Nowhere in Europe has received so much publicity in the last few years as the place to buy cheap property than Bulgaria. In deed, you can visit countless websites and still view property that will cost you only a few thousand Euros. Although there is a plethora of this type of property about, the Bulgarian authorities have been to great lengths recently to point out that Bulgaria is not all about cheap property. In fact some of the homes & apartments coming on to the market in the resort areas are built to a very high standard and it is this sector of the market that the Bulgarians wish to grow. Situated in the Balkans, at the crossroads between Europe and Asia, with some of the most spectacular maintain scenery in Europe, Bulgaria also boasts the Black Sea coastline coupled with a warm temperate climate, Bulgaria has a long and an interestingly colourful history, Until recently Bulgaria has been a favoured holiday destination for Eastern Europeans and was little visited by persons from Western Europe, it fact little was known of this country but following it’s detachment from it’s Soviet ally, it’s has embraced western style democracy and this has led to an almost unprecedented period of development. Investment is pouring in from abroad and many prime property sites are under going renovation and reconstruction.
Bulgarian Holiday Home Insurance – Until recently, sourcing Bulgarian holiday home insurance for buildings and apartments was difficult, many people recognised the need to fully insure a property but were worried about having to purchase an insurance policy written in a foreign language, now it is fairly easy and a policy written in English can be purchased from the United Kingdom. The policy wording takes care of all the usual perils you would expect from your normal home insurance policy including property owners liability cover. In line with most other European countries, Bulgaria has been known in the past, to suffer from flooding and torrential down pours are just as likely in summer as in winter. Bulgaria does not normally suffer from earthquakes, in recent years there have been minor tremors registering up to 4.2 on the Richter scale but this is not seen as a major cause for concern and it is not anticipated there will be any future quakes of any significance. Assetsure are able to offer insurance for an Bulgaria holiday home.
The Holiday Home Market in Bulgaria – as well as the Ski Resorts and the coastal regions, there is plenty for the holiday visitor to enjoy, the country has 9 UNESCO World Culture Heritage sites including many monasteries, churches and mosques, often steeped in history. The local scenery is usually quite, rural and picturesque, this can be juxtaposed to the city areas which are a haven for nightlife lovers and many growing business. Ski homes in particular are in great demand, The skiing is considered to be on a par with many of the considerably more expensive European resorts and Bulgaria’s famous resort Bansko has even recently been attempting to obtain the winter Olympics. As well as Bansko, the skiing is of a good quality in Borovets & Pamporova.
Why Buy a Holiday Home in Bulgaria? – buying a holiday home in Bulgaria is reasonably straight forward although there are a few extra steps that have to be carried out which at first may seem a little tricky or inconvenient, however the process is likely to become easier now that t Bulgaria has joined the EU. For the present moment a non-Bulgarian national is not permitted to own a piece of land in Bulgaria. To purchase a property or land in Bulgaria you will need to form a limited company that is allowed to own land and then make yourself the company director. This is a very straightforward process through a solicitor and many companies have emerged that can help you with this task and it should take around month to complete the paperwork and cost about £750.00. One small concessions which is proving a great sales aid to developers is that if you buy an off-plan property or newly built apartment you will not have to do this, it’s probably best to seek a professional opinion though before you purchase.
The Purchasing Process -Once you have found the property you require, an offer can be made to the owner, in the case of off plan or apartments, the sale price is pretty much the asking price and there is very little room to manoeuvre. If the verbal offer made is acceptable, the second stage of the process is called the preliminary contract. The Bulgarian custom at this time is for the buyer to make a 10% deposit and this deposit is usually non refundable unless of course the seller withdraws from the sale for a variety of reasons. As you many other European countries, it is vitally important that you carry out a thorough title search before you make any commitment. Bulgaria does have a bit of chequered history when it comes to title ownership and it is essential that you are sure about ownership details. Once your legal advisor is satisfied that the title ownership is clear, the final sale can be completed and in Bulgaria, this has to be carried out in a notary’s office and the property ownership will then to transferred to the Bulgarian Limited Company.
