The current real estate market in Bulgaria is very promising and has a lot of business opportunities for one to make a lot of money. Bulgarian properties are at their lowest price level in many years making this an ideal time to invest. Whether it is in terms of long term investments where one wants to keep the Bulgarian properties for a long period of time before deciding whether to sell it or where one wants to find property in Bulgaria for the sake of developing it and then selling it after a short while. For both types of investors, a key thing that they should keep in mind is that as long as making a profit is their key concern, the type of properties in Bulgaria that they settle for and the prices that they choose to buy property in Bulgaria. In addition to the low prices and excellent opportunities for investing in Bulgaria, the Bulgarian law regarding property ownership has recently changed to allow foreigners to purchase Bulgarian properties in their own name and provides additional protection for the buyers. We will write more about these changes to the ownership laws in a future update but for now you can be confident that the process for buying Bulgarian properties has been much more streamlined.
The first question that any person should ask himself or herself has to do with the type of property that the particular person wants. This is because there are various types of property in Bulgaria and thus one should be sure of what he or she really wants. The decision on which properties in Bulgaria one wants should be based on the particular investor’s needs and liking. He or she will have to consider the purpose for which the piece of real estate that he intends to buy will be put to use. This will also depend on the particular business that the person is involved in. People who mainly deal in apartments will look for apartment properties on sale, while those who specialize in trading in home real estate properties and who believe the current market for Bulgarian properties is favorable for such, he or she will have to look for real estate that has been designed as a home.
The other consideration that the particular investor will have to consider when it comes to choosing which property in Bulgaria to buy will have to do with the amount of money that he or she is willing to invest in the country. This is so because the various pieces of property in the country are of different designs, sizes and are at different locations and thus they have different asking prices. The more money that one has in the current market, the more he or she is likely to buy. A person with a lot of financial muscle will have a wider range of Bulgarian properties from which to choose from as compared to a person with lesser money to invest in the country.
An important factor that most investors are fond of forgetting when seeking to buy property in Bulgaria is that the cost of buying the whole property is not just limited to the asking price of the lender. They tend to forget that it also includes such other factors such as Bulgaria property taxes, an agent’s fees, traveling expenses and sometimes even refurbishing expenses of the property in Bulgaria. These expenses should be budgeted for so as to avoid any unnecessary delays and even sometimes to avoid being sued.
What one wants and the amount of money that the person has are the two main things that any person seeking to invest in property in Bulgaria should consider.