INSIGHTS
Beyond the Listing: How We Assess a Property
Beyond the Listing: How We Assess a Property
Beyond the Listing: How We Assess a Property
A real Budapest house tour, and what it taught us about looking beyond size, location and asking price.
A real Budapest house tour, and what it taught us about looking beyond size, location and asking price.
A real Budapest house tour, and what it taught us about looking beyond size, location and asking price.
October 2026 · Property Analysis · 8 min read
A property listing tells you a lot. It tells you the size of the house and the plot, the number of bedrooms and bathrooms, and usually presents the property through carefully selected photographs. It describes the location, highlights the features and gives you an asking price.
A property listing tells you a lot. It tells you the size of the house and the plot, the number of bedrooms and bathrooms, and usually presents the property through carefully selected photographs. It describes the location, highlights the features and gives you an asking price.
A property listing tells you a lot. It tells you the size of the house and the plot, the number of bedrooms and bathrooms, and usually presents the property through carefully selected photographs. It describes the location, highlights the features and gives you an asking price.
What it cannot easily tell you is whether the property actually works.
What it cannot easily tell you is whether the property actually works.
What it cannot easily tell you is whether the property actually works.
Recently, we spent time analysing a substantial family home in Virányos, one of the green residential neighbourhoods of Budapest’s District XII. On paper, the property had many of the ingredients associated with the upper end of the Budapest residential market.
Recently, we spent time analysing a substantial family home in Virányos, one of the green residential neighbourhoods of Budapest’s District XII. On paper, the property had many of the ingredients associated with the upper end of the Budapest residential market.
Recently, we spent time analysing a substantial family home in Virányos, one of the green residential neighbourhoods of Budapest’s District XII. On paper, the property had many of the ingredients associated with the upper end of the Budapest residential market.
Approx. 450 m² / 4,844 sq ft of interior space
Approx. 450 m² / 4,844 sq ft of interior space
1,106 m² / 11,905 sq ft plot
1,106 m² / 11,905 sq ft plot
Four bathrooms · Garage for 3–4 cars · Mature garden · Air conditioning · Indoor pool and wellness area
Four bathrooms · Garage for 3–4 cars · Mature garden · Air conditioning · Indoor pool and wellness area
The asking price was approximately €2.6 million. It sounds impressive, and in many ways, it was.
The asking price was approximately €2.6 million. It sounds impressive, and in many ways, it was.
The asking price was approximately €2.6 million. It sounds impressive, and in many ways, it was.
But walking through the property reminded us of something fundamental to the way we assess real estate:
But walking through the property reminded us of something fundamental to the way we assess real estate:
But walking through the property reminded us of something fundamental to the way we assess real estate:
A list of features does not tell you the quality of a property.
A list of features does not tell you the quality of a property.
A list of features does not tell you the quality of a property.
START WITH THE LOCATION
START WITH THE LOCATION
START WITH THE LOCATION
Virányos makes sense for a house of this scale. It is one of the greener residential areas of Budapest’s District XII, with larger plots, mature vegetation and a lower-density character than central Pest, while remaining relatively close to central Buda.
Virányos makes sense for a house of this scale. It is one of the greener residential areas of Budapest’s District XII, with larger plots, mature vegetation and a lower-density character than central Pest, while remaining relatively close to central Buda.
Virányos makes sense for a house of this scale. It is one of the greener residential areas of Budapest’s District XII, with larger plots, mature vegetation and a lower-density character than central Pest, while remaining relatively close to central Buda.
For this particular property, the location and plot were genuine strengths. The 1,106 m² / 11,905 sq ft site provided something increasingly difficult to reproduce in Budapest: space, mature vegetation and privacy in an established residential neighbourhood.
For this particular property, the location and plot were genuine strengths. The 1,106 m² / 11,905 sq ft site provided something increasingly difficult to reproduce in Budapest: space, mature vegetation and privacy in an established residential neighbourhood.
For this particular property, the location and plot were genuine strengths. The 1,106 m² / 11,905 sq ft site provided something increasingly difficult to reproduce in Budapest: space, mature vegetation and privacy in an established residential neighbourhood.
So our questions did not begin with whether Virányos was sufficiently premium for the house. They began with whether the house itself made full use of what was a very good site.
So our questions did not begin with whether Virányos was sufficiently premium for the house. They began with whether the house itself made full use of what was a very good site.
So our questions did not begin with whether Virányos was sufficiently premium for the house. They began with whether the house itself made full use of what was a very good site.
THE ARRIVAL TELLS YOU MORE THAN YOU MIGHT EXPECT
THE ARRIVAL TELLS YOU MORE THAN YOU MIGHT EXPECT
THE ARRIVAL TELLS YOU MORE THAN YOU MIGHT EXPECT
At this level of the market, arrival is part of the architecture. The approach, entrance and transition from car to house should feel considered.
