Before buying a property in Bulgaria it is advisable to have a survey carried out, which will give you information about the physical condition of the property, any major repairs which are needed, obvious structural faults, and perhaps an overview of any repairs that might be needed to bring the property up to modern standards (e.g. installing electricity, water and heating systems).
In our experience, about 20 per cent of property deals fall through. This can be for various reasons, such as the seller changing their mind or there being legal problems or a bad survey. It is always worthwhile when house hunting in Bulgaria to bear this in mind and have a second-option property to buy. It will also help with the negotiations for your preferred house.
Interpretation and Translations
If it’s your first time using interpreters, it can be a slightly confusing experience. First be aware that it’s a hell of a tough job to stand between two people and communicate between them. No doubt you’ll have lots of questions, but try and keep them brief and to the point. Avoid colloquial English, which is unlikely to be taught in schools abroad. Remember that English when taught abroad is normally of the BBC English variety so if you happen to be the owner of a strong regional accent (especially Scottish) it is
Meeting agents at property shows and through seminars is a popular way to buy, as developers and agents are gathered under one roof. Be aware that some of the developers at these events are selling their own product direct to the buyers, and not using any agents. They will therefore have a vested interest in presenting their product in the best possible light. This in itself is not a problem, but you would be well advised to judge the selling material with this in mind, and always insist on using your own independent lawyer or and agent to undertake the conveyancing for you.
The agents that do the nitty-gritty work are those based in Bulgaria. They source and process the deals. Most estate agents in Bulgaria will be Bulgarian-registered companies owned and managed by either local or foreign nationals.
There are some British-owned and -managed companies in the UK offering properties in Bulgaria, but these are normally working in partnership with a Bulgarian agent who does the day-to-day work. Some of the British agents might have direct links with developers and not use local agents.
The choice of estate agent is critical. The agent will be your main guide through the process from start to finish. In addition, different estate agents will have different properties on their books, and you will want to know that your agent has a good selection of local properties. A good selection should include competitively priced, good-quality houses, and in a range of locations, for living, investing orturning into a business.
Off-plan or Off Your Trolley?
A British sales agent on the Black Sea coast during the summer seasons of 2002-2006 gives his opinion.
‘It all seems so attractive – instead of slogging around the Bulgarian countryside searching for the elusive perfect house, setting up your company, finding lawyers, builders and accountants, why not invest in a brand-new apartment by the sea, in Sunny Beach or Sveti Vlas, reserved over the Internet for only a 10 percent deposit
It is worth thinking about how you will use the property and assessing your purchase against certain criteria for now and the future.
Buying a property in Bulgaria as a Place to Settle or Retire
Your plan to settle in Bulgaria may be for a lifestyle change, or for retirement, or a combination. But a place that is good for holidays might not be the best place to retire or settle. For example, some holiday resorts may be great for two weeks in the summer but empty and unattractive in the off-season. Similarly, new developments can be nice for holidays but if the other residents are holiday-home owners then many homes in the development may be vacant for large parts of the year. If the development is small and well planned into an existing community or town, this may be not a problem. But if it is large and isolated from other homes it may feel a bit unwelcoming at sometimes of year.
Just as the region or location is important, so too is choosing the right type of property. There are no hard and fast rules. Once again common sense with some forethought should be sufficient, but in the end you will make the choice based on personal preference.
Apartment or Villa?
When thinking of somewhere to live in Bulgaria, many people imagine a house and a garden – sometimes it’s the idea of a renovation project, or space for a pool and maybe growing tomatoes and or creating a space for entertaining and relaxing. But do not underestimate the convenience of having an apartment in town.
Some examples of what you might find in different price brackets are given below. Be aware that lower-priced property can cost more than the actual Purchase price to make it habitable. Some will be in poor condition, some without running water, most without inside toilets – though the location may °e stunning and many buy for a renovation project. €7,500