Buying in Bulgaria

vicky1_2

Has anyone got any experience, tips or views about buying in Bulgaria, I am told it is going to be the next property hotspot, Joining the EU in 2007, new airports being built with low cost airlines flying there, I am told Varna or Bourgas are the places to buy.

Are there any pitfalls ?

Ian_W

Vicky,
You could try reading This thread which starts on about buying in Bulgaria then moves on to more general buying abroad themes. Also you could use the site search facility as I'm sure there are several more in the fairly recent past.

Don't know the first thing about Bulgaria but having owned abroad, here are some general tips:
1. There are always pitfalls - research and being very wary [+ prayer] are your only protection. Buyer Beware.
2. It may not be the next property hotspot, many get tipped, few get chosen. Consider it a medium to long term venture, if it takes off quickly you've been very lucky.
3. If you're buying off developers or Estate Agents don't use the lawyer they suggest, you wouldn't at home - find someone independent either through research or third-party recommendation. Make sure they establish you have clear title to the property and that a previous owner hasn't left outstanding debts as they may well pass to you when you buy.
4. If it's a new build you need Bank backed guarentees that any stage payments are safeguarded if the builder goes bust or does a runner before your property is finished.
5. Understand and respect local custom - particularly the one that states "Foreigners are fair game to be ripped off" - not quite as common now in more developed markets but sure to be in developing ones because you've got money, they haven't - until they get their hands on yours! Not just practised by locals, ex-pat agents are often the worst.
6. Don't assume you can finance your purchase or run your property through holiday letting - too many people think that a few ads in Dalton's Weekly will have them fighting off guests, it isn't that easy. Many holiday lets abroad do very well, many more do not - if you can't afford to buy & run the place without letting it, you can't afford it. If it comes with a letting contract from the developer get it checked by the lawyer to make sure it's watertight.

You asked for pitfalls and these comments may sound very negative but they're not intended to put you off, merely to warn you that you need to take care - if you don't, sure as eggs is eggs someone will rip you off.
If you do take care, owning abroad can be a very rewarding experience in many ways - including financially.
Best of luck!