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Property downsizing to Bulgaria

After the impact of the global financial crisis, many are wondering how they can reduce their regular bills and live more simply next year. A number are considering downsizing their property, selling up in the UK, and buying a smaller property in Bulgaria, where not only is a home considerably cheaper but the cost of living significantly lower.

Economics apart, shifting from a five bedroom home in the UK to a smaller property in Bulgaria means no longer rattling around in a far larger home than you actually need and which feels empty now that the kids have moved out. 

Of course some of your friends and family may think you have gone completely mad and they would be quite horrified at the thought of giving up their lovely home they have worked so long and hard for. Downsizing does not appeal to those who are status conscious, so be prepared for one or two people looking down their noses at you, as if you are moving backward in life. However, downsizing is becoming increasingly popular amongst the 50 to 65 age group. They find themselves empty nesters with children having moved from the family home and still living in a property with massive bills for just running the place. Worries about how far a pension will go to get through later years also come into the equation.

Many in this age group find themselves in a home with large amounts of equity, or even no mortgage at all, and are considering releasing this money to cover retirement and even get their children onto the property ladder.

However, even though the money is needed, often when looking at smaller properties, downsizers feel claustrophobic and cannot envisage living in such a tiny home.

Fed up with Britain and its nanny state, the constant financial turmoil of making ends meet and still wanting a decent size house, Bulgaria has become a favourite choice. For those in this age bracket in th'e UK, the value of their home averages some 200,000 British pounds.

Quest Bulgaria met up with one couple who have done just this. Paul and Wendy Jones put their rambling country house in Britain on the market and moved to Bulgaria. "It was part of a long term retirement plan and also to help out the children. We sold for 315,000 and bought our  home in Bulgaria for just 90,000. Releasing this kind of money means we've got added financial protection for our retirement and can give each of the children some money towards a deposit on a property."

"Many of our friends were horrified. Not only were we going back down the property ladder, which they couldn't understand, but also they couldn't believe we chose Bulgaria. It makes me laugh now as all those who turned up their noses and have now seen our piccies, want to come for holidays and even move out here. Even though the pound to euro exchange rate is poor, it doesn't matter. They are green with envy that we can live on 600 euros a month!"