22 Tips For Getting The Most Out Of Your Bulgarian Property Investment!

22 Tips For Getting The Most Out Of Your Bulgarian Property Investment!

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Tips for coping!
1) get independent professional advice when you buy abroad (legal & property/construction specialists). A stich in time saves nine as it may seem costly at the beginning but you may live to rue the day you thought you could save 300 Euros but it may be a decision that might cost you 30,000-40,000 Euros in the long run!
2) pay for a survey (you'd do it at home, so I'd have thought you'd do it even moreso over here in these uncharted waters!)
3) don't sign onerous contracts/terms
4) retain a portion of the funds/fee to pay on satisfactory completion - or offer a bonus for same in case of fit-out etc...
5) think medium to long term
6) appraise the rental value and link your investment strategy to that more than you do to the casino of speculation on appreciation that should be the cherry on the cake not the cake itself!
7) don't believe the CGI on the website for off-plan projects
.8.) don't believe the guff that an agent spouts about 20-40% appreciation guaranteed
9) rental guarantees i.e. 6% in first year be aware that it is already factored into the price of the apartment furniture pack or both there are no free lunches!
10) if you buy leisure property make sure that it has intrinsic value to you and your family i.e. do we like the area the facilities and the skiing or the beach it is located on, that way at least if you don't get equity you get social capital out of it!
11) BGN's are invariably either brilliant people or not so there is no middle ground it is a polarised place
12) appeasement gets you nowhere (don't do Chamberlain with Hitler then see Poland invaded or your property delivered over budget and 2 years late without half thel Spec & on-site facilities (you thiought!) you paid for!!)
13) cut out offending contractors providers root and branch. I use bill Clinton's three strikes rule! As again offering more cash or being ''nicer and nicer'' only makes the contractor think you are ''dumber & dumber'' and ripe for more exploitation!
14) keep abrest of changes in legislation that may help you fight your corner
15) use wonderful sites like this to collectivise
16) be culturally aware i.e. what may be unacceptable for you is normal for them and visa versa i.e. as British people we can tend to think that being more and more polite will help us acheive our goal when actually the local party just sees it as a sign of weakness. I am not advocating rudeness rather a policy of assertiveness is needed!
17) if you are renovating or building it is hands on you need to be on-site or on standby to get there every day
18) use carrot and stick show that you know what you are talking about and are not to be trifled with but at the same time you do not feel yourself to be in some ways superior and that you are able to reward with praise and a bottle of Merlot or Whiskey for a job well done! :-)
19) visit the site dont buy online check on infraestructure existing and future, thoroughly investigate the local rental scene, get into the mindset of your future tenants, what are their needs, what differentiates your property? Why would they rent here? How far is it from the centre, a supermarket, schools etc..., what are the on-site facilities? Do they off-set the location being isolated etc.... look at GDP per capita, disposable income, average salaries, underlying economy and never just assume you can rely on some ex-pat to come rent at a premium!
20) when furnishing keep to the golden rules of a) space b) light c) neutrality d) accessorise (for colour/accent/personalising with soft furnishings etc...).
21) check if the Block maintenence fees are offering value at market rates and if the rental market willl sustain such costs? (i.e.most local tenants pay 5-45 BGL for monthly common area charges so any developer proposing 20-22 BGL/m2 annually puts your future rent into his pocket!)
22) get a good property manager!

About the Author:
Contact Sofia Casa for sound bulgarian property advice!



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