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When to Walk Away from Buying a Property

Before you sign anything for your Bulgarian property purchase, do your own homework for pitfalls. Even if you think you've found the perfect property, at the right price and everything looks good, just take a bit of time out before making an offer to see if there are any potential problems which may affect the property and the sale. These are the kind of things which your lawyer may not concern themselves with but you should investigate for yourself, such as 'horrors' near the property, for example a high polluting factory, which could significantly affect both the value and resale.

This is our list of the top six most important things which should make you walk away from buying that property:

Planning permissions - this varies from area to area for both the amount of time this can take to achieve or whether you'll even get planning. There is no point in buying the property if you cannot do what you wish to do with it.

Council tax - how high is it, can be from 25 leva to more than a thousand. Don't assume just because it's Bulgaria that everywhere is rock bottom prices

Management association - who are they and what are the rules, maintenance of the building and pools/gardens, voting structure. See our legal articles on the new laws for bulgarian apartments / condominiums to make sure your voting rights are not restricted.

Nearby 'horrors' - pylons, factories (good and bad to this, noise and pollution but keeps employment, or is it just about to close, thereby forcing prop prices down), new constructions, disputes with neighbouring properties, the condition of neighbouring properties. Properties with 'horrors' around are notoriously to resell.

Local plan - check this with the Mayor's office; look at what there is in the town already, is there any commerce and if so is it closing down or more opening up. Select a town or location which is moving upmarket to protect your future investment.

Disputes - is the property about to become the subject of a court case - divorce or separation, or even going bankrupt. This could delay or even prevent the sale to you.