At this level of the market, arrival is part of the architecture. The approach, entrance and transition from car to house should feel considered.
At this level of the market, arrival is part of the architecture. The approach, entrance and transition from car to house should feel considered.
Here, they did not.
Here, they did not.
Here, they did not.
The garage accommodated three to four cars, with two indoor spaces and another two on the covered driveway, although parking there blocked the way. More importantly, the garage did not feel integrated into the arrival experience and had no internal connection to the house. Instead of the architecture directing the eye towards an entrance or a carefully composed view, one of the first prominent elements was the railing of the external staircase leading from the garage to the front door.
The garage accommodated three to four cars, with two indoor spaces and another two on the covered driveway, although parking there blocked the way. More importantly, the garage did not feel integrated into the arrival experience and had no internal connection to the house. Instead of the architecture directing the eye towards an entrance or a carefully composed view, one of the first prominent elements was the railing of the external staircase leading from the garage to the front door.
The garage accommodated three to four cars, with two indoor spaces and another two on the covered driveway, although parking there blocked the way. More importantly, the garage did not feel integrated into the arrival experience and had no internal connection to the house. Instead of the architecture directing the eye towards an entrance or a carefully composed view, one of the first prominent elements was the railing of the external staircase leading from the garage to the front door.
There was little along the approach to compensate for this. No wall, hedge, structured planting or other landscape element created a sequence towards the entrance or gradually revealed the house. You arrived at the property, but there was no real sense of arrival.
There was little along the approach to compensate for this. No wall, hedge, structured planting or other landscape element created a sequence towards the entrance or gradually revealed the house. You arrived at the property, but there was no real sense of arrival.
There was little along the approach to compensate for this. No wall, hedge, structured planting or other landscape element created a sequence towards the entrance or gradually revealed the house. You arrived at the property, but there was no real sense of arrival.
The front elevation reinforced that impression. Rather than having a strong architectural focal point, some of the details that attracted attention were a small service window and an ageing, yellowed alarm box mounted prominently on the façade.
The front elevation reinforced that impression. Rather than having a strong architectural focal point, some of the details that attracted attention were a small service window and an ageing, yellowed alarm box mounted prominently on the façade.
The front elevation reinforced that impression. Rather than having a strong architectural focal point, some of the details that attracted attention were a small service window and an ageing, yellowed alarm box mounted prominently on the façade.
Neither is a major defect. The problem is what the eye finds when there is no stronger composition competing for its attention.
Neither is a major defect. The problem is what the eye finds when there is no stronger composition competing for its attention.
Neither is a major defect. The problem is what the eye finds when there is no stronger composition competing for its attention.
We also found ourselves trying to identify the architectural language of the house. It was difficult to define one. Our impression was that during the original design process, accommodating a very large programme may have taken priority over creating a particularly coherent piece of architecture.
We also found ourselves trying to identify the architectural language of the house. It was difficult to define one. Our impression was that during the original design process, accommodating a very large programme may have taken priority over creating a particularly coherent piece of architecture.
We also found ourselves trying to identify the architectural language of the house. It was difficult to define one. Our impression was that during the original design process, accommodating a very large programme may have taken priority over creating a particularly coherent piece of architecture.
That becomes relevant at approximately €2.6 million. At this level, we are not only assessing how much house has been built. We are assessing what those square metres have created.
That becomes relevant at approximately €2.6 million. At this level, we are not only assessing how much house has been built. We are assessing what those square metres have created.
That becomes relevant at approximately €2.6 million. At this level, we are not only assessing how much house has been built. We are assessing what those square metres have created.
SIZE AND SPACE ARE NOT THE SAME THING
SIZE AND SPACE ARE NOT THE SAME THING
SIZE AND SPACE ARE NOT THE SAME THING
With approximately 450 m² / 4,844 sq ft of interior space, lack of floor area was certainly not the problem. The more interesting question was why some of the principal rooms did not feel as generous or as resolved as that number suggested.
With approximately 450 m² / 4,844 sq ft of interior space, lack of floor area was certainly not the problem. The more interesting question was why some of the principal rooms did not feel as generous or as resolved as that number suggested.
With approximately 450 m² / 4,844 sq ft of interior space, lack of floor area was certainly not the problem. The more interesting question was why some of the principal rooms did not feel as generous or as resolved as that number suggested.
The living room was a good example.
The living room was a good example.
The living room was a good example.
A partition wall divided the space in a way that reduced its usable area and restricted the way the room could naturally be furnished. This was not simply a question of replacing the existing furniture. The wall itself was shaping the room and preventing a substantial floor area from functioning as one convincing principal living space. Most likely, it was an afterthought after the owners realised that a sufficiently large dining area had not been incorporated into the original layout.
A partition wall divided the space in a way that reduced its usable area and restricted the way the room could naturally be furnished. This was not simply a question of replacing the existing furniture. The wall itself was shaping the room and preventing a substantial floor area from functioning as one convincing principal living space. Most likely, it was an afterthought after the owners realised that a sufficiently large dining area had not been incorporated into the original layout.
