subject: Tips For Buying Off-plan Bulgarian Property [print this page] Buying off plan property can be a good investment, but there have also been cautionary tales of people buying off-plan Bulgarian property that has turned into a nightmare.
When buying off plan Bulgarian property there is a risk of misleading sales literature, facilities not being constructed as promised, disappointing views, late completion, and much more.
However, if you are a careful investor and you look out for untrustworthy developers you can make sure that you are making a solid investment in Bulgarian property. Here are some tips to help you avoid making mistakes and invest smartly in off-plan property:
Do not rely only on the sales literature. You will read many glossy brochures and information packets that tell you how truly gorgeous and perfect the property is, but remember that these publications are designed completely to sell you off-plan Bulgarian property. How do you know how honest or realistic they are, or if you are getting the full story?
Before buying any Bulgarian property you should always travel to the proposed development site yourself to make sure that you are getting everything that was advertised. For example, you might find that the "ocean view" you were promised is only a glimpse of the ocean with an ugly skyscraper in the way.
Ask the developer lots of questions. Speak directly with the developer of the Bulgarian property and ask them all of the hard hitting questions that you need to know about the development. If they cant give you a simple straight answer, be wary.
Use the internet to do your own research on the developer. There are many relevant online forums where you can read stories from other buyers who have purchased from them and see if they are satisfied with the finished product.
Check to make sure that the builder actually has a license to build on the land.
Always get everything in writing before buying a Bulgarian property off plan. Make sure it is approved and signed by both parties, and if any changes are made to the developments before they are completed these should be written down as well so that the developer is committed to them.
Use a trustworthy lawyer to draft up all official agreements. Your lawyer should go through every contract very carefully, making sure that it is clear on all details. Only sign the documents when you are certain that there is no confusion.
If at all possible, it is a good idea to make regular inspection trips to Bulgaria to check on the progress of the development. Inspect the apartment before each instalment of the payment is due and before the final payment is made, so that you are happy with the standard of quality before you hand over your money.
These are just a few important tips to remember when buying off-plan Bulgarian property.
by: James P Martin
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