Selling a pre-owned property is never a simple process. Location and age alone are not enough; there are many other factors that decisively affect a property’s value. These factors are often described as “details,” but in practice they prove to be critical, as they directly influence the decision to buy or rent.
From our day-to-day experience in the real estate market, we observe that two seemingly similar apartments—with the same square meters, on the same floor, with the same view and in the same area—can differ in value by as much as 20%. This discrepancy is not random. Very often, prospective buyers request a price reduction or reject a property altogether when they identify specific issues.
These issues fall into two main categories:
a) issues related to the apartment building, and
b) issues related to the apartment itself.
Issues Related to the Apartment Building
The first impression of the building plays a decisive role in price negotiation. The entrance, stairwell, and elevator act as a “filter” even before the prospective buyer sees the apartment itself.
The absence of an elevator can reduce a property’s value by up to half when it is located above the second floor. Even an old or noisy elevator is often a reason for rejection.
Heating is one of the first questions asked by interested parties. Old central heating systems with high operating costs are a deterrent.
Buildings that have not been maintained for years, with visible deterioration in balcony concrete, indicate a lack of coordination among owners.
Dark stairwells, worn steps, and mold in common areas create negative impressions.
Cleanliness and hygiene in common areas are of critical importance: dirty walls, rubbish, poor pest control.
Exposed piping, worn electrical installations, and makeshift repairs.
Main entrances showing signs of neglect and rusted fencing are interpreted by buyers as future expenses.
Poor condition of pilotis areas and gardens, unauthorized constructions, and abandoned bicycles or motorcycles indicate a lack of rules.
The level of common charges is often a reason for negotiation or even for discouraging a deal.
Poor management of the building is easily perceived. Suspicion of mismanagement acts as a deterrent, as approximately 4 out of 10 residents delay or owe common charges, leading to accumulated debts, reduced maintenance, and depreciation of properties.
Issues Related to the Apartment
Mold on walls and signs of dampness.
Worn plumbing installations and bathrooms without windows, which entail significant renovation costs.
Old radiators, window frames, rusted railings, worn kitchen cabinets, floors, and interior doors.
Repairing an apartment can cost up to €1,000 per sq.m. Based on our experience in the city of Alexandroupoli, the average renovation cost is around €500 per sq.m. This amount should always be factored into the final selling price.
An old and poorly maintained residence often “suffers” from frequent tenant turnover, long periods of vacancy, and an increased risk of non-paying tenants, leading to further deterioration of the property.
“DOMIMA” by Your Side
DOMIMA offers reliable property valuation and can effectively guide you in the proper repair and upgrade of your property, so that you achieve the best possible result in selling or renting it.