A partition wall divided the space in a way that reduced its usable area and restricted the way the room could naturally be furnished. This was not simply a question of replacing the existing furniture. The wall itself was shaping the room and preventing a substantial floor area from functioning as one convincing principal living space. Most likely, it was an afterthought after the owners realised that a sufficiently large dining area had not been incorporated into the original layout.
Further evidence of this was the fact that the dining area had effectively been positioned on the circulation route, occupying space that was also expected to function as the only corridor connecting the interior of the house to the garden.
Further evidence of this was the fact that the dining area had effectively been positioned on the circulation route, occupying space that was also expected to function as the only corridor connecting the interior of the house to the garden.
Further evidence of this was the fact that the dining area had effectively been positioned on the circulation route, occupying space that was also expected to function as the only corridor connecting the interior of the house to the garden.
The kitchen then felt relatively enclosed in comparison with the scale of the adjoining spaces. Instead of the kitchen, dining and living areas forming a clear sequence, their relationship felt fragmented, particularly because only a small doorway connected the kitchen to the dining area.
The kitchen then felt relatively enclosed in comparison with the scale of the adjoining spaces. Instead of the kitchen, dining and living areas forming a clear sequence, their relationship felt fragmented, particularly because only a small doorway connected the kitchen to the dining area.
The kitchen then felt relatively enclosed in comparison with the scale of the adjoining spaces. Instead of the kitchen, dining and living areas forming a clear sequence, their relationship felt fragmented, particularly because only a small doorway connected the kitchen to the dining area.
Some of this could potentially be redesigned. But that work would need to be considered as part of the acquisition rather than dismissed because the house already has 450 square metres.
Some of this could potentially be redesigned. But that work would need to be considered as part of the acquisition rather than dismissed because the house already has 450 square metres.
Some of this could potentially be redesigned. But that work would need to be considered as part of the acquisition rather than dismissed because the house already has 450 square metres.
450 m² of floor area and 450 m² of well-designed space are not the same product.
450 m² of floor area and 450 m² of well-designed space are not the same product.
450 m² of floor area and 450 m² of well-designed space are not the same product.
FOLLOW THE CIRCULATION
FOLLOW THE CIRCULATION
FOLLOW THE CIRCULATION
The bedroom level revealed another example where the specification sounded stronger than the everyday experience.
The bedroom level revealed another example where the specification sounded stronger than the everyday experience.
The bedroom level revealed another example where the specification sounded stronger than the everyday experience.
There was extensive built-in storage, which is clearly useful in a large family house. The problem was that some of the wardrobes were positioned along the corridor rather than within the private rooms.
There was extensive built-in storage, which is clearly useful in a large family house. The problem was that some of the wardrobes were positioned along the corridor rather than within the private rooms.
There was extensive built-in storage, which is clearly useful in a large family house. The problem was that some of the wardrobes were positioned along the corridor rather than within the private rooms.
That changes the way the storage works.
That changes the way the storage works.
That changes the way the storage works.
A corridor is shared circulation space. In a house that may be used by a family, guests and potentially staff, placing personal clothing storage there creates an unnecessary privacy issue. Accessing clothes and personal belongings begins to overlap with people simply moving through the floor.
A corridor is shared circulation space. In a house that may be used by a family, guests and potentially staff, placing personal clothing storage there creates an unnecessary privacy issue. Accessing clothes and personal belongings begins to overlap with people simply moving through the floor.
A corridor is shared circulation space. In a house that may be used by a family, guests and potentially staff, placing personal clothing storage there creates an unnecessary privacy issue. Accessing clothes and personal belongings begins to overlap with people simply moving through the floor.
So the issue was not that the house lacked wardrobes. It was where the wardrobes were.
So the issue was not that the house lacked wardrobes. It was where the wardrobes were.
So the issue was not that the house lacked wardrobes. It was where the wardrobes were.
This is exactly the sort of detail that disappears in a property specification. “Extensive built-in storage” is technically correct. But during a viewing, the more useful question is whether that storage is positioned where the occupants would actually want it.
This is exactly the sort of detail that disappears in a property specification. “Extensive built-in storage” is technically correct. But during a viewing, the more useful question is whether that storage is positioned where the occupants would actually want it.
This is exactly the sort of detail that disappears in a property specification. “Extensive built-in storage” is technically correct. But during a viewing, the more useful question is whether that storage is positioned where the occupants would actually want it.
The lower-ground service area was more difficult to understand. It felt less like a deliberately designed part of the house and more like space for which a convincing use had never been found.
The lower-ground service area was more difficult to understand. It felt less like a deliberately designed part of the house and more like space for which a convincing use had never been found.
The lower-ground service area was more difficult to understand. It felt less like a deliberately designed part of the house and more like space for which a convincing use had never been found.
