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Choosing real estate in Bulgaria

by USAInvest

How often, having returned home, to a stuffy metropolis, after a relaxing rest at sea, we dream that we have our own house in this wonderful sunny place. Then we could go to the seashore every day and admire fabulous types of nature. At the same time, I don’t want to limit myself only by trips within the framework of a standard tourist ticket, which, due to various circumstances, we cannot often afford. But what if you really fulfill, finally, your dream and buy a small neat house on the coast, say Bulgaria? Such a purchase will give you the opportunity to visit your favorite country, at least every weekend. It seems that this is unrealistic, and real estate abroad can only afford very well -weed people?

Let’s try to figure out how really it is actually buying a house or apartments in Bulgaria, and who can afford it, and also that you must know when buying real estate in a foreign country.

To date, the acquisition of real estate in Bulgaria is one of the most profitable investments in Europe, so it is very high in demand, including Russians. Every year, the number of objects under construction increases many times compared to the previous one, and even the crisis did not affect the global freezing of construction. What attracts foreigners so much in the acquisition of real estate in this particular country? First of all, this is a fairly low relative to European countries cost per square meter. At the same time, the cost continues to grow every year, which means that it is quite profitable to invest in such real estate. In second place is a successful geographical location and comfortable climatic conditions. Third place is the availability of the cost of living in the country while maintaining a common rather high standard of living. For Russians, this country is also the closest in cultural, linguistic and religious heritage than other European countries. Perhaps that is why, deciding to buy a second house in this country is easier and more convenient for us.

The first thing you can start is to make a brief overview of the Bulgarian real estate market for yourself. You can estimate the approximate cost of the future home, as well as decide what exactly you are looking for. Of course, for you, as for a person who has only rested in Bulgaria, but is not a resident, it will be quite difficult to fully evaluate the nuances of the territorial location that interests you objects, and their specific features, such as suitability for all -season residence, for example, for example. These search engines contain proposals of both real estate objects already built and commissioned, and only offers of houses and apartments under construction. When buying housing under construction, you need to be especially careful. It is one thing to buy a house under construction in your own country, another thing is abroad. It is imperative to take into account the features of the legislation of this country in the field of construction and real estate in general and specific requirements when buying real estate by foreigners in particular. Not many people know, for example, that since 2011, a law has been introduced in Bulgaria, which establishes the deadline for the commissioning of houses. If the builder does not fit on time, and this, unfortunately, occurs quite often, then the process of connecting the house to engineering systems (such as water supply, electricity, sewage, heating, ventilation, etc. P.) can drag on for months and even for years. This is due to the fact that these systems, even if they have already been connected to the already built, but officially not commissioned house, can be disconnected until the builder will pay fines for violation of the deadlines and will prepare a full package of documents To put the facility into operation.

General recommendations on the procedure for further actions coincide with the recommendations for the purchase of any real estate. The safest way and the key to a successful transaction is an appeal to the real estate agency. When acquiring real estate abroad, this is especially true for several reasons at once. Firstly, you are unlikely to be fluent in the Bulgarian language, and to conduct any negotiations is easier in the state language of the country where you acquire real estate. Secondly, an experienced realtor is well versed in Bulgarian legislation and knows all the main nuances and newly accepted amendments, as well as the specifics of document management and requirements for foreign customers. Thirdly, being directly on the spot, the realtor has much more information about the real estate object, such a brief description that you will read in the standard announcement of the sale. In addition, counting on the fact that you can directly buy the house that interests you, and deal with all the nuances of the legislation, will not be difficult, quite risky. Most real estate owners prefer to sell it through their agent, as well as construction companies, very rarely sell under construction objects directly. Therefore, in any case, you will most likely have to chat with a realtor representing the interests of the seller. It will be much easier to do, having his own consultant and assistant. There is another unpleasant moment, this, unfortunately, is a common attitude to Russians in Europe, as illiterate people who, expressed not by literary, but relevant language, you can simply “throw it with money”. Often, real estate owners can sell it one price to the Frenchman or German, and at a much greater price to our compatriot. At the same time, in the latter case, he will also be convinced that it was he who was given an exclusive discount. The appeal to an experienced realtor who has been working for more than a year in the Bulgarian real estate market will also help to avoid a clash with such injustice.

A very important point, which is, of course, to know to everyone who wants to purchase a house in Bulgaria is an official ban on Bulgarian legislation on the acquisition of real estate by foreigners. Experts predict that this law will be canceled in 2014, but so far it has full legal force. What to do in such a situation, because I like the villa you like on the seashore now? There are currently two bypass paths. The first path is the acquisition of only at home and the design of long -term renting to land. The second path is registration and opening a small private company in Bulgaria. For example, such as LLC (limited liability company). It is in the name of this company that you can purchase any real estate you like. Of course, this is not a very fast process that will require you to collect a certain package of documents and the annual submission of a tax return, as well as information to the Social Insurance Fund. But at the moment, this is the only reliable way to pass the ban on the acquisition of real estate by foreign citizens. A real estate agency may also help to collect the necessary documents for the registration of the company.

As for the approximate price range, it varies depending on the fact that you plan to buy a studio apartment, apartments, Townhouse, cottage or villa on the seashore. The minimum cost of the studio apartment will be 15,000-20,000 thousand euros. The myth that the prices in Bulgaria are very low and affordable to everyone should immediately dispel. If you want to buy a high -quality house, the purchase of which you will not regret, having lived in it only one season, then its cost will not be so low and affordable. It is also important to consider the annual real estate tax, which you will need to regularly contribute in the amount of 0.15% of the cost of your housing.

What is worth paying attention to when buying a house in Bulgaria and why there are so many announcements about the sale of real estate in the secondary market?

First of all, you need to decide how much time you will really spend in the purchased house, and at what time of the year. Many plan to live in a purchased house only in the summer, and the rest of the time to rent it through their agent. On the one hand, of course, this is a good move when you can get money for the maintenance of the house without any problems. But, on the other hand, the main need for a large amount of housing for rent exists in the summer, when a large flow of tourists goes to the country. Do not forget that Bulgaria is, first of all, a tourist country where the entire infrastructure is focused on the seasonality factor. As a rule, foreigners are most attracted to houses in the resort zone in walking distance from the sea. But it is here that the most seasonality is felt most of all. Most cafes, restaurants and shops just may not work in the winter. And renting such housing, as well as to live in it all year round yourself is unlikely to be real. The same points should be taken into account even if you decide to live in the house you purchased all year round. Be sure to make sure that all engineering systems are adapted to all -season use. Talk with your potential neighbors. Find out from them who remains here for the whole year, and what is changing with the onset of cold weather. In the case of purchasing an apartment or house not in a resort place, but in a large city, of course, the situation is somewhat different. It will be easier to solve the issue of both renting your housing for the period of your absence, and with the possibility of living here all year round. A significant minus when buying such housing will be remoteness from the sea and recreation area.

And in conclusion, we will briefly consider what the main stages of the transaction you will need to make to buy a house in Bulgaria.

The first stage is the entry of an advance for the property you like and withdraw it from the sale. This is followed by the execution of a preliminary agreement in which all terms of the transaction are prescribed in detail. The standard terms for the registration of such an agreement are about a month. After that, the full value and execution of the act certifying the ownership of. In order for the transaction to be officially completed, the act of ownership is transferred for registration to the court.

So, the answer to the question of whether it is realistic to purchase real estate in Bulgaria, it will sound like an unambiguous yes! If you are not afraid to take risks and want to realize dreams of your own house on the shore of a real sea coast, then Bulgaria is waiting for you!

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