Last update12:12:22 PM

Back You are here: Home Legal and Finance Finance Getting the Best Property Deal in Bulgaria

Getting the Best Property Deal in Bulgaria

What can you do to make sure you buy your Bulgarian property at the lowest possible price? When you bought your current property, you probably made an offer which was less than the price you were really willing to go to but you may still have paid more than you needed to.

Few vendors, particularly in today's market, are expecting their asking price to be achieved: although there are one or two vendors in Bulgaria who won't budge a stotinki. The old adage of "You don't make money in property when you sell, you make it when you buy" is true. This article looks at ways to ensure you negotiate the best price when buying your home in Bulgaria. 

It is strange how often buyers spend a huge amount of time looking for the right property yet at the end of the day, often pay more for it than they needed to. Purchasers should have in mind that it is not actually the price the vendor achieves, it is how much they walk away with after all costs, mortgage loans, etc are deducted. For example, when comparing two offers side by side, a vendor may opt for the lower offer if that buyer can complete on the deal quickly.

Good negotiating can mean another 10,000 euros in your pocket when you move in. Here are our top tips for negotiating a low price.

Find out as much as you can about the vendor's position, from how long the property has been on the market through to whether they need a quick sale. Have they had viewings, and so on... Information is power.

When making a low offer, try to make it attractive to the vendor to balance the lower price. Perhaps you can complete quickly? Reassure the vendor about your finances and your reliability as a purchaser.

Put in an offer which is an strange amount. Say, 90,100, as this can make the vendor believe you know something. You could try your luck at putting in a really low offer but don't go so low they feel insulted. This can make the seller doubt the value of the property and any embarrassment on your part for putting in such a lower offer will be outweighed by a huge saving. Give reasons as to why your offer is low; if the seller is motivated, they will listen to reason. The first offer sets the stage for negotiations which follow.

Don't let the vendor think you know anything about property in Bulgaria. Remember to talk slowly and play a little stupid. Ask lots of questions. Vendors don't like 'smarty pants' buyers. It is funny how a vendor will remain fixed on their price if they think you are trying to take advantage of them. Even if you've fallen in love with the house, don't give away the strength of your feelings. Always have a maximum price in your mind which you are prepared to pay and do not go over it. Don't give any indication of what your maximum is.

You can also create pressure by putting a time limit on your offer. Be sure to provide a believable reason as to why you have a time restraint. Another way to put a bit of pressure on the vendor by using excuses such as "I'll have to talk to my husband/wife".

If the way you wish to purchase the property is a bit unusual, such as 'rent to buy', then explain that this method has been successfully used before to make them feel more comfortable.

Try to create a win-win situation by allowing the vendor to win on things which are unimportant to you. When putting in a low offer you could say you don't need the furnishings, as an example. The key is to get agreement on as many things as possible from the start.

Vendors will pursue a buyer if they feel they are teetering on the edge and are a good buyer. A vendor will often give in if you simply say "Well, I'm not sure..."

What if... This is a great phrase and will show you if you are on the right lines to get what you really want. If the vendor agrees, it is then difficult for him to back out of agreeing to what you have asked for. "What if I offer you your price but I completed in six months?" If the vendor says yes, then he can't really get out of a different completion date.

Being charming and nice really does pay off. Vendors will concede more if they like you.

If you get a counter offer back from the vendor, take your time to respond as this will put pressur on the vendor to get the deal done.

Many who are selling Bulgarian property are returning to Britain or are already based there. Remember you can set the price in British pounds, which may be much more attractive to the vendor, who avoids currency exchange costs and to you as the buyer, avoiding the same, particularly with the pound being so low.

Those looking for Bulgarian property and are not in a rush, have finances or cash ready and are not in a property chain are in a position of strength, so it's worth negotiating hard.