is a common strategy.
If your listing does not attract interest in the first two weeks, review the price and the photos. A price reduction automatically sends a notification to users following the listing.
- Use the sale prices of similar homes over the last 3 months as a reference.
- Build the negotiation margin into the price in advance, but stay realistic.
- If you get no inquiries in the first two weeks, reconsider the price.
4. Manage Viewings and Negotiation
Respond quickly to inquiries; listings answered within the first 24 hours turn into more viewings. Before showing the home, clean and air it out, and keep your documents ready.
Be rational, not emotional, when negotiating. Evaluate the buyer's offer, payment method and handover date together. Once an agreement is reached, put the terms into a written agreement.
Quick Response
Replying to messages and calls within the first hours speeds up the sale.
Rational Negotiation
Set your minimum price in advance and stick to it.
Written Agreement
Record the price, deposit and handover date in writing.
5. Complete the Notary Sale Process
Book an appointment with a notary for the sale; your title deed (нотариален акт), ID, the tax assessment document (данъчна оценка) obtained from the municipality and (if applicable) mortgage discharge documents must be ready. The deed is registered with the Имотен регистър.
The price must be paid by bank transfer. After the transaction, complete the transfer of maintenance fees, utility bills and subscriptions, and sign the key handover report.
6. Know Your Tax Obligations
A home sold 3 years after acquisition in a calendar year, or up to two properties sold 5 years after acquisition, are exempt from income tax. On other sales, 10 percent income tax is levied on 90 percent of the gain.
To calculate your tax liability in advance, confirm your purchase price, your expenses and the exemptions under current legislation with a tax advisor.
The calculator below provides an estimated net proceeds figure; consult your tax advisor for the tax amount.