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Holiday Homes - Amazing Value

In the current economic climate, overseas holiday homes have quickly become an expensive indulgence, but canny buyers are seeing that the time is right, as indicators are showing that property prices may have hit rock bottom, but are beginning to level out and offer amazing value for the new investor.

 

Previously

Thousands bought holiday homes in Bulgaria over the last few years as it seemed as if there were no risks. A dream holiday property for summer, plus making money at the same time, you'd be a fool not to! However, with the economic crisis, many who bought found themselves with a mini personal economic crisis of their own, needing to prop up their mortgage repayments and spending back home. The most obvious course of action would be to sell but numerous owners are opting to rent and hang on, hoping to recoup some ongoing costs and look to the long term.

However, others who have elected to put their property on the market and sell, have found that they have had to take a much lower price than they believed, often selling for less than they paid.

Now 2012...

Potential buyers are re-entering the Bulgarian holiday home market believing that prices are bottoming out. Buyers are taking advantage of the current situation in Bulgaria, where prices are low and so is the cost of living. There is plenty of Bulgarian property available on the market from those under pressure to sell and if you are considering a home in Bulgaria, then this is a great opportunity to get a long-term rental to see if the country really is for you.

The choice available now is of exceptional value, as many owners wishing to sell have spent large sums of money in renovation and refurbishment costs. In comparison to the property boom of a few years ago, the new investor of 2012 will be able to bag a real bargain and have little work to do. Be sure to negotiate hard to get the best value for money, if purchasing on the coast choose frontline and with ski property, next to the gondola is best.

Pros and cons of rentals...

Buying a holiday home can provide you with a huge asset. But if it's not really the right thing for you, it can be a millstone round your neck. Just be sure you consider it carefully, weigh up the pros and cons, and decide if it's really what you want.

When considering villages, avoid anything run-down and choose those with good amenities (doctors, restaurants, bars, shops, markets, etc).

Owners who are under financial pressure may wish to consider renting their property short or long term. If so, look at the highest value weeks first and get them booked up as quickly as you can. Be ready to do deals with potential renters.

In the current marketplace, discounts are expected and you need to make sure you get their business rather than your competitors.

Home owners can also do some niche marketing. For example, is your property suitably marketed for "honeymooners"? If you have any money at all to invest, consider what will bring in most rentals and will last longest. It is a tough market right now and small details can make all the difference. If yours is a top-end property, then holidaymakers will expect top-end interiors.