As restructuring continues at a frenetic pace in Bulgaria's economic and political arenas, something wonderful is happening in the property market; investors from the UK, Greece, Scandinavia and other European nations are turning their heads to this part of this world which is yet largely unexplored. Keen buyers of property in Bulgaria are drawn to this beautiful enclave, which certainly has everything to offer.
Our own personal interest in Bulgaria took us there, and we learned about the pitfalls to avoid and the dividends that can be reaped with the proper moves. We've bottled and packaged that lengthy experience and diligent research for you. We'll inform you and clarify any questions, and not push you into a corner and force you to buy, the way too eager real estate agents tend to do.Buying property in Bulgaria because of promising city centres like Sofia, Varna and Bourgas ? not to forget Plovid ? that throb with dynamic commercial potential? Or are you attracted by the still relatively low cost of property in Bulgaria, unlike some exorbitantly-priced properties in Spain and Portugal? This is where Bulgaria comes to the rescue, cost-wise.
Purchase and renovation costs are reasonable, where investors can expect investment yields on their Euros of as high as 7%-8%, depending on the region and the property.
Looking for value and natural beauty to accompany your investment? Take a tour of Bulgaria's ski resorts ? like Bansko, Borovets and Pamporovo and see why skiing enthusiasts have graced the country's slopes in increasing numbers.
Golf development property is also in the pipeline, not to forget summer beach properties that are still up for grabs in Sunny Beach, Golden Sands and Nessebar.
And if you prefer history and go for village life, property in Bulgaria abound, because these pockets of land have not yet been fully exploited by investors.
Don't be left out of the Bulgaria property fever. Take a closer look and see why one and two bedroom units in ski and beach areas and off-plan properties offering 10%-15% discounts constitute attractive options for the investor.
A Property In Bulgaria
Renovating a property is hard work and full of potential pitfalls, even in your home country. When you factor in a foreign workforce, a foreign language and a different set of professional standards, there are more than a few things that you should consider, before buying a derelict Bulgarian property in need of renovation.
One thing to be aware of is that even a property which is considered to be fully renovated in Bulgaria is unlikely to be up to the standard of a modern western property. So, make sure that you look carefully at any property, before you buy, so that you can get a real picture of what 'modern' and 'renovated' actually mean!
Price of property in need of renovation
A property of at least 3 to 4 bedrooms in need of full renovation can be bought for under £10,000. However, bear in mind that this type of property is likely to be in need of considerable work and may not even have the basic infrastructure such as running water and sewerage.
There are quite a few properties available for under £10,000 that do have the basic infrastructure, such as electricity and running water, although there may still be a lot of work involved in order to make the property habitable to Western standards.
Most of the cheaper properties that are in need of considerable renovation are rural properties that are located outside the main villages and towns. With this in mind, it is important that you consider issues such as the transport infrastructure and the tourist potential, to protect your rental yield down the line. Renovation costs may also spiral out of control if transport links are poor as it may make getting materials to your site difficult. Bear this in mind and cost EACH project, as you view your short listed properties. The cost of works will vary depending on location and availability of local tradesmen and materials. Take care, therefore, to cost each project accurately and do not assume that a quotation can be simply transferred to the next property.
Professional workmen
Managing a workforce can be difficult, at the best of times; in a foreign country, however, things can get even harder! There are many companies that now offer a full renovation service and will assist in sourcing architects, builders and decorators as well as overseeing ongoing works. This service of course, does not come cheap and is normally around 10 percent of the total cost of renovation.
Prices for renovation can vary dramatically, depending on the area and the type of work that is required. Experts do, however, suggest that renovation costs are somewhere between 25 and 33 percent of the equivalent costs that you would expect to pay in the UK.
Locating professional workmen can be a real headache and is something that is best achieved through word of mouth or through a pre-arranged agency. Although you may wish to save money by managing your own renovation project, this is a very risky strategy and often paying a local, English speaking professional manager will save you a lot of money (and hassle).
Most agencies that offer properties for renovation, also offer a renovation service that is well worth considering, although you should always obtain at least three quotations.
Finally, always make sure that you have a detailed written quotation that states clearly what is and what is not included. For example, will the property be furnished for you? Will the renovation be completed to Bulgarian or EU standards? This is vital, particularly before Bulgaria joins the EU, as the two standards will not always be the same. It is wise to insist that the renovation work is completed to EU standards as this is what you as a landlord will have to comply with, in years to come. Ideally, you should take a UK builder that you trust with you to Bulgaria on a visit so that they can inform you of any work that they would consider necessary to bring the property up to UK standards, not just up to Bulgarian standards! This is particularly important if you are aiming on letting the property to tourists who will expect EU standards to be met.
Speak to other locals and do your homework. Remember, the key is to believe that if it looks too good to be true, it probably is!
Both Surrinder Ahitan & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Surrinder Ahitan has sinced written about articles on various topics from Property Investment, Real Estate and Investments. Surrinder Ahitan's website Bulgarian-Property-Advice.com provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You wi. Surrinder Ahitan's top article generates over 27100 views. Bookmark Surrinder Ahitan to your Favourites.
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