Why Buy Property in Bulgaria?
The best reason to buy property in Bulgaria is that it’s a European country with ridiculously low property prices. It’s possible to buy a large penthouse apartment in Bulgaria for the price of a small one room flat in, say, Leeds in the UK. Your money goes far in Bulgaria, which is still a very cheap country, in spite of being one of the fastest growing economies in Eastern Europe.
The weather in Bulgaria is close to perfect, with bright sunlight and pleasant, cool breezes rushing through the streets. The landscape and the natural scenery around here are sights to behold, and the majestic mountains offer a stunning backdrop. Bulgaria is one of the skiing hotspots in the world and winter sports are quite popular around here, with everyone indulging in them, both young and old. Indeed, the presence of winter sports in Bulgaria has made it a favorite destination of skiing enthusiasts from around the world.
Are you Eligible to Buy Property in Bulgaria?
Buying property in Bulgaria is quite tricky because since foreign buyers are not allowed ownership of land as yet in Bulgaria. Which means: You can buy an apartment in Bulgaria, but are not allowed to legally own a villa or a single-family home in that country. There are ways to get around this rule. You could, for instance, create a Bulgarian Limited Company with yourself as the sole owner and director and buy property using it as a front. This way, you gain full ownership over the property.
Buying Property in Bulgaria – The Essentials
How to Find a Property in Bulgaria?
There are a plenty of real estate portals online where you may look for Bulgarian properties for sale. You should also contact the top property developers or real estate agents in the country by email. It also helps to form a connection with the members of the expat community living in Bulgaria and asking them for any information about a Bulgarian property for sale that might help.
# How much does it cost to buy property in Bulgaria?
While buying property in Bulgaria, you should be prepared to add on quite a few extra expenses to the actual purchase price. The real estate agent’s commission would cost 3 to 5% of the purchase price, which is slightly on the higher side.
There is also a Company Registration Fee that has to be paid, as you’ll be required to register a company with yourself as sole owner and director. This would cost you around 750 Euros. Also, you’ll be asked to deposit 2500 Euros in the new company bank account.
The solicitor’s fees will be around 1% of the purchase price. The State tax will be around 2 to 4% of the property price, depending on where the property is located. The Land Registry costs 0.15% of the property price.
Other expenses would include the Notary fees, around 250 to 300 Euros, the translator’s fees, around 100 Euros and the Surveyor’s fee, which is variable.
# Importance of Hiring a Real Estate Agent in Bulgaria
A good real estate agent is invaluable in Bulgaria, but finding one won’t be easy as there is no regulation of real estate agents in the country. That’s why it is important to be absolutely sure before hiring a real estate agent in Bulgaria, ask for references, and so on. It would be a good idea to get in touch with expats living in Bulgaria and ask for recommendations. Worldwide Group is the number 1 re sale company in the World for Bulgarian property talk to us we can find you that Bulgarian investment property.
# Importance of Hiring a Solicitor in Bulgaria
It is important to hire well regarded solicitor as he represents you in property transactions and ensures that your interests are protected at all times. You can never be too careful in a property deal in Bulgaria, that’s why it’s important to be on your guard at all times. Look for a solicitor based on recommendations offered by the expat community in Bulgaria.
# Importance of Hiring a Translator in Bulgaria
All documents and contracts in Bulgaria are written in the official language, Bulgarian, that’s why it is important to have a reliable translator by your side, to translate every word into English. It’s important because you wouldn’t want anything written in a contract that’s not in your interest or see a clause in the fine print that you haven’t agreed to. The importance of checking and rechecking the documents as thoroughly as possible cannot be overstated.