Buying property in Bulgaria. Selection

in #steemit5 years ago (edited)

A few years ago I happened to work with Bulgarian real estate.

I left this field because I realized that it was not mine. However, I gained invaluable experience not only in Bulgarian real estate, but also in other related industries  😊 

Therefore, I can give some advice to those who are thinking about buying property in Bulgaria. I understand that this is no longer a novelty, but people still come to Bulgaria to buy a summer cottage for themselves or to stay forever and for this they need to live somewhere.

Selection

If you think about the purchase of foreign real estate and decided that this will be Bulgaria, the first thing you need to do is get to know the country. Especially if you have never been there. At a minimum, you need to read Wikipedia, see photos and find out what the Russian “Bulgarians” think about this country. Maximum, it is to go and get acquainted with Bulgaria personally - a ride around the country, especially in those places where you would like to buy real estate. In order not to wonder why it is in Sofia there is no sea, and in Sunny Beach you can not go skiing. To know that Bulgaria is on the Black Sea, and not on the Mediterranean. And also, to be at least aware that in Bulgaria there are three types of resorts:

  •      Marine.
  •      Alpine skiing
  •      Balneological

I do not exaggerate at all. With this kind of geographical knowledge of clients, I came across regularly.

Task

If you have collected enough information and you are satisfied with everything, then you need to go to the second and most important stage - to determine your goals and objectives. That is what exactly you need this property for. What will you do with it after purchase. On this depends the type of real estate.

Property in Bulgaria is of three types:

  1.      Resort. For a holiday for several months a year.
  2.      For permanent residence. For permanent residence due to emigration.
  3.      Investment. For renting and subsequent resale.

Of course, each of these groups can be hired and resold, but if you make a targeted purchase, it will fulfill its tasks by 90%. Agree that it is quite difficult to offer people their housing for year-round living if it is located in a seasonal resort where there are no schools and other municipal institutions necessary for them to live.

Also, it is very difficult to hand over a six-room penthouse to tourists in a five-star hotel) Still, it will be quite expensive, because you also need to recoup the costs of maintaining such a property. And Bulgaria is not included in the group of prestigious and expensive resorts and tourists always expect to find cheap and convenient rent here.

Money

You must clearly imagine how much you want to spend money to buy your future real estate.

Of course, after studying the issue, you will know more than at the beginning of your journey in the field of the owner of Bulgarian real estate. However, one should always proceed from one’s own capabilities and critically evaluate them from the very beginning. The last and only savings overseas property do not buy. And to torment the realtors with requests to find you a studio on the second line for 5,000 euros is the last thing. At best, no one will work with you, at worst, you will simply be deceived. Assertive buyers looking for freebies, as a rule, find only swindlers, who then loudly complain to all instances.

Examine the price question, estimate how much you are willing to spend, calculate the costs of the transaction, taxes and the further content of this property. It should not be too burdensome for you, otherwise this property will become a burden and will not bring either joy or profit.

Small statistics on prices for Bulgarian real estate in the last two years:

  •      Sofia - the average cost per square meter is 800 euros.
  •      Varna - the average cost of one square meter is 750 euros.
  •      Burgas - the average cost per square meter is 700 euros.
  •      Bansko - the average cost per square meter is 350 euros.
  •      Pamporovo - the average cost of one square meter is 400 euros.
  •      Borovets - the average cost per square meter is 450 euros.
  •      Sunny Beach - the average cost per square meter is 500 euros.

In the next part I can tell you how to approach the choice of real estate, based on its tasks, then how to book it, make out, buy and maintain.

Thank you for your time and attention.

Follow me for more content to come!

All photos in this blog are taken by me unless otherwise attributed.

With love from Bulgaria @varya-davydova

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