Investing in Bulgaria
Bulgaria has something to offer everyone and with 9 regions split into 28 provinces there is certainly plenty of variety. The country is rich in history and culture and is a truly fascinating place to visit, however there are many aspects to consider before buying property. This guide is split into 10 sections to outline every factor you need to include in your decision-making.
1. Is Bulgaria for you?
Due to the many provinces of Bulgaria there is really something for everyone. Beaches, ski slopes, ancient ruins and beautiful scenery. Depending on your reasons for investing in the property market and your budget there are a lot of options within the country. Although property prices in Bulgaria are significantly lower than elsewhere, due to the growing popularity of the country both in the property market and as a holiday destination, prices have risen, so you need to consider every eventuality in your budget.
2. Property Purpose
Before you start to choose your property you need to identify the purpose for investing. Bulgaria is full of choice so you need to keep in mind the precise reason for buying property, else you may get caught up in the vast amount of choice open to you. Bulgaria offers anything from property for business and commercial needs, to holiday property, to residential, so keep your intentions in mind.
3. Region
Although the entirety of Bulgaria is rich with history and culture, each province can offer something different. Below is a list of regions. You should research the province you like to ensure it is suitable for your needs.
The City of Sofia, Sofia, Plovdiv, Haskovo, Bourgass, Varna, Rousse, Lovech, Montana
4. Property Style
Once you have chosen your preferred region you need to decide the style of building you require. For those with a more limited budget, some of the older buildings are much cheaper and also give a genuine feel of the Bulgarian culture.
5. Estate Agent and Solicitor
You will need to find an English speaking Bulgarian solicitor to guide you through the buying process. Your Estate Agent can be from Bulgaria or English. They will help you in your decision-making and travel with you to see your choices of property. It is a very good idea to make sure you see your property before you buy to ensure you are making a good choice.
6. Budget
In your budget you will need to include many factors to ensure you get no nasty surprises. Alongside the property price and any mortgage you decide on there are many taxes and fees you need to consider. These can include transfer fees of around 2%, notary fees of around 1%, legal fees, surveyor fees and estate agent fees of around 6% of the purchase price.
7. Final decision
Once all of these factors have been considered and you are happy with your solicitor and Estate Agent you can make your final decision on the building or house and get the buying process in motion. You will usually have to pay around 10% for a deposit to secure the purchase.
8. Contracts
Ensure you get the preliminary contracts written up in English so that you can fully understand the terms of contract. You also must sign the Notary Act in person so frequent travel to Bulgaria is often required. Within 7 days of registering the deed you need to apply for your BULSTAT number. Your solicitor should help you with these final details.
9. Final details
Once the final contracts have been drawn up and everything is finalized you might want to consider house insurance. This is a particularly important option if you are not visiting your property very often. There are also agents in Bulgaria that can help with furnishing and even cleaning in your new property.
10. Visit
Now you have property in Bulgaria you have the perfect excuse for frequent visits, so keep your eyes open for cheap flights and take advantage of the parking at Heathrow airport, for a worry free holiday.
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by Senior Homes Bulgaria
03 Sep 2009 at 16:54
It is very important that the place you choose for starting afresh, is not in the middle of nowhere and it is not just beautiful and nice only for the summers – a mistake that a lot of Brits have made and now they are blaming Bulgaria for it.