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Bargain renovation projects

Not much more than a year ago estate agents and property experts in Bulgaria would have said that even though prices were falling, the days of a really cheap bargain in the country, less than 15,000 euros, were over. Were they right?

No. Roomy farmhouses for renovation with large gardens are still in abundance, many at low prices.

Not the kind of project for the faint-hearted but if you can handle the renovation side of things, this can be a great bargain. Not only have asking prices fallen but the prices paid have dropped too. Whether it be houses which are already renovated or those needing renovation, vendors have been taking massive drops, generally 30%. A house was recently sold for 70,000 euros which was on the market twelve months ago at 110,000. It was a renovated property, three bedrooms with land, ready to move in.

Another couple bought an old farmhouse type of property for renovation on about an acre of land recently, which was on the market for 30,000 euros at a price of 18,000 euros. Plenty of work but a good buy as the house was substantial and structurally good. It is clear from the prices achieved that vendors are accepting that prices have dropped. This will come as some relief to estate agents who have been advising some sellers that their asking price is unrealistic. Also, prices won't be shooting up to where they reached a couple of years ago for some time to come.

Many buyers are tempted by large homes in the country with barns, wishing to renovate the barns and offer them as self catering accommodation, to generate additional income. There are many pretty and suitable properties available - and at really good prices too. Remember, though, there are plenty of rental properties out there and only the best will do well. The surrounds are as important as the property and immediate access to nearby tourits attractions will make it much easier for you.

One of the features of the Bulgarian property market has been the unwillingness of Bulgarian vendors to reduce their asking price. Indeed, many swiftly increased the price if a foreign buyer was interested. Now, there is room for negotiation, even if the price is already reduced, as reality sets in. Of course, heart may rule head and you may feel it isn't worth losing the house for the sake of a thousand euros.

Selection:
Area of Targovishte, near a lake. Pretty old house of two storeys for full renovation, set on 2,500 sq.m land. Traditional Bulgarian style with slate roof. Total living area 120 sq.m: three rooms on each floor.
Price : 9,450 euros

House for sale near Tutrakan. Beautiful house on 1,300 sq.m and 150 sq.m of living area. Large basement suitable for conversion. Stone built with rendered facade. Excellent views and oly 60 km from the gorgeous Danube city of Rousse. Internal renovation required
Price : 12,000 euros

Close to Cherven Bryag, Vratsa area. Fully renovated two bedroom house and small bungalow on 1,600 sq.m. The town is quite large with a market, bars, restaurants, railway station... The house has been rewired, replumbed and reroofed with guarantees for the works. Broadband internet and cable TV. Sold partly furnished.
Price : 19,000 euros

All the above properties are available with Best BG Properties