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Ten Big Bulgaria Property Pitfalls

property bulgaria top pitfallsWhether buying property or moving to Bulgaria, there are common mistakes which can make things far more stressful than need be. Quest Bulgaria spoke to readers and buyers of Bulgarian property to discover the ten most common pitfalls and how to avoid them.

Signing Without Understanding

There are countless times when people have signed their preliminary contracts on a property without understanding what is in the contract.

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To Buy or Not to Buy

time to buy bulgarian propertyIs now a good time to buy Bulgarian property? This seems to be the question on everybody's lips. Are buyers holding off with the global credit crunch or are the more savvy investors buying now whilst there are good deals on offer.

Quest Bulgaria takes a look at the conflicting messages coming out of the real estate sector.

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Real Estate Agents in Bulgaria

work with your agentEveryone has an opinion on the real estate agents in Bulgaria. Love them or loathe them, the onus really is on you to make the viewing process more effective, as Quest Bulgaria explains... Many Bulgarians still don’t have the hang of customer service, support and marketing yet and whilst there are plenty of non-Bulgarian agents out here, many of them just want to sell, sell, sell and can you blame them - we all need to make a living - you just need to do some prep!

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A Gap in the Rental Market

bulgarian cottageBulgaria’s rental market is growing as more tourists visit the country and the local populous becomes more affluent and seeks out better living quarters closer to their place of work. This means that if you own a city pad or a resort property, renting it out should be easier.

The market for long-term rentals is growing and indeed finding a cost-effective long-term property is becoming difficult. Many landlords still favour and seek out income from the tourist market because this yields higher rates, although it means that their properties stand vacant for at least half of the year.

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Property Focus - Balchik

Balchik’s port is Bulgaria’s third largest after Varna and Bourgas and it is used for medium-sized passenger and trade vessels. Apart from the port, the town thrives on tourist revenue and has much to attract the visitor including the royal palace and the botanical gardens, which are the largest and most diverse in the whole of the Balkans.

 

the beautiful harbour in balchik black sea

 

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Buying to Rent

buying a property to rent in bulgariaYou've decided you want to invest in Bulgaria and that you want to make money from the property in the form of rental income. Of course you also want to get the very best rental rates for your property and over the longest rental time you can during the year. The question now remains, where to buy?

Quest Bulgaria takes a look at how you can get good rentals from your home in Bulgaria and how to find the right location where you'll stand the best chance to get as much interest as possible and get money for the maximum period during the year.

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Investing in Off Plan Property

buying off plan in bulgariaBuying property off-plan is still one of the largest segments of the Bulgarian residential real estate market. Many developers offer off-plan payment schemes, which enable investors to buy before or during the construction, when the price is low.

Most off plan payment schemes start with a down-payment of around 10% to 30% of the property value. By the time property is completed prices tend to rise because more investors want to buy a finished product rather than wait two years for a building to be constructed.

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Buyers Guide

buuyers guide with tips and hintsBuying property in Bulgaria is much easier than one might think, generally only taking three or four weeks. Once you’ve found your property this guide will help you through the purchasing maze.

Get an independent lawyer

Get your own independent lawyer who will look after your interests. Your lawyer will be invaluable throughout the purchase process and you will be able to rely on them correctly checking the contracts, ownership history, land use plans and all other necessary documentation. They will also help you with planning permissions and residency permits.

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Investing in Traditional

the old watermill a listed property in bulgariaHave you ever dreamed of having your own piece of history? If so, consider buying traditional Bulgarian property in a protected area, or a protected quarter of one of Bulgaria's lovely old towns. In these areas you will find wonderful old houses, many of them "listed" buildings with exceptional architecture and the real Bulgarian spirit. These listed houses are often set in some of the most important cultural centres with rich history and marvellous natural surroundings.

You'll be surprised at how little you can pick up a suitable renovation project for. Alternatively, if you want a fully renovated listed or architecturally traditional property, expect to pay for it.

 

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Buy, Sell, Buy

Wonderful View of Bulgarian VillageMuch of the media has been concerned with foreign buyers of Bulgarian homes who feel they have been “ripped off” with property purchases or found the whole buying process in Bulgaria a nightmare. Many readers will well remember the same stories tagged “Costa del Crime” years ago about Spanish property.

Often it is a case of he who shouts loudest - and generally anyone who feels they have been cheated or found the buying process terrible will shout much louder than those whose purchase went without a hitch.

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