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Investing In Property Overseas
steviegggggg
Posts: 2 Newbie
Hello,
This is my first ever post.
I am in need of some expert and knowledgeable financial advice.
A year ago I decided to invest in a studio apartment in a ski resort in Bulgaria. The building is nearly complete and the developer will now soon be asking for the next instalment. I have currently paid around 24 K deposit and the next instalment is approx 26 K. Total amount is 50K.
I do not feel the property is worth this amount of money at this time due to the Pound against the Euro. I am also now having serious doubts about the area itself. The roads around the hotel and between hotels and the ski centre are non existent. The area is also over developed. Therefore no potential for rental income and I fear I will never be able to resell.
My options are:-
Take a Bulgarian mortgage for the 26K instead of using all of my own capital.
Pull out completely and loose my deposit.
Or continue with the investment for the long term.
Any advice would be appreciated. Especially from those who know the area, or Bulgarian developers contracts and bank mortgages. Or even anyone who has thought about a similar investment.
Many thanks
This is my first ever post.
I am in need of some expert and knowledgeable financial advice.
A year ago I decided to invest in a studio apartment in a ski resort in Bulgaria. The building is nearly complete and the developer will now soon be asking for the next instalment. I have currently paid around 24 K deposit and the next instalment is approx 26 K. Total amount is 50K.
I do not feel the property is worth this amount of money at this time due to the Pound against the Euro. I am also now having serious doubts about the area itself. The roads around the hotel and between hotels and the ski centre are non existent. The area is also over developed. Therefore no potential for rental income and I fear I will never be able to resell.
My options are:-
Take a Bulgarian mortgage for the 26K instead of using all of my own capital.
Pull out completely and loose my deposit.
Or continue with the investment for the long term.
Any advice would be appreciated. Especially from those who know the area, or Bulgarian developers contracts and bank mortgages. Or even anyone who has thought about a similar investment.
Many thanks
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