The clearest example was a small, windowless and claustrophobic room with a low-quality bathroom, accessible directly from the indoor garage. If this was intended as staff accommodation, we would have serious reservations about its suitability as a living space. Beyond the lack of natural light and the quality of the accommodation itself, placing a sleeping area in direct connection with a four-car garage raises obvious questions around ventilation, air quality and separation from vehicle fumes.
The clearest example was a small, windowless and claustrophobic room with a low-quality bathroom, accessible directly from the indoor garage. If this was intended as staff accommodation, we would have serious reservations about its suitability as a living space. Beyond the lack of natural light and the quality of the accommodation itself, placing a sleeping area in direct connection with a four-car garage raises obvious questions around ventilation, air quality and separation from vehicle fumes.
The clearest example was a small, windowless and claustrophobic room with a low-quality bathroom, accessible directly from the indoor garage. If this was intended as staff accommodation, we would have serious reservations about its suitability as a living space. Beyond the lack of natural light and the quality of the accommodation itself, placing a sleeping area in direct connection with a four-car garage raises obvious questions around ventilation, air quality and separation from vehicle fumes.
For a house of this size, staff accommodation could have been a genuine asset. But simply allocating a room to that function is not the same as designing appropriate accommodation for the people expected to use it.
For a house of this size, staff accommodation could have been a genuine asset. But simply allocating a room to that function is not the same as designing appropriate accommodation for the people expected to use it.
For a house of this size, staff accommodation could have been a genuine asset. But simply allocating a room to that function is not the same as designing appropriate accommodation for the people expected to use it.
For us, this was a recurring theme in the house: there was plenty of programme, but not every part of that programme had been resolved equally well.
For us, this was a recurring theme in the house: there was plenty of programme, but not every part of that programme had been resolved equally well.
For us, this was a recurring theme in the house: there was plenty of programme, but not every part of that programme had been resolved equally well.
AMENITIES DO NOT AUTOMATICALLY CREATE LUXURY
AMENITIES DO NOT AUTOMATICALLY CREATE LUXURY
AMENITIES DO NOT AUTOMATICALLY CREATE LUXURY
The indoor pool and wellness area sounded particularly impressive in the specification. In person, it became one of the clearest examples of the difference between having an amenity and executing it at a luxury level.
The indoor pool and wellness area sounded particularly impressive in the specification. In person, it became one of the clearest examples of the difference between having an amenity and executing it at a luxury level.
The indoor pool and wellness area sounded particularly impressive in the specification. In person, it became one of the clearest examples of the difference between having an amenity and executing it at a luxury level.
The pool itself is a meaningful feature. Few Budapest family houses have one, and creating an indoor pool requires substantial space and investment.
The pool itself is a meaningful feature. Few Budapest family houses have one, and creating an indoor pool requires substantial space and investment.
The pool itself is a meaningful feature. Few Budapest family houses have one, and creating an indoor pool requires substantial space and investment.
But at this price point, we also looked at the room around it: its proportions, design, materials, lighting, detailing and how convincingly the different wellness functions had been integrated.
But at this price point, we also looked at the room around it: its proportions, design, materials, lighting, detailing and how convincingly the different wellness functions had been integrated.
But at this price point, we also looked at the room around it: its proportions, design, materials, lighting, detailing and how convincingly the different wellness functions had been integrated.
That was where the gap appeared.
That was where the gap appeared.
That was where the gap appeared.
The pool tiling, surrounding finishes and even the pool-cover solution felt relatively ordinary, and in some cases below the standard we would expect given the positioning and asking price of the house. The wellness area existed, but the material quality and design did not consistently turn it into the kind of space we would expect in a home offered at approximately €2.6 million.
The pool tiling, surrounding finishes and even the pool-cover solution felt relatively ordinary, and in some cases below the standard we would expect given the positioning and asking price of the house. The wellness area existed, but the material quality and design did not consistently turn it into the kind of space we would expect in a home offered at approximately €2.6 million.
The pool tiling, surrounding finishes and even the pool-cover solution felt relatively ordinary, and in some cases below the standard we would expect given the positioning and asking price of the house. The wellness area existed, but the material quality and design did not consistently turn it into the kind of space we would expect in a home offered at approximately €2.6 million.
The sauna made the distinction particularly clear. Rather than appearing to have been designed as an integrated architectural element of the wellness area, it appeared to be a relatively inexpensive prefabricated retail sauna subsequently placed into the space.
The sauna made the distinction particularly clear. Rather than appearing to have been designed as an integrated architectural element of the wellness area, it appeared to be a relatively inexpensive prefabricated retail sauna subsequently placed into the space.
The sauna made the distinction particularly clear. Rather than appearing to have been designed as an integrated architectural element of the wellness area, it appeared to be a relatively inexpensive prefabricated retail sauna subsequently placed into the space.
