Purchasing “secondary” goods in Bulgaria: pros and cons
With regard to such important investments as the purchase of real estate abroad, the process of searching for properties should be approached with particular care. Choosing a home to live in that is oversupplied on the market is especially difficult. Let’s figure out how to choose the right one secondary real estate in Bulgaria
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Briefly about the main thing
It is no secret that Bulgaria is traditionally loved by Russians as a destination for holidays and the purchase of resort real estate. Thanks to its warm, beautiful and spectacular beaches, delicious cuisine, low prices and great opportunities for family housing, this hospitable country on the Black Sea has received full recognition from foreign property buyers.
In Bulgarian resorts, the greatest demand is for apartments near the largest, most comfortable beaches for our compatriots and their families. As for apartments in urban areas, they are purchased mainly for permanent residence – several orders of magnitude less such buyers, given the availability of year-round development infrastructure.
The undoubted advantages of secondary real estate include the fact that they are located in convenient residential areas with high-quality infrastructure. They cannot be found simply due to the lack of new buildings of primary objects. Buying a second-hand property is also an opportunity to almost immediately evaluate the quality of construction. In the case of “primary” ones, this is very difficult to do.
The main characteristic of holiday housing in Bulgaria is the oversupply: during the construction boom that was observed on the country’s Black Sea coast before the global financial crisis in 2008, a huge number of residential properties were built here. Unfortunately, the speed of construction and long periods of putting housing into operation did not always have the best effect on the final quality of the objects. Those who bought their apartments in the same hurry lost a lot of money and now want to sell them. As in other countries, high-quality and durable housing can be seen not only in resorts, but also in huge cities. On the contrary, happy owners of high-quality apartments have long settled in their locality and actively post photo reports on Facebook about their happy life in a sunny country.
Moreover, even in “difficult” times, the situation with resort apartments changes if the demand for apartments in large cities remains stable. First of all, thousands of apartments were put up for sale in Bulgaria. Some owners could not afford to keep foreign housing in foreign currency, and after making so-called “emotional” purchases, some “came to their senses,” while others urgently needed money. In addition, resort housing is predominantly seasonal. It is almost impossible to generate rental income for a decent year. Therefore, if the investment in maintaining the property is not very logical, it should be sold.
The main advice, suitable for both owners and buyers of secondary resort housing in Bulgaria, is to seek the services of professional real estate agencies with extensive experience in this market. This guarantees correctly selected and reliable objects, legal “purity” of the transaction, saving time and money.
Prices
The real estate market for secondary resorts in Bulgaria today has the status of a “buyers’ market.” This means that potential owners can buy Bulgarian resale properties at a favorable price, while high-quality and successful properties (both in the city and in the resorts) are always in price. It is recommended that you select an apartment by negotiating the best market value as reported by the real estate agent or the best market value that can be “stated” online. At the same time, experts do not advise “getting cheaper.” Firstly, if the price is too low, we can talk about problems with the object.
If you turn to portals about foreign real estate, it is Bulgaria that is represented by the largest number of properties sold at almost the same price. Studios in residential complexes with swimming pools can be bought for 16, 000 euros, or even half that price; two-bedroom apartments for 25, 000-30, 000 euros; spacious apartments of a prestigious type for 45, 000 euros. Luxury houses cost more than 50, 000 euros.
Experts note that an apartment bought several years ago for 50, 000 euros now costs 35, 000 euros. This is almost a third lower than the original cost, but the difference in the ruble exchange rate is minimal. As for the sale of the same complex to a developer, he can offer a very low price for such an object: 18, 000 – 20, 000 euros, but he will buy it outright. Don’t forget about institutional committees, which are added individually.
Selecting an object
The guarantee of success of a “secondary” acquisition in Bulgaria is mainly the correctly selected object. Liquidity is guaranteed by many factors. These should be high-quality apartments in a complex from the developer with a convenient location in relation to the airport and all the necessary infrastructure. The complex must be completely or almost completely occupied, and its residents are happy with their choice. Apartments should be bright and dry, preferably with a sea view. They must be equipped with everything necessary and finished with high-quality materials. Having a professional management company is also important. She will, firstly, maintain the condition and cleanliness of the building, and secondly, carry out any services for leasing the property in the absence of the owner. Such houses are easier to sell if necessary.
