| The Cost | | | | in, you will have to make up your mind in regard |
| Although the property prices in Bulgaria are quite | | | | to the characteristics of the property you intend |
| low compared to the other European countries, | | | | to buy. |
| there is still a wide variety of prices depending on | | | | Below there is a list of property features you will |
| the property type and location (as a rule the | | | | have to consider: |
| properties in Sofia and at the Black Sea are more | | | | 1. Property type |
| expensive). The first thing you will need to figure | | | | Do you want a house or a flat? If you prefer a |
| out is how much you can afford to spend and | | | | house, should it be detached, semi-detached or |
| thereafter to determine the price range for your | | | | terraced? |
| purchase. Apart from the actual price of the | | | | Under the Bulgarian Act on Foreign Investments, |
| property, there are a lot of other one-off costs | | | | foreigners are not allowed to own land but may |
| you have to consider. | | | | own buildings. Foreigners wishing to own land can |
| The expenditures | | | | do it by setting up a Bulgarian company to hold |
| There are some differences in the | | | | the land. Bulgarian company incorporation costs |
| property-buying process in Bulgaria from those in | | | | less than £600. Bulgaria's ownership policy will |
| the UK. Below is the list of one-off costs which | | | | be harmonized with the EU in the future, most |
| provides you with a rough estimate of the | | | | probably in 2007. |
| expenditures you will have to cover. It is advisable | | | | 2. Property Features |
| always to take all eventualities into account when | | | | Determine what size the property should be |
| making your estimates. | | | | (keep in mind that bigger home mean higher |
| 1. Deposit | | | | heating costs). Decide on the number of |
| Usually you are required to put down at least | | | | bedrooms and bathrooms, the face of the |
| 10% of the price. | | | | building, whether you want a garden. If you are |
| 2. Solicitor | | | | looking for apartment, have you any preferences |
| You will need to employ a local solicitor, who | | | | for the floor number. |
| speaks English, for all the legal aspects of buying a | | | | 3. Old or new? |
| property. Some charge a flat rate, others a | | | | A new property will be more expensive to buy, |
| percentage of the property price (usually 1%). | | | | but with an old property high expenses might |
| We recommend to get some quotes before | | | | incur for repairs and improvements. There are |
| choosing one. | | | | also many properties that are sold "off-plan", |
| Solicitors in Bulgaria frequently represent both | | | | which may be pretty favourable for you. |
| sides of a transaction, but are legally obliged to be | | | | 4. Garage |
| diligent and fair. | | | | If you intend to have a car in Bulgaria, check |
| 3. Preliminary contract | | | | whether you have good parking facilities on the |
| Its cost is of around £100, with an extra | | | | street or if there is a garage. |
| £15 or so payable for a translation of the | | | | Bulgarian Property-Hunting Resources |
| contract - remember that the English version is | | | | After having decided on your priorities, you can |
| not legally binding. | | | | start off looking for a property to buy. There are |
| 4. Survey / Valuation Fee | | | | different resources for property listings. |
| 5. Agency fees | | | | 1. Estate Agents |
| Agency fees in Bulgaria are often split between | | | | In Bulgaria the Estate Agents can advertise the |
| buyer and seller; a typical fee might be 6% with | | | | properties and handle negotiations. Agents usually |
| buyer and seller each paying 3%. Sometimes the | | | | have a wide range of properties available and can |
| buyer is responsible for the whole fee; would-be | | | | offer detailed information. Buying property in |
| buyers should clarify beforehand precisely what | | | | Bulgaria should only be undertaken with good |
| percentage of the value will be the fee and for | | | | professional advice. It is essential to use a |
| what proportion of that fee he or she is liable. | | | | reputable real estate agent - the boom in what is |
| Occasionally - and this is most often the case | | | | a largely unregulated market has led to a huge |
| with new-build properties - the fee is included in | | | | increase in the number of companies selling |
| the purchase price; again, though, the buyer is | | | | property, some of which may not have the |
| advised to find out if this is the case and, if so, | | | | experience or professional approach of longer |
| what proportion of the overall price pertains to | | | | established agencies. It is advisable to ask for |
