You know well enough that prices in Bulgaria lean on the affordable side. Whether you are looking for a winter/summer vacation, or are actually interested in buying your very own Bulgarian property, you can expect a good bargain.
However, before you rush into it, you have to consider a few things. Following are some insider tips on the matter, which you will find more than helpful when buying Bulgarian property:
- Don’t feel empowered – it is easy to adopt the ‘lottery winner’ mentality, as you suddenly see such affordable prices. Low values like that can play strange tricks on the mind. You need to keep a cool head about it and adopt the harsh mantra: cheap doesn’t always mean good. It is true that Bulgarian property is much cheaper than in the UK or some other EU country. However, it is all relative. You have to think about what the property offers, and not so much in terms of how little it costs.
- Make the country right for your dreams – high prices can definitely put a dampener on your dreams. You may feel like buying cheap property in Bulgaria is the exact opposite. However, consider whether the country itself is the right place for you and your dreams. If you recognise this, you are in a good position to make positive changes in your life.
- Cash offers reign supreme – if you are a cash buyer, you can expect things to move rather swiftly. In the process, you can also expect to save a lot of money, since cash offers generally favour the buyer. This is especially the case if you have a distressed seller, who needs the money fast. There are great opportunities for people with cash.
- Properties may not be as liquid as you like – if you want to make an investment and purchase property in hopes of selling it later, you may be in for an unpleasant surprise. You can list the property, and it can sit long periods of time on your agent’s books, and that is not solely because of the price, but the specifics of the market.
- Avoid multiple owners – multiple owners means that the purchase of the property is subject to all of the said individuals agreeing. This makes things rather complicated, especially if it involves more than 2 or three people. Each one of them has to attend the notary’s office, and that is somewhat complicated.
- Sometimes agency fees are disproportionate – even when the sale is of low value, agency fees can reach up to 5%, if you aren’t careful what agency you sign a contract with.
- You can do without a solicitor – some state-licensed solicitors can represent you in the sale and purchase of a property. These government solicitors – notaries – inspect and oversee every transaction. Without them inspecting the deal, you cannot be transferred ownership of the property. As for conveyancing of the property – you can do it yourself.
Now that you know more about purchasing a property in Bulgaria, you can better make the decision on whether and how to do it.
Remember, at Excel Property Bulgaria you can find out expert advice on the matter. You need only call +359 878 919 292.
© Excel Property Bulgaria