When thinking to invest in Bulgarian apartments, you are clearly about to make a good move. Bulgarian apartments represent an excellent opportunity due to multiple factors these days. First of all, the country has been accepted in the European Union a few years back, therefore the border limits have been removed, opening a lot of doors for growth and improvements. On a different note, the climate is temperate and has hot summers and snowy winters, therefore it has a bit of everything. The wide opening to the Black Sea is another great advantage, not to mention about the immediate proximity to Asia. The financial crisis has also touched Bulgaria gently, without any major problems. All in all, it is a great market to invest in, whether you want a home for your vacations or you plan to move along with your family.
While looking for Bulgaria apartments for sale, you will be hit by a wide offering at some very affordable prices. For a foreign citizen, the prices may come as bargains. The best news is that there are not too many restrictions either. In an attempt to raise the local economy, the authorities have given green light to all the investments and businesses. You may even purchase apartments in Bulgaria and rent them later. Whether you hope to start a real estate business in the country or you get a home for the summer vacations and you rent it for the rest of the year, such procedures are more than welcome. The real income when renting out your new home may range between 3% and 10%.
However, before checking out some Bulgaria apartments for sale, make sure you get familiar with all the laws, procedures and regulations. If this is your first venture, get in touch with a local assistant to help you. Aside from a few basic rules, there are also particular taxes the buyers must be aware of when they buy Bulgarian apartments. These taxes are usually not included in the selling price of the property and are not even mentioned when the discussions and negotiations begin. It is like an unwritten rule for the local sellers and buyers.
These taxes are classified in two categories. The notarial taxes and local assessments are paid when you purchase the apartments in Bulgaria, while the annual taxes are paid every year. The notarial taxes are usually a particular percentage of the selling price. Of course, each notary has a different commission. The same rule applies for the local tax assessments. The tax used to be 2%, regardless of the province. These days, every province has a different value, since the mayor has the right to set up a unique number. For instance, the tax was 2.5% for Sofia in 2009.