Pitfalls of buying an apartment
The most expensive mistakes happen before the first tenant moves in. The listing price does not include renovation, furniture, utility connections or the months it takes to find a tenant. A price per square meter can look like a bargain, but it says nothing about what that meter will earn. An example from the Levelvale calculator: a studio in Batumi for $55,000 that rents for $360 a month. The listing puts it at 7.9% a year. After expenses, vacancy and taxes, it is 5.0% a year. Here we break down where the money goes before the first rent and why the cheapest option per square meter in our selection earned the least of all over 10 years. All calculations are done in the Levelvale calculator, with dates and sources. Before you put down earnest money, calculate the yield on the total amount you will invest, not on the listing price, and base it on what similar apartments nearby actually rent for.
An apartment in Georgia: the full cost before the first rentThe price is only the start. Registration, renovation, furniture, connections, months without a tenant and a reserve: the full entry cost, worked out.
October 12, 2026 · Buyer pitfalls
The cheap square meterWhy the cheapest apartment per square meter in our set earned the least: a four-step calculation on two real listings from Batumi. Straight Talk from a Realtor.
October 8, 2026 · Buyer pitfallsHow much money do I need on top of the apartment's price?
It depends on the apartment's condition. In our worked example, a $60,000 apartment sold in shell condition (“white frame”) required $80,705 before the first rent: renovation, furniture, paperwork, utility connections, months without a tenant, and a reserve.
What is a “white frame”?
An apartment with walls and windows that is not yet livable. What exactly is included is set by your contract with the developer, so read the annex that lists the scope of work.
Why doesn't a cheap square meter mean a good deal?
Because after renovation, furniture and waiting for the building to be finished, that meter can end up costing more, and your first income can arrive months later.