Purchasing Property in Bulgaria
posted 3rd January 2019
What you need to know about purchasing property in Bulgaria:
- All real estate based transactions need to be carried out by professionals only. Be careful dealing with someone who promises great price, no fees and all legal paperwork taken care of by “Uncle Bob”. This is only a good way to find a piece of cheese in a mouse trap.
- All legitimate real estate agents do not close transactions themselves but rather use licensed Notary that does due diligence on the property requesting all related registered documents, inspecting for possible leans and unpaid taxes, writing purchasing contracts and etc. In Bulgaria a Notary will have the same power and skill set as an attorney in USA.
- Foreign individuals can easily purchase an apartment for residence, investment and etc. However, if you are a foreign citizen and would like to purchase a house, a piece of land or agricultural property these options are only for Bulgarian citizens or businesses. Therefore you may need to set up a business entity in order to carry out your purchase. We offer full assistance with business registration and banking set up if needed.
- Once you purchase your property your annual expenses due to taxation, water and electrical bills are pretty minor and vary based on the property size and location. Generally, much less than anything comparable in USA.
- We highly recommend setting up a security company (SOT) to monitor and secure your property for the time you are not on site. Costs again are minor.
- High speed internet services are available in most areas and we find quality to be very good, therefor people that operate web-based businesses may find this a gem.
- You may find some properties in the most amazing locations with most stunning exterior design but sometimes interiors are done in what we call Bulgarian traditions and colors. If this is not your style DO NOT worry. We have a team of fantastic designers in USA that will make the best out of any apartment or house. We have great collaboration team between USA based designers and local craftsman, project managers that can take care of any job.
- If you are purchasing a property for occasional visits and would like to rent it out the rest of time we can help you with property management or you can hire other available companies. Please be aware and realistic about rental season. If your property is located in one of the resorts, then your realistic rental season is beginning of June through middle or end of September. If your property is located in the heart of Varna then your rental could be a year around.If you have questions or need assistance do not hesitate to contact us. We are here to help and make your experience pleasant.