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general ramble

Discussion forum for expats moving to or living in Bulgaria.

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general ramble

Post Posted: Tue Oct 04, 2005 3:28 am

Hi this is my first post so I hope you bear with me. I have been looking at Bulgaria for some time now as a place to invest. I have to say I have never been to Bulgaria previously, though I have travelled to Romania(I was put off romania by rampant corruption), and an thinking about investing in a property close to Bansko.

I have seen the prices for 1 bedroom apartments and they are about 50000-60000 euros. Does this seem about right? Now I have seen a few people talking on this site about agents and how they seem to inflate prices, is it better than to hire a good lawyer / translator and deal direct with the owners of the properties? What are the benefits of buying a brand new off the plot property over a privately resold one that is 10 years old?

sprry about these questions...but my parents bought a house in spain about ten years ago and it seems there that these off the plot properties suffer from poor constructio and are often cold in winter etc...


Is it cheaper to buy plot of land and build the house using a builder?

Hmmm i am sure I have other questions to ask but I cant think right now. I don't have a house in the uk as prices here are stupid/crazy and I am looking to buy a home in bulgaria as an investment for the future. Also I have little savings, so advice on loans / morgages would be useful too....though i have been approved a morgage via bulgarian home loans.

Anyone have any input, i am finding it very daunting indeed.

the dude

 

the_dude
Newbie
Newbie
 
 
  
Re: general ramble

Post Posted: Tue Oct 04, 2005 3:36 pm

Hi Dude

Deal direct with the company building the apartments you will save alot of money we have just bought a Penthouse apartment in Sofia direct from the office of the building company and we saved the inflated agents fees, you don't need an agent out here like back in the UK, you need to find a good trustworthy lawyer and translator if you don't speak the lingo.Also you will find most companies will ask you to pay some money by bank transfer and some cash the company benefits from paying less tax and so do you we saved 3,000 leva on tax.Also if you buy outright with no loans/credit etc you can get them to drop the price we saved 2% on the total price.


_________________

Ultra Bg Building On A Reputation

ultra-bg.tripod.com/amteco-build

 

ultra-bg
Regular Poster
Regular Poster
 
 
  
Re: general ramble

Post Posted: Tue Oct 04, 2005 4:36 pm

Hello Dude

The very best thing you can do if at all possible is to visit and look around Bulgaria, especially the area where you might want to buy - there is nothing like being here to get the real 'feel' of the place.

Whilst some might be happy to operate without a real estate agent, there are many thousands of happy buyers who have bought with an agent and believe their fee was well worth it! It's really down to what you feel happy with at the end of the day but you may feel better with an agent between you and the vendor who can help you sort out things. Agents in Bulgaria charge more than in the UK because they do a different job.

As for making any cash payment (and therefore having a different price on your contract from that which you actually paying) please be very wary with this. For many reasons, apart from it being an illegal practice, and possibly invalidating your contract - see the article 'The price you pay v the price on the deeds' in our July issue - you will also find that if or when you come to re-sell you will of course be making a larger profit - and therefore ultimately may pay more tax on that profit depending upon whether this is a primary residence or not and your personal financial circumstances. Don't let anyone tell you that this is normal practice these days, it is not and you will be the one taking all the risks.

Apart from that whether you use an agency or not, it is very important that you get your own reputable lawyer to act on your behalf. This will not only ensure that deeds, etc are correct but will give you peace of mind and make the purchase much easier for you.

Hope this helps a bit. Good luck!
All the best
Quest Bulgaria


_________________

www.questbulgaria.com

 

QuestBulgaria
Frequent Poster
Frequent Poster
 
 
  
Re: general ramble

Post Posted: Tue Oct 04, 2005 4:53 pm

QUEST BULGARIA you don't know what your talking about it's not illegal and if you don't believe us then check out reputable building companies in Sofia. Sounds to me that you are either a publisher/agent or got your fingers in with the agents and creaming your bit off the top. I know many Bulgarians here and what we have done is perfectly legal, and if we can help fellow Brits save money we will................


_________________

Ultra Bg Building On A Reputation

ultra-bg.tripod.com/amteco-build

 

ultra-bg
Regular Poster
Regular Poster
 
 
  
Re: general ramble

Post Posted: Tue Oct 04, 2005 6:04 pm

Hello Glyn & Minka

Crikey - hold on there, no need for that!

Rather than relying on what builders say, I refer to the article in July which was written by Roumen Petrov, Lawyer of GPNG law firm in Sofia. He states quite clearly that it is illegal to make these kind of cash payments ('backhanders'). It is not a question of saving money - what we do is point out the true legal facts and the implications and then it is everyone's own choice. If people are happy to do this, then so be it: but I believe that the most critical thing is for people to understand the legal situation and then they can make an informed choice for themselves.

We are indeed publishers of a magazine, which you know, and which is the name by which I am on here. I think most people here are fully aware of this. In addition, we considered the issue of putting a lower price in the contract so important that we included the first page of Mr Petrov's article on our site for anyone to read.

We are totally independent of any estate agency, constructor, developer or any other entity either here in Bulgaria or anywhere else in the world. I do feel that your statements and implications are both offensive and untrue and consider your comments unfair. I don't think having a go at me is helping the original poster which is a shame.

Best wishes
Quest Bulgaria


_________________

www.questbulgaria.com

 

QuestBulgaria
Frequent Poster
Frequent Poster
 
 
  
Re: general ramble

Post Posted: Wed Oct 05, 2005 2:50 pm

(No need for that) it is always you picking faults with others information........enough said, yes it is a shame you can't post something constructive instead of picking faults with what we are trying to do for our fellow Brits, anyway it's up to the individual to make up their own minds as to what path they want to take.We find your comments very offensive, biased and one sided and feel it's a shame for this forum...............

We won't reply to any comment or insult from you to this reply as we feel it will only be biased and lower the tone of this forum which is clearly none constructive for this website, there are plenty of children's websites out there in cyberspace


_________________

Ultra Bg Building On A Reputation

ultra-bg.tripod.com/amteco-build

 

ultra-bg
Regular Poster
Regular Poster
 
 
  
Re: general ramble

Post Posted: Wed Oct 05, 2005 6:12 pm

Hey just a quick reply, been looking at old houses now. Any idea of the rental potential for say a house situated within 10 km of a place like bansko? i looked at off plot developments but not sure if the agent are fleecing customers as they are 50000 euros for a 1 bedroom apartment and you can get houses like 4 bed houses for 16000 in the surrounding area...for sure they need to be redeveloped etc...any thoughts?

 

the_dude
Newbie
Newbie
 
 
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