Anyone considering a Bulgaria property purchase needs to familiarize themselves with the basics. After all, making a purchase of this type is a big decision; therefore, it should not come quickly, but only after careful research. The first thing you should consider is the length of time it will take to make a Bulgaria property purchase. The normal amount of time is three weeks in which several things need to happen, some of which can slow the process. Once you have decided on a property to purchase, the seller and yourself meet for contract terms and conditions.
Once the contract is negotiated the property is assessed for condition and value, which can take a week or longer. This will give you the purchaser an accurate report of repairs that may be necessary and the value of the property. Following the assessment, the land title is checked, local authorities check the property usage laws and the contract is exchanged along with a deposit. There are several days given for you to arrange transfer of funds before the final contract and title is signed before a Notary. Capital growth is another consideration. While no one can predict the real estate market, recent returns have been promising.
Current trends are showing a 20 -30% increase over the previous nine months for property prices. Making a Bulgaria property purchase at this time appears to be a sound investment. The cost of living in Bulgaria is also an area of appropriate research for anyone making a Bulgaria property purchase, especially if you intend to live in the property. At present Bulgaria's cost of living is low. Food prices are half what they are in the UK and insurance is considerably less expensive. Insurance on a 30,000 Euro home against content, fire, theft and flood will average 90 Euro per year in stark contrast to the high prices in the UK and surrounding areas.
At this point, making a purchase in Bulgaria is a wise investment. Research is the key to success in any investment as well as keeping in mind that the state of the market can change almost overnight.
Surrinder Ahitan's website Bulgarian Property Advice provides detailed information and advice on the most lucrative areas to invest in Bulgaria. You will learn how to get around, get a flavor of the language, history, culture and more.
