So, you’ve decided to buy property in Bulgaria and want to know what’s next. First, congratulations are due because Bulgaria has mass potential for investors in the real estate market. Compared to many other countries, Bulgarian homes are relatively cheap because of the country’s late entry into a structured, value-based market.
It was not until the early 21st century that mortgages were available in Bulgaria, and this sparked a mass construction boom, so buyers are also entering into a healthy industry with an extensive portfolio. Before you start looking at the masses of property though, there are some other factors to consider.
1: Get Your Affairs in Order
Get your financial affairs in order so you don’t burden yourself with unrealistic purchases. Know your net worth, current assets, and financial obligations, to calculate an exact budget. While Bulgarian mortgages are available to foreigners, the repayment terms are costly and high. Whatever your source of money is, it needs to be readily accessible because the process happens quite quickly. Also factor in, roughly 9% of a purchase price towards buying costs.
2: Be aware of Your Reason to buy
Apart from knowing your financial status, you should know why to want to buy. This prevents you from choosing a property that does not match your needs and desires. If you are looking for an investment to rent it later, you should bear in mind the area that you will buy in. Ideally, it should be a touristic area for short terms rentals or a busy business district for long term lettings.
If you are looking for a home for permanent living in Bulgaria, a spacious property with a morden fitted kitchen and bathroom should be your priorities. Many expats buy larger properties with extra accommodation space in case family come over to visit them but as it is not sensible enougn, usually in a couple of years they need downsizing of the property. Knowing your motivations for buying, and you will find out what and where to buy.
View the Properties
If any of our properties catch your eye, we can send further details and photographs via email. The next step after that though is to view the properties. As well as seeing them with your own eyes, you can also get a good estimation of yearly running costs, meet the neighbours, and explore the local district to see how close a property is to bus routes, supermarkets, doctors, hospital, post offices, bars, and restaurants. You will also meet our local office staff who will assist with the buying process. Most of our clients at the time of viewing have many questions, and this is a perfect time for us to answer them.
5: Make an Offer
Once you’ve choñån the property we will checked again all paperwork related to the property and will contact the buyer to confirm a deposit or offer. The transaction will be in Bulgarian leva, so we can give advice about converting and transferring your funds. Process is hasslefree.An independent, authorized translator will be present at Notary office when signing the papers.
6: Move In!
Buyers often move into new builds straight away, but for resale property, they generally have to wait until the title deeds are signed over. Our local office staffs assist with details such as electric connection or changing names on utility bills. If you have bought an apartment on a complex, introduce yourself to the complex manager who manages communal facilities according to the condominium law. At the time of signing for your deeds, and if you intend to use the property as a buy to let investment, this is the time to start marketing your rental. Also read our buyer guide for buying property in Bulgaria.
8: Organise Your Annual Running Costs
To budget accordingly on a monthly basis, it is a good idea to organise your annual running costs. While bills like television licenses don’t exist in Bulgaria and the council tax payments are relatively small, you may still want facilities such as the internet and telephone. If you plan to live here all year round, factor in the annual costs of your residency permit and health insurance.
Further Information: We hope this article has provided a detailed look at the process of buying property in Bulgaria, but if you have any more questions, just contact us via email or telephone
No need to consider selling of your Bulgarian property as a process with uncertain results, if you present it well, employ a good agent, its price is competitive price and put it on market, advertise it to the right people, you will be satisfied to see the results.
Most peaple assume that simply snapping a few photos or listing a description on a website will sell their home, but there’s a little more to it than that. Realestateinbulgaria.com team have more than a decade of experience in buying and selling Bulgarian property. We are well aware of what it takes to promote Bulgarian estates and ultimately get it sold. realestateinbulgaria.com Here’s our top tips on how to sell your real estate in Bulgaria:
- Bring paperwork in full order
Before attempting to sell your villa/ house or apartment in Bulgaria make sure you have all the legal paperwork in order. Collect together the Notary Deeds , Scheme, any insurance certificates like, and the Power of Attorney if you are not able to be present during the completion. provide your agent with copies for due-diligence purposes.
- Realistic price of the real estate
It is not a surpise why so many properties are sitting on the books for months on end. Many people have unrealistic expectations when putting their properties on market. Of course, we all want to get as much money as possible for our property (remember it’s also in your agent’s interest), but it should be in a realistic range. Get a realistic valuation from an established agent in your area. Experienced agents have knowlege of the local market and the price of similar properties. Find out the realistic value and advertise it on the market to compete and achieve quick sale.
- Fix any small issues
Sometimes buyers walk into a property looking for reasons not to buy it or for excuses they can use to argue for the price and finally to reduce it. If there’s a damp patch or any leaking, fix it. If the garden needs cleaning, the rose bush needs pruning, a wall painted, or the patio cleaned, get all thease sorted. Your property should be seen in its best light.
- Clear the clutter
Buyers wish to walk into a property and feel it could be their own. Messy and too personalised homes will not atract buyers- clear the clutter! Get rid of all the unnecessary things you have collected through the years, paint over rooms with a neutral colour, no mountains of uncleaned dishes before your marketing photos are taken or a prospective buyer comes around for a viewing.
- Take great photos
Nowdays internet driven world it’s important to attract the all click through to your property. We have all heard the saying, “a picture is worth a 1000 words”, and this is true. nice and clear photos of the front of your home, showing the pool and garden, all rooms and features will attract a buyer. Many properties were sold to investors over the phone who were initially interested to the property due to the marketing photos displayed. Photos are important, they need to be great showing the positive signs of your property. If you’re not good with the camera, invest in professional shots or ask your agent for help.