| the fee as it may affect the resale value of the | | | | references from previous customers, particularly |
| property. | | | | other foreigners. |
| 6. Stamp Duty | | | | 2. Private sale |
| The government charges a tax based upon the | | | | Some property sellers prefer to handle their sale |
| property's purchase price. This is called country | | | | privately, by advertising locally. However a private |
| tax and it is the equivalent of the Stamp Duty in | | | | sale may hardly be found. But the advantage of |
| the United Kingdom. This is a maximum of 2% of | | | | this kind of bargain is that there are not any |
| purchase price charged at completion. | | | | estate agent fees to be paid and you might end |
| 7. Notary Fee | | | | up paying less. You have to consider that a |
| The notary puts on public record that the title | | | | private seller might not deal with you in the same |
| deed has been signed in their presence and | | | | professional manner as an estate agent does. |
| understood by the parties concerned. The notary | | | | Especially when difficulties or delays arise, the |
| is further in charge of the submitting of the title | | | | situation can become a bit tense. |
| deed with the other related documents of the | | | | 3. Online property listings |
| transfer to the cadastral and the property | | | | When you want to buy a property in Bulgaria and |
| register (land register). | | | | you want to get a quick impression of what's on |
| The Notary will pay registration and state fees | | | | the market, the online property listings are very |
| collected previously from the buyer. | | | | convenient and helpful. It is usually possible to look |
| Registration confirms you as the legal owner of | | | | for properties according to features, price range |
| the property and registers you at that address. | | | | and location. Internet listings can be accessed via |
| The fee charged depends upon the price of the | | | | estate agents' home pages or independent |
| property (See Stamp Duty). | | | | property web sites. You should keep in mind that |
| 8. House-hunting Expenses | | | | a photo posted on the internet might not give |
| Property-hunting can be quite a costly business. | | | | you an adequate impression of the property, so it |
| Expenses include money for travel to Bulgaria, | | | | is better to remain skeptical until you have |
| hotels and eating, and telephone calls. | | | | actually seen the property. |
| 9. Removal Fees (if not only a holiday home) | | | | Arrange a viewing |
| Doing the removal yourself is time-consuming and | | | | If you have the chance you have to go and see |
| stressful. If you decide to employ a company, | | | | the property with your own eyes. Check the |
| ask around for quotes first. | | | | property you view for: |
| Find a Property in Bulgaria | | | | - General Condition (fixtures and fittings, layout |
| After having calculated how much you can afford, | | | | etc.) |
| you can start on the most exciting part of the | | | | - State of Repair (insulation, heating, plugs, |
| property-buying process: selecting your future | | | | plumbing etc.) |
| property. | | | | - Structural problems (dampness, cracks in walls |
| But before you start spending your nights digging | | | | or ceilings, crooked doors, damaged foundations |
| through piles of Bulgarian property web sites and | | | | etc.) |
| looking at estate agents' brochures, it is advisable | | | | If you have no possibility to go to Bulgaria to |
| to sit down and think about what exactly you | | | | view the property that interests you, you may |
| want. Property-hunting is exhausting and | | | | require more pictures of certain features of the |
| time-consuming, and you can save yourself a lot | | | | property. Also you may ask for the things that |
| of work and energy by deciding on certain | | | | are not described in the advertisement as fixtures |
| prerequisites before starting out on the actual | | | | and fittings, insulation, heating, plugs, plumbing, etc. |
| property search. | | | | Reservation |
| Choosing the location and the neighbourhood | | | | Once you have determined which property you |
| Make sure you select an area you feel | | | | wish to buy, you can reserve it either by phone, |
| comfortable in, and which suits your personal | | | | post or e-mail. You may be required to pay a |
| needs. If you are going to spend only your | | | | reservation fee, which is refundable, and the |
| holidays in Bulgaria, then maybe you will prefer a | | | | property will be reserved for you for a certain |
| property in a ski or sea resort. If your intention is | | | | period of time. If the property is sold via Estate |
| to retire in Bulgaria, then a small village may be | | | | Agent you have to call them to secure the deal. |
