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Selling a property in Kazakhstan can be a daunting task, but with the right approach, you can ensure a smooth and successful transaction. Here are some key points to consider.
Firstly, pricing your property is crucial. Not too high, not too low – finding the right balance is essential to attract potential buyers. Researching open sources and comparing your property with similar ones in the market is a simple way to determine the price, though this method has its limitations as it doesn't account for all factors. For a more accurate assessment, you might consider hiring an expert who can provide a market value assessment. This value is directly influenced by supply and demand and differs significantly from the cadastral value determined by the state for tax calculations.
When it comes to documents, a purchase agreement, technical plan, notification of state registration of the right to real estate, and an act on the land (if selling a house) are necessary for the sale of an apartment or house. Additionally, a Form 1 certificate is required to confirm there are no encumbrances on the property.
Preparation is key when selling a property. Experts suggest tidying up and removing unnecessary items before showings to allow potential buyers to envision themselves in the space. High-quality photos, preferably taken during the day, and highlighting the property's strengths, such as the view, interior design, or layout, can also help attract buyers. A short video providing a live tour can be an added advantage.
Cosmetic improvements can make a positive impression on potential buyers, but major overhauls may not recoup the costs. It's advisable to replace everything diligently on your own, or at least inform the new owner about any issues with the water or electrical systems to avoid further problems.
The boundaries of the plot and its intended purpose should be checked against the public cadastral map when selling a house. Unregistered construction, land lease, or mismatch in the intended purpose can complicate the sale.
Confusion over co-ownership or heirs can hinder the sale, requiring permission from all property owners. If a minor owns the apartment fully or partially, permission from the guardianship authority is required for the sale.
Skipping thorough research when hiring a real estate agent can lead to poor representation. It is vital to choose an experienced and reputable agent familiar with local market dynamics and commission structures. Likewise, insufficient market research on demand and pricing can cause unrealistic expectations and delays.
Neglecting legal and regulatory compliance is a serious risk. Incomplete or inaccurate documentation can cause transaction setbacks and fines. Sellers should carefully ensure all paperwork is in order and consult professionals such as lawyers or real estate experts to avoid legal pitfalls.
Underestimating related costs such as agent commissions, taxes, and transaction fees can impact final profits. Maintaining clear communication during the sales process is important to avoid misunderstandings with buyers or agents.
Lastly, it's best to have evidence of no outstanding debts for taxes and utilities when selling a property. Ensuring that there are no strangers registered in the property is also important, as a fine of 10 MCI (currently 39,320 tenge) may be imposed if not addressed.
In summary, sellers in Kazakhstan should avoid overpricing, poor preparation, ignoring market and legal details, and neglecting professional advice to successfully sell their property at a good value. Hiring a professional to assess the property's value and provide tips on how to maximize profits can also be beneficial.
- To maximize returns when selling real estate in Kazakhstan, it's wise to delve into the housing-market trends, as understanding investor preferences and price fluctuations in the finance sector can help set a competitive price for your property.
- While preparing a property for sale, presenting high-quality photos, videos, and making cosmetic improvements can enhance its appeal to potential buyers in the real-estate sector, contributing to a smoother transaction and potentially a higher selling price.