It worked and provided the advertised function. But there is a difference between installing an amenity and designing one.
It worked and provided the advertised function. But there is a difference between installing an amenity and designing one.
It worked and provided the advertised function. But there is a difference between installing an amenity and designing one.
We saw the same issue in several bathrooms and other interior areas. They were functional and serviceable, but the dimensions, detailing, material choices and finishes were not consistently at the standard implied by the asking price.
We saw the same issue in several bathrooms and other interior areas. They were functional and serviceable, but the dimensions, detailing, material choices and finishes were not consistently at the standard implied by the asking price.
We saw the same issue in several bathrooms and other interior areas. They were functional and serviceable, but the dimensions, detailing, material choices and finishes were not consistently at the standard implied by the asking price.
Luxury does not require every surface to be expensive or extravagant. Some of the best interiors are extremely restrained. But restraint still needs to look intentional.
Luxury does not require every surface to be expensive or extravagant. Some of the best interiors are extremely restrained. But restraint still needs to look intentional.
Luxury does not require every surface to be expensive or extravagant. Some of the best interiors are extremely restrained. But restraint still needs to look intentional.
THE GARDEN WAS A GENUINE ASSET
THE GARDEN WAS A GENUINE ASSET
THE GARDEN WAS A GENUINE ASSET
The garden moved our assessment in the opposite direction.
The garden moved our assessment in the opposite direction.
The garden moved our assessment in the opposite direction.
The 1,106 m² / 11,905 sq ft plot, mature trees, established planting and privacy were genuine strengths. These are particularly valuable because they are much harder to reproduce than most interior features.
The 1,106 m² / 11,905 sq ft plot, mature trees, established planting and privacy were genuine strengths. These are particularly valuable because they are much harder to reproduce than most interior features.
The 1,106 m² / 11,905 sq ft plot, mature trees, established planting and privacy were genuine strengths. These are particularly valuable because they are much harder to reproduce than most interior features.
A buyer can remove the partition wall in the living room. The kitchen can be redesigned. Bathrooms and pool finishes can be replaced. Even substantial interior work is possible if the underlying property justifies the investment.
A buyer can remove the partition wall in the living room. The kitchen can be redesigned. Bathrooms and pool finishes can be replaced. Even substantial interior work is possible if the underlying property justifies the investment.
A buyer can remove the partition wall in the living room. The kitchen can be redesigned. Bathrooms and pool finishes can be replaced. Even substantial interior work is possible if the underlying property justifies the investment.
A mature garden is different. Large trees and established vegetation represent years that cannot be ordered from a contractor.
A mature garden is different. Large trees and established vegetation represent years that cannot be ordered from a contractor.
A mature garden is different. Large trees and established vegetation represent years that cannot be ordered from a contractor.
That meant we did not look at the house simply as a list of shortcomings. The site gave a future owner something meaningful to work with.
That meant we did not look at the house simply as a list of shortcomings. The site gave a future owner something meaningful to work with.
That meant we did not look at the house simply as a list of shortcomings. The site gave a future owner something meaningful to work with.
For us, the question became whether the quality of the location, plot and mature landscaping was strong enough to justify taking on the work required elsewhere in the property.
For us, the question became whether the quality of the location, plot and mature landscaping was strong enough to justify taking on the work required elsewhere in the property.
For us, the question became whether the quality of the location, plot and mature landscaping was strong enough to justify taking on the work required elsewhere in the property.
The positioning of the patio on the side of the house raised another question. With street access at both the front and rear of the property, privacy should have been a major consideration in the site planning. In practice, much of that privacy came from the mature garden and established trees rather than from the architecture itself.
The positioning of the patio on the side of the house raised another question. With street access at both the front and rear of the property, privacy should have been a major consideration in the site planning. In practice, much of that privacy came from the mature garden and established trees rather than from the architecture itself.
The positioning of the patio on the side of the house raised another question. With street access at both the front and rear of the property, privacy should have been a major consideration in the site planning. In practice, much of that privacy came from the mature garden and established trees rather than from the architecture itself.
The position of the house on the plot also felt inefficient. A relatively large amount of land had been left at the front, yet that space was not used to create a meaningful arrival experience. The consequence was a smaller private garden behind the house, where those additional metres would arguably have created considerably more value.
The position of the house on the plot also felt inefficient. A relatively large amount of land had been left at the front, yet that space was not used to create a meaningful arrival experience. The consequence was a smaller private garden behind the house, where those additional metres would arguably have created considerably more value.
The position of the house on the plot also felt inefficient. A relatively large amount of land had been left at the front, yet that space was not used to create a meaningful arrival experience. The consequence was a smaller private garden behind the house, where those additional metres would arguably have created considerably more value.
NOT EVERY PROBLEM HAS THE SAME PRICE
NOT EVERY PROBLEM HAS THE SAME PRICE
NOT EVERY PROBLEM HAS THE SAME PRICE
This is where the viewing started to become a valuation exercise.