Experts on the Bulgarian real estate market note that, unfortunately, without access to the necessary qualifications, it is very difficult to independently select the ideal property. After all, it is necessary to understand many nuances. From the ability to correctly assess the quality of construction, to knowledge of the complexities of concluding contracts and checking real estate. Issues such as the reliability of the foundation, the legal “purity” of walls, decoration and objects will be resolved by professional real estate agents.
To ensure the reliable quality of construction, you need to meet the residents of the complex, listen to their feedback and evaluate all the pros and cons. Remember that today, in the age of high technology, there is information about virtually every major Bulgarian residential complex on the Internet, including major tourism forums. The desired residential complexes can be easily found by jumping through the pages of the forums.
The height of the tourist season is the time to get acquainted with the offer of the “secondary” market, establish connections with potential neighbors and collect information. It is strongly recommended not to make hasty decisions – and it is strongly recommended to first live along the entire Bulgarian coast and in different places, evaluate the pros and cons, and then make a purchasing decision.
Winter or spring is the best period to assess the quality of construction. During this period, all the problem areas of the property appear: dampness, mold, cracks in the walls, cracked paint, lack of high-quality heating or water supply, difficulty in cleaning the area and maintaining the general condition of the house.
Purchasing process
The process of purchasing a secondary property is not very different from purchasing a new property. The registration procedure and list of documents are almost identical. The buyer should contact an agent or lawyer who will provide legal assistance in the transaction.
Firstly, it is much easier for a specialist to collect and check all the documentation for the property to make sure that the secondary property being sold is “clean” than to burden himself with all the documentation for the property. He selects a notary who certifies the legality of the transaction. A special feature when working with Bulgarian real estate is that the notary certifying the transaction must be located on the territory where the property is located. Therefore, a notary in Varna cannot register a transaction with an apartment in Burgas.
“Pitfalls”
The acquisition of secondary real estate can be associated with both technical and legal pitfalls. This may include situations with inherited property, joint ownership of real estate by a family, the volume of mortgage obligations of the property, and the usual lack of documents for the operation of the residential building itself.
By the way, in the Bulgarian resort real estate market, sales of apartments in complexes that are not officially put into operation are regularly established. In cases where construction is completed, in fully commissioned houses, including all local areas, Act 16 is required. 14th century, where Act 1 6-Commissioning of housing is legally available. Ensuring that you have all the necessary documents is an agent or lawyer’s priority.
In many cases, real estate in Bulgaria is sold not by the owner, but by a trustee. In this case, the seller’s representative must have a notarized power of attorney. If there is no joint ownership of the property, then before the transaction it is also necessary to obtain the notarized consent of one of the owners. Otherwise, the buyer does not have to pay in advance for the purchase. It is also important to determine the method of transferring funds before completing a purchase and sale transaction. For example, having an appropriate bank account.
Purchasing secondary real estate in Sunny and Good Bulgaria can be a very profitable investment related to the well-being and well-being of the family. The choice of object must be approached with the utmost seriousness, using the services of reliable professionals. The affordable cost of their services is a guarantee of the transaction and the legality of the property, which will serve the new owner faithfully for many years and can be easily resold if necessary.
Some tips for buyers of secondary real estate in Bulgaria
- Market professionals – work only with agencies and lawyers. Ask as many questions as possible about the location, building, apartments, and resident experiences. For example, professional agencies do not cooperate with many complexes due to problems. They also don’t offer “problematic” properties in the first place;
- Travel before you buy. Stay at different resorts for several days. And only after that they study possible offers and choose certain places. In winter, going to the site is not particularly difficult;
- If the buildings are put into operation, pay attention to the quality of construction of the entire residential complex and, in particular, the selected premises. Talk to your neighbors and ask their opinion. If at the time of sale the object does not have ACT 16, the transaction poses a potential danger to the buyer;
- Take your time. Today’s Bulgarian secondary real estate market has different conditions, and it’s time to find your “ideal” property;
- If you’ve found the perfect second home, consider bargaining. You might get a good discount.
