If you’re looking to sell property in Hungary, there are a plenty of things in your favor, and some that are not. Let’s look at the positives for you as the owner of a Hungarian property for sale.
Hungary has a robust economy and one of the most stable housing markets in Europe. Hungary is a beautiful country, with a flourishing tourism industry, which has aroused the fascination of several foreign buyers, especially that of the newly rich Chinese and Russian multimillionaires looking to buy a second home or a vacation home in Europe.
If your Hungarian property for sale is located in the vicinity of Lake Balaton, Zala and Budapest, the capital of Hungary, you would be fortunate as there is a great demand for quality residences in these places. The property values are excellent and the rental yields among the best you’re likely to get in Europe.
However, beyond Budapest, Zala and Lake Balaton, there isn’t much to look forward to in the Hungarian housing market as the rest of the country is yet to recover from the really hard hitting housing market slump of 2008, caused by the global economic crisis. So, how successful you are at getting a great price for your Hungarian property for sale is all about where it is located.
However, there are signs that things are improving. The Hungarian economy grew by a creditable 2.5% in 2014, the rents have shown an improvement, and the country is in a very stable state – both economically and politically.
That being said, let’s talk about how to successfully sell property in Hungary for the best price possible and in the shortest time possible.
# Never Overprice the Hungarian Property for Sale
Since the Hungarian economy has not recovered fully from the recent global economic crisis, there are a lot of properties in the country that are still being sold at rock bottom prices. That is why if you overprice your property, the discerning foreign buyer - especially the very smart Chinese or Russian buyer - is likely to give it a miss. So study the local housing market and price your Hungarian property for sale at 5% over the average market price.
# Hire Estate agents Marketing Overseas
If you’re looking to sell property in Hungary, don’t simply depend on a single real estate agent, but hire at least 2 or 3 of them and make sure they market outside of Hungary into Russia and China. Offer incentives such as a commission of 3-5% on the sale if you are presented with a really good deal and the property is sold successfully.
# Renovate your Hungarian Property for Sale
Renovate the property. Get extensive gardening, plumbing, electrical and painting work done, hire the best professionals for this. De-clutter your property; get rid of anything that is not really necessary. Pay special attention to the renovation of the kitchen and the bathrooms. Nothing puts off potential home buyers more than an untidy kitchen and unclean bathrooms.
# It’s all about Marketing
Get quality photographs of your property taken; hire a professional photographer for this. Have all the documentations ready – such as copies of the sale deed, house tax, utility bills, floor plans, housing surveys, electric compliance reports etc. Prepare a list of nearby schools, hospitals, bus stops, retail stores and so on. Pack all this information into a comprehensive package to be given to real estate agents and prospective home buyers. Have attractive flyers prepared and have them distributed in the favorite pubs, restaurants and other haunts of the expat community in Hungary.
# Be Polite and Cheerful
Be prepared to greet overseas home buyers at odd times of the day as they are likely to have extremely busy schedules. Show them around the house and offer a good reason as to why you’re looking to sell property in Hungary. Don’t come across as desperate or as being too eager to get rid of the property – that would create a really bad impression.
# Hire Legal Representation
Once the sale has been agreed upon, hire a reputed local solicitor to safeguard your interests in the contract signings and final negotiation, preferably one who is fluent in both English and Hungarian. Take the solicitor’s help to get all the documents in perfect order and to ensure that the property transaction goes smoothly, according to plan.