This is where the viewing started to become a valuation exercise.
This is where the viewing started to become a valuation exercise.
Some of what we identified was relatively straightforward. A yellowed alarm box can be removed. Landscaping can improve the arrival. Pool finishes can be replaced.
Some of what we identified was relatively straightforward. A yellowed alarm box can be removed. Landscaping can improve the arrival. Pool finishes can be replaced.
Some of what we identified was relatively straightforward. A yellowed alarm box can be removed. Landscaping can improve the arrival. Pool finishes can be replaced.
Other interventions become progressively more significant.
Other interventions become progressively more significant.
Other interventions become progressively more significant.
Reworking the living room partition, reconsidering the dining circulation, opening or reorganising the kitchen, redesigning bathrooms and upgrading the wellness area all involve money. In a house approaching 4,850 sq ft / 450 m², seemingly local interventions can quickly become a substantial renovation programme.
Reworking the living room partition, reconsidering the dining circulation, opening or reorganising the kitchen, redesigning bathrooms and upgrading the wellness area all involve money. In a house approaching 4,850 sq ft / 450 m², seemingly local interventions can quickly become a substantial renovation programme.
Reworking the living room partition, reconsidering the dining circulation, opening or reorganising the kitchen, redesigning bathrooms and upgrading the wellness area all involve money. In a house approaching 4,850 sq ft / 450 m², seemingly local interventions can quickly become a substantial renovation programme.
Then there are characteristics that cannot easily be changed at all.
Then there are characteristics that cannot easily be changed at all.
Then there are characteristics that cannot easily be changed at all.
The plot cannot be moved. The orientation is fixed. The relationship between the building and its site is largely established. Fundamental architectural decisions are much more expensive to alter than finishes.
The plot cannot be moved. The orientation is fixed. The relationship between the building and its site is largely established. Fundamental architectural decisions are much more expensive to alter than finishes.
The plot cannot be moved. The orientation is fixed. The relationship between the building and its site is largely established. Fundamental architectural decisions are much more expensive to alter than finishes.
This is why we do not create one generic list of “pros and cons”. We want to know which issues are cosmetic, which require architectural intervention and which are effectively permanent.
This is why we do not create one generic list of “pros and cons”. We want to know which issues are cosmetic, which require architectural intervention and which are effectively permanent.
This is why we do not create one generic list of “pros and cons”. We want to know which issues are cosmetic, which require architectural intervention and which are effectively permanent.
Only then can we start putting a price on them.
Only then can we start putting a price on them.
Only then can we start putting a price on them.
THE ASKING PRICE CHANGED THE CONVERSATION
THE ASKING PRICE CHANGED THE CONVERSATION
THE ASKING PRICE CHANGED THE CONVERSATION
At approximately €2.6 million, the standard against which we assessed the house changed.
At approximately €2.6 million, the standard against which we assessed the house changed.
At approximately €2.6 million, the standard against which we assessed the house changed.
This is important because property quality is not an absolute concept.
This is important because property quality is not an absolute concept.
This is important because property quality is not an absolute concept.
A prefabricated sauna is not inherently a problem. Corridor wardrobes are not automatically unacceptable. An enclosed kitchen may be exactly what some buyers want.
A prefabricated sauna is not inherently a problem. Corridor wardrobes are not automatically unacceptable. An enclosed kitchen may be exactly what some buyers want.
A prefabricated sauna is not inherently a problem. Corridor wardrobes are not automatically unacceptable. An enclosed kitchen may be exactly what some buyers want.
But at €2.6 million, this house was competing for buyers who have alternatives.
But at €2.6 million, this house was competing for buyers who have alternatives.
But at €2.6 million, this house was competing for buyers who have alternatives.
Those alternatives might be smaller but architecturally stronger. They might have a less impressive list of amenities but significantly better interiors. They might require renovation but allow the buyer to create exactly what they want. Or they might offer a stronger house on a smaller plot.
Those alternatives might be smaller but architecturally stronger. They might have a less impressive list of amenities but significantly better interiors. They might require renovation but allow the buyer to create exactly what they want. Or they might offer a stronger house on a smaller plot.
Those alternatives might be smaller but architecturally stronger. They might have a less impressive list of amenities but significantly better interiors. They might require renovation but allow the buyer to create exactly what they want. Or they might offer a stronger house on a smaller plot.
The valuation question therefore became more complicated.
The valuation question therefore became more complicated.
The valuation question therefore became more complicated.
On one side, we had an excellent Virányos location, a substantial 1,106 m² plot, mature landscaping, almost 450 m² of existing house, an indoor pool and a large garage.
On one side, we had an excellent Virányos location, a substantial 1,106 m² plot, mature landscaping, almost 450 m² of existing house, an indoor pool and a large garage.
On one side, we had an excellent Virányos location, a substantial 1,106 m² plot, mature landscaping, almost 450 m² of existing house, an indoor pool and a large garage.
