Bulgaria - time to choose

Buy cottage on the beach, where you can take out children for the summer, find a safe haven for parents, pensioners to get an apartment or house with the expectation of rising prices and resale - all of these options can be found in one place in Bulgaria. If in 1980 the Russians were brought from Bulgaria "Sunny Beach" and the jersey, but now are increasingly going to buy a cottage. Do not we were the first - the same British have long seen the benefits of investment in local real estate investments. Until recently, the share of residents of Albion had 50% of transactions in housing. Russians have incentives to buy real estate here is also not enough. First, the similarity of mentalities and cultures. In this respect, Bulgaria is much closer to Russia than the West European countries. For them Bulgaria is also attractive: The former "16th Soviet republic," this year became a full member of the European Union. Second, many happy mild climate and the presence of the Black Sea coast. And finally, the main argument - low prices and prospects of rising cost of housing. For every taste Properties in Bulgaria can be divided into two parts: housing in big cities (Sofia, Plovdiv, Bourgas, Varna, Stara Zagora and Veliko Turnovo), and in so-called minor Bulgaria - in small towns and villages. And here and there prices are a pleasant surprise: in Sofia, Plovdiv or you can pick up the cost of apartments 600-800 EUR per 1 sq. km. m, in small towns the price is even lower - from 200-400 euros per "square". There are options where the price of 1 sq. km. More than 1,000 m euros, but it is a home or luxury apartments, located on the beach or in the most prestigious districts of large cities. For example, in Sofia, has recently been fixed transaction costs 6 thousand euros for "square". In any case, as you can find accommodation for the discerning consumer and customer-oriented budgetary options. Speaking of large cities such as Sofia or Plovdiv, there is bustling all year round: run banks, companies, business activity does not disappear for a moment. Resorts (eg, Varna or Burgas) hibernate in winter. Rent an apartment there in the summer more than winter, once in two, which is why local homeowners are trying to rent an apartment or apartments for the next six months, from May to September, and thereby discourage the semi-annual downtime. The average price of hiring in Varna and Burgas in the summer of one-or two-bedroom apartment will cost 150-200 euros per month. But these figures are indicative and depend on the area - for example, Grtska Mahal in Varna is the most expensive area in the peak season is hard to find an apartment and for 200 euros. Housing costs also vary greatly depending on location and type of house (secondary market or new) - plug is 500-1500 euros per 1 sq. km. m. The most demanded complexes in the first line of the coast, there is above all price - 1200-1500 Euros per "square". Satellite towns that are close to Sofia or Plovdiv, in terms of permanent residence or investment is unlikely to be of interest. Quite often, most of them residents of Roma-Roma population. They live in isolation. Even some quarters in Sofia is almost completely filled with gypsies. To buy an apartment here, you need to have a very strong attraction to extreme. The only thing that can bring in cities - the cost of housing: rent a one bedroom apartment can be 100 leva a month, and fully furnished, and the whole house of 150-200 square meters. m can be bought for 20-25 thousand euros. However, many experts believe that investors' interest may shift toward smaller towns such as Pleven, Gabrovo, Samokov, Lovech. Because the cost of 1 sq. km. m is two times lower than in the untwisted or Sofia Burgas. It is interesting from the standpoint of permanent or temporary residence Bulgarian village look - they are incredibly beautiful. They can buy houses for very little money by Moscow standards - 1-3 thousand dollars. Similar proposals in the prospectuses of real estate companies you'll find they have to look for yourself, travel around the country, especially rural homes that are very different from each other both in price and condition. Loan or installments? A couple of years ago the Bulgarian banks refused to lend to the Russians, and at the request of the loan said, "Sorry, but we lend from foreigners only English." But time goes by, and local financial institutions seem to have realized what a large segment of the market, they lose. So this year, many real estate (mostly second homes and just put into service for new construction) can be bought on credit. When choosing a bank often has to rely on the advice of an agent who will explain what the bank is more loyal to treat you as a borrower. To get a loan the bank will require a detailed statement of your account, a certificate of wages, employment contract or a copy of the employment record (experience not less than six months), a notarized marriage certificate (if any). However, the bank may take into account only income information, bank statements confirmed. So, to my appeal in the Sofia branch of the Greek Piraeus Bank on mortgage loan bank made a positive decision on the basis of my income, most of whom were royalties from publishers listed on my card account. The loan is granted at a rate of 65-90% of the cost of housing and interest rates ranging from 7 to 9% in euros. The maximum loan term for foreigners is 10-15 years. As in Russia, local banks did not indulge in profit from the commissions. "Up to 2-3% of the loan may be the fee for opening an account and loan processing," - said one of the realtors. When it comes to apartments being built on the coast, the sales agents often advised not to mortgage, and options for a deferred from a construction company. "Not at all construction sites banks agree to give credit" - they say. However, the installment plan is also a good option. Thus, one of the developers offers the following scheme: 10% of the purchase price the customer pays at the conclusion of the preliminary agreement, a further 30% - during the year in three equal tranches on the balance (60%) and installment plan, which resembles a standard bank loan. If a five-year deferