subject: Do Not Buy A Property In Bulgaria Without Thinking About These Practical Concerns [print this page] There are practical issues that you will need to make decisions on and do some research about before taking the plunge.
Here are a few examples of practicalities that you will need to consider before buying a property in Bulgaria:
Have a Full Survey Done
Before buying any property in Bulgaria it is very important to have a full survey of the property completed. This is especially true if the home is near to the ocean or a river, as the survey can tell you about any rises of erosion, flooding or water damage. If the property is older, there might be some confusion or debate as to where the property boundaries fall, so you will want to clarify this. If it is a new build condominium, you will want to check to make sure that the developer has the proper permission to build on the land and that you will have deeds that prove you are the owner.
How Will Renting Work?
If you are considering renting out your property in Bulgaria as short term holiday accommodation when you are not using it, have you thought about how you will maintain and manage the property while you are not there? Who will be responsible for cleaning the house between each guest, letting the guests in, and solving their problems should an issue arise? You might need to hire a letting agent who will be able to manage your property in Bulgaria and help your guests while you are away.
Do you Have Insurance?
Have you thought about buying holiday home insurance for your property in Bulgaria? You will need to sort out this practicality, because you will want to be protected in case something goes wrong. Getting house insurance might not be as straightforward as you think, especially if your property in Bulgaria will be left unoccupied for months or if you will be hosting paying guests. Make sure that you get an insurance policy that covers your home when it is unoccupied and also has liability insurance in the event that one of your guests hurts themselves during their stay.
What About the Resale Value?
Although you are caught up in the romantic dream of owning a property in Bulgaria, do not buy without thinking about the potential resale value of the home should you decide to sell in the future. Buy a home in an area with predicted growth, and try to see the house through the eyes of a potential future buyer to determine whether or not it will increase in value.
These are just a few of the practical considerations that it is important to make before buying a property in Bulgaria.
by: James P Martin
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