On the other, we had a floor plan we would want to reconsider, an arrival and façade that did not communicate the quality implied by the price, several finishes below the expected standard, and a large building where even selective redesign could become expensive very quickly.
On the other, we had a floor plan we would want to reconsider, an arrival and façade that did not communicate the quality implied by the price, several finishes below the expected standard, and a large building where even selective redesign could become expensive very quickly.
On the other, we had a floor plan we would want to reconsider, an arrival and façade that did not communicate the quality implied by the price, several finishes below the expected standard, and a large building where even selective redesign could become expensive very quickly.
After considering both, our view of value was materially different from the headline asking price.
After considering both, our view of value was materially different from the headline asking price.
After considering both, our view of value was materially different from the headline asking price.
That does not make the house a bad property. It means the price and the property were telling us different stories.
That does not make the house a bad property. It means the price and the property were telling us different stories.
That does not make the house a bad property. It means the price and the property were telling us different stories.
A VIEWING SHOULD CHANGE YOUR UNDERSTANDING OF THE PROPERTY
A VIEWING SHOULD CHANGE YOUR UNDERSTANDING OF THE PROPERTY
A VIEWING SHOULD CHANGE YOUR UNDERSTANDING OF THE PROPERTY
Before the viewing, the specification was compelling: Virányos, approximately 450 m², more than 1,100 m² of land, indoor pool, wellness area, four bathrooms, large garage and mature garden.
Before the viewing, the specification was compelling: Virányos, approximately 450 m², more than 1,100 m² of land, indoor pool, wellness area, four bathrooms, large garage and mature garden.
Before the viewing, the specification was compelling: Virányos, approximately 450 m², more than 1,100 m² of land, indoor pool, wellness area, four bathrooms, large garage and mature garden.
After the viewing, none of those facts had changed. But our understanding of them had.
After the viewing, none of those facts had changed. But our understanding of them had.
After the viewing, none of those facts had changed. But our understanding of them had.
We knew that the 450 m² did not translate equally well into every room. We understood how the dining area affected circulation. We had seen where the wardrobes were positioned. We understood the execution of the wellness area rather than simply knowing that one existed.
We knew that the 450 m² did not translate equally well into every room. We understood how the dining area affected circulation. We had seen where the wardrobes were positioned. We understood the execution of the wellness area rather than simply knowing that one existed.
We knew that the 450 m² did not translate equally well into every room. We understood how the dining area affected circulation. We had seen where the wardrobes were positioned. We understood the execution of the wellness area rather than simply knowing that one existed.
And we had also seen something photographs could easily understate: the quality and maturity of the garden.
And we had also seen something photographs could easily understate: the quality and maturity of the garden.
And we had also seen something photographs could easily understate: the quality and maturity of the garden.
That is what a useful property viewing should do. It should not merely confirm the listing. It should add information to it.
That is what a useful property viewing should do. It should not merely confirm the listing. It should add information to it.
That is what a useful property viewing should do. It should not merely confirm the listing. It should add information to it.
LISTING PHOTOGRAPHS ARE THE STARTING POINT
LISTING PHOTOGRAPHS ARE THE STARTING POINT
LISTING PHOTOGRAPHS ARE THE STARTING POINT
Listing photographs are designed to present a property at its best. There is nothing wrong with that. It is their job.
Listing photographs are designed to present a property at its best. There is nothing wrong with that. It is their job.
Listing photographs are designed to present a property at its best. There is nothing wrong with that. It is their job.
Our job is different.
Our job is different.
Our job is different.
When we view on behalf of a buyer, we are trying to understand what the photographs and specification cannot fully communicate.
When we view on behalf of a buyer, we are trying to understand what the photographs and specification cannot fully communicate.
When we view on behalf of a buyer, we are trying to understand what the photographs and specification cannot fully communicate.
In this house, that meant standing at the garage and looking at what actually formed the arrival. It meant noticing why the living room did not use its floor area particularly well. It meant walking the route through the dining room rather than simply photographing the table.
In this house, that meant standing at the garage and looking at what actually formed the arrival. It meant noticing why the living room did not use its floor area particularly well. It meant walking the route through the dining room rather than simply photographing the table.
In this house, that meant standing at the garage and looking at what actually formed the arrival. It meant noticing why the living room did not use its floor area particularly well. It meant walking the route through the dining room rather than simply photographing the table.
It meant opening the wardrobes and understanding who would use them and from where. It meant looking closely enough at the wellness area to distinguish the existence of a sauna from the quality of its integration.
It meant opening the wardrobes and understanding who would use them and from where. It meant looking closely enough at the wellness area to distinguish the existence of a sauna from the quality of its integration.
It meant opening the wardrobes and understanding who would use them and from where. It meant looking closely enough at the wellness area to distinguish the existence of a sauna from the quality of its integration.
