Bulgarian Properties - Good Things To Know
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By :
Dalvin Rumsey
Submitted
2007-05-04 00:00:00 |
The Bulgarian real estate agents are very suspicious about the current events on the market in this country. The main reason for their concerns is the unfair practices of some of the real estate agents in Bulgaria, who have picked up the habit of targeting numerous investors from the United Kingdom with overseas buy-to-let schemes. The truth behind this story is a highly dangerous situation for these foreign investors, as even if the Bulgarians are guaranteeing some very attractive rents, the money that the tenants could pay is far more little. As soon as the guaranteed period gets close to an end, these naïve investors may not be able to get anywhere near the guaranteed rent. Not to speak about finding the required number of tenants to fill up their pockets. So far, the most common practice for the developers was to leave guaranteed rental properties inlet or to let them out at rather lower returns. This is the reason why the scariest moment for an investor with no rental demand is when the guarantee runs out.
Therefore, the most important things for the investors to keep in mind is that even if guaranteed return schemes look very appealing at first glance, they can easily end up worse off over the longer term, if they get stuck with property that does not sell well.
They cannot even ask for compensation, as the authorities have often warned property investors about getting involved in this kind of market. The fact is that the developers of property and buy-to-let mortgage products are not at all regulated by any authority.
The rental potential of an apartment in Bulgaria is the only advantage one can get from buying it. The idea is simple: you must only buy the place if you can get your money back from the rents. If you do not have this guarantee, then the property is useless to you.
Should you be thinking to buy an apartment with the single purpose of renting them over the summer period, your time is very short, as there is just four active months summer in Bulgaria.
Sofia, Bourgas, Varna, and Veliko Tarnovo are very large cities in Bulgaria and at the same time, the rents are much cheaper here than in any other resorts. You can even
Another good thing about Bulgaria is the fact that the prices of the land in this country are currently very cheap. You can therefore consider the idea of buying a plot of land here, as the prices are expected to go up in near future. You will then have the opportunity of building your own holiday house, near lakes or in the mountains and not spend a fortune on renting!
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Author Resource:-
Think Bulgarian Property, Developments and Off Plan Real Estate in Bulgaria, Investors Guide and Information in buying property in Bulgaria, Bansko, Sunny Beach, Pamparovo and Varna. Visit right now for Bulgarian Properties .
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