| suitable for you. But it is a must to check the | | | | Preliminary Contract and deposit |
| infrastructure in the region. The same is the | | | | The next step will be the sign of the preliminary |
| situation if you are thinking of purchasing a | | | | contact and the payment of the deposit. The |
| property in Bulgaria for part-time retirement. | | | | deposit may vary from 10% to 20% of the |
| If you are a young, childless professional, you | | | | purchase cost. |
| might want a lively pub scene in the area, | | | | Survey and Valuation |
| whereas if you are an overworked parent of two | | | | You are basically conducting a mini-survey and |
| children, a good school and a playground might be | | | | valuation every time you view a property. It is |
| more important to you. | | | | also advisable to have a more in-depth inspection |
| Anyway in Bulgaria there is a place for everybody | | | | and valuation done in order to assess the |
| - quiet lovely villages with animals and gardens, or | | | | property's condition and find out whether the |
| undisturbed mountain villages, or lively cities, or | | | | house is actually worth its price. |
| luxury sea or spa resorts. Here are the essential | | | | The Conveyance |
| points to consider when choosing your future | | | | After your offer has been accepted, the |
| location and neighbourhood: | | | | conveyancing process starts. This includes all the |
| 1. The Prices | | | | legal and administrative issues that have to be |
| Find out what area you can afford a decent | | | | addressed when a property is transferred from |
| property in by looking at the prices of properties | | | | one owner to another. The common practice is to |
| sold recently in different locations. | | | | hire a solicitor or a licensed conveyancer to deal |
| 2. Your feelings | | | | with the legal aspects. Hiring a professional solicitor |
| Make sure you feel comfortable in that location. | | | | has become cheaper and his services are well |
| 3. Distance and transport | | | | worth the money. |
| You can arrive in Bulgaria by plane, by car, by bus | | | | What the conveyancing process involves Before |
| or by train. The major airports are in Sofia, Varna | | | | the exchange of contracts: |
| and Bourgas. From there you can take a bus or a | | | | - Checking the "title deeds" of the property to |
| taxi to your final destination. For more information | | | | find out whether it really belongs to the seller |
| you can see Arriving in Bulgaria. So when you | | | | - Establishing the property's legal boundaries |
| choose your property's location consider how you | | | | - Putting together a list of fixtures, fittings and |
| would get to there and how long it would take | | | | contents to establish what is to be included in the |
| you. The best possibility is that your future | | | | sale |
| property is close to the major airport and the | | | | - Preparing a enquiry form for the vendor to find |
| road infrastructure is in good condition. | | | | out about any material or structural defects they |
| 4. Local Amenities | | | | are aware of |
| What you need depends on your lifestyle and | | | | - Surveying local authority plans for details on |
| preferences. Look out for shops, public transport, | | | | upcoming developments that could influence your |
| leisure' facilities like pubs and clubs, children's | | | | property's value |
| activities, parks etc. | | | | - Negotiating with the seller any repairs or |
| 5. Schools | | | | changes to the offer |
| If you have kids, find out what is the situation | | | | - Advising you on the draft contract for sale |
| with the local schools. | | | | prepared by the vendor's solicitor Exchange of |
| 6. Crime rate | | | | contracts: |
| Find out the crime rate in the region. | | | | - Arranging the date for the completion and the |
| 7. Condition of the region and neighbourhood | | | | exchange of contracts |
| Keep in mind that the state of the houses in your | | | | - Handing over the deposit Completion: |
| neighbourhood influences the value of your own. | | | | - Handing over the keys and title deeds |
| The resort regions are likely to be more fancy | | | | - Paying stamp fees and notary fees |
| than the ordinary villages. | | | | Completing the Sale |
| 8. Local Authority Services | | | | The completion date, which has been set in the |
| Find out how often the waste is being collected, if | | | | contract, is the day the house becomes officially |
| the road infrastructure is regularly maintained, if | | | | yours. |
| the gardens and parks are kept in good condition | | | | For further information on Bulgarian properties or |
| etc. | | | | any aspect of property buying process, visit the |
| Choose a Property | | | | new Find Bulgarian Property Portal. |
| In addition to deciding what area you want to live | | | | |