And it meant recognising that while many interior elements could be improved, the mature garden was an asset that would be much harder to recreate elsewhere.
And it meant recognising that while many interior elements could be improved, the mature garden was an asset that would be much harder to recreate elsewhere.
And it meant recognising that while many interior elements could be improved, the mature garden was an asset that would be much harder to recreate elsewhere.
That is where the value of an in-person assessment begins.
That is where the value of an in-person assessment begins.
That is where the value of an in-person assessment begins.
WOULD WE BUY IT?
WOULD WE BUY IT?
WOULD WE BUY IT?
That question is tempting, but it is also slightly misleading.
That question is tempting, but it is also slightly misleading.
That question is tempting, but it is also slightly misleading.
For the right buyer, at the right price, this house could make sense.
For the right buyer, at the right price, this house could make sense.
For the right buyer, at the right price, this house could make sense.
Someone may value the Virányos location, large plot and mature garden highly enough to accept a significant interior redesign. Another buyer may prefer to sacrifice floor area or amenities for stronger architecture and a more resolved interior.
Someone may value the Virányos location, large plot and mature garden highly enough to accept a significant interior redesign. Another buyer may prefer to sacrifice floor area or amenities for stronger architecture and a more resolved interior.
Someone may value the Virányos location, large plot and mature garden highly enough to accept a significant interior redesign. Another buyer may prefer to sacrifice floor area or amenities for stronger architecture and a more resolved interior.
Our role is not to decide which compromises somebody else should accept. It is to identify them clearly, understand what can be improved, estimate what that improvement means for the acquisition and make sure the asking price is viewed in that context.
Our role is not to decide which compromises somebody else should accept. It is to identify them clearly, understand what can be improved, estimate what that improvement means for the acquisition and make sure the asking price is viewed in that context.
Our role is not to decide which compromises somebody else should accept. It is to identify them clearly, understand what can be improved, estimate what that improvement means for the acquisition and make sure the asking price is viewed in that context.
There was another question we considered when looking at the value of the land: what else could legally be built here? If the plot allowed a multi-unit residential development, its development potential could justify a significantly higher land value. In this case, however, that was not an option.
There was another question we considered when looking at the value of the land: what else could legally be built here? If the plot allowed a multi-unit residential development, its development potential could justify a significantly higher land value. In this case, however, that was not an option.
There was another question we considered when looking at the value of the land: what else could legally be built here? If the plot allowed a multi-unit residential development, its development potential could justify a significantly higher land value. In this case, however, that was not an option.
The question we would therefore ask is not simply:
The question we would therefore ask is not simply:
The question we would therefore ask is not simply:
Is this a good house?
Is this a good house?
It is:
It is:
It is:
Is this the right house, at the right price, for this buyer?
Is this the right house, at the right price, for this buyer?
Is this the right house, at the right price, for this buyer?
Our job is to give our clients a clear and considered view on that question. In this case, the buyer did not want to undertake significant renovation. It was the right location and the right size, but not the right house and not at the right price.
Our job is to give our clients a clear and considered view on that question. In this case, the buyer did not want to undertake significant renovation. It was the right location and the right size, but not the right house and not at the right price.
Our job is to give our clients a clear and considered view on that question. In this case, the buyer did not want to undertake significant renovation. It was the right location and the right size, but not the right house and not at the right price.
We gave our client our detailed assessment and moved on to the next listing.
We gave our client our detailed assessment and moved on to the next listing.
We gave our client our detailed assessment and moved on to the next listing.
BEYOND THE LISTING
BEYOND THE LISTING
BEYOND THE LISTING
This house was a useful reminder of why we do not assess property from specifications alone.
This house was a useful reminder of why we do not assess property from specifications alone.
This house was a useful reminder of why we do not assess property from specifications alone.
The listing was factually impressive, but the value of the viewing was in understanding how those features had been designed, where the compromises were, which ones could be corrected and which qualities were genuinely difficult to reproduce.
The listing was factually impressive, but the value of the viewing was in understanding how those features had been designed, where the compromises were, which ones could be corrected and which qualities were genuinely difficult to reproduce.
The listing was factually impressive, but the value of the viewing was in understanding how those features had been designed, where the compromises were, which ones could be corrected and which qualities were genuinely difficult to reproduce.
That is the difference between finding a property and understanding one.
That is the difference between finding a property and understanding one.
That is the difference between finding a property and understanding one.
At Danube & Co., we search across the Budapest market, assess individual properties in their local context and negotiate on behalf of the buyer.
At Danube & Co., we search across the Budapest market, assess individual properties in their local context and negotiate on behalf of the buyer.
At Danube & Co., we search across the Budapest market, assess individual properties in their local context and negotiate on behalf of the buyer.
Because when the numbers become this large, the details become more important, not less.
Because when the numbers become this large, the details become more important, not less.
Because when the numbers become this large, the details become more important, not less.