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Investing In Bulgarian Property? You Must Read This First!
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Bulgaria is known for its stunning natural beauty and breath-taking landscapes. If you are planning to buy a residential or investment property in Bulgaria, there are some important things that have to be considered.
Location is Important
The first thing about buying a property is the location and this is one of the most important things you have to consider. Many property experts might even say that it’s all about location. If you want your property investment to reap rewards in the future (who doesn’t?), it is extremely important to give a great deal of thought to the location of the property.
However, there is no one size fits all when it comes to location. In order to ensure that you are picking the right area such as Veliko Tarnovo, make sure your needs are matched. Your unique requirements and what the property is going to be used for are important factors. More on this below.
What Do You Have In Mind?
An important thing that might help you decide which location is right for you is to consider what the property is is to be used for. What purpose is it supposed to serve? There are three major reasons why most people buy a property: holiday home, residential home or retirement home. Take a long and hard look at the property in order to determine if it fulfils your current as well as future requirements. This will help you pick the ideal location and property type.
Consider Additional Buying Costs
Bulgaria is renowned for its cheap property and this is why it has become an attractive option for foreign investors. However, there are some additional costs when buying property, apart from the actual price that must be considered. This will help you better understand what you are expected to pay and not just what the house costs. Some common additional costs are lawyer’s fees, agency fees and taxes.
Do You Have an Estate Agent?
Hiring a real estate agent is a good idea whether you are buying or selling a property. Make sure that you hire a trustworthy company with reasonable fees and good local real estate experience and knowledge.
Important Details About The Bulgarian Property Market
•There are a number of private real estate agents that can help you buy or sell property in Bulgaria. However, not all of them are competent at the job. It is important to do some research on the agent or service you are hiring and make sure they are trustworthy.
•One of the most important things that you must learn about the property market in Bulgaria is that things can move really slowly at times. There are several processes involved in property transfers, obtaining loans or mortgages, and organising all the paperwork. If you are a foreign investor and are used to the fast paced processes of the USA and other countries, keep in mind that things are different in Bulgaria.
•In order to sell a property, you will have to pay an agency fees. However, you might find that the rate of agency fees is too high when compared to the value of the sale. However, there is a reason behind the disproportionately high agency fees. Since the property values are low in Bulgaria, the high rates of agency fees are required to ensure that the agents are able to stay in business.
•Whilst solicitors in Bulgaria are often believed to be untrustworthy, it is generally considered important to have a power of attorney. There are no set rules and ethics that dictate the working of the solicitors and so they might be involved in dishonest activities. Hiring an attorney is important unless you live in Bulgaria full time.
Yantra Homes delivers up to date property listings for some of the best municipalities of Bulgaria. From Elena to Polski, they offer hundreds of properties that you can browse. We are the best real estate site in the country, especially for property in Veliko Tarnovo. Call us today and talk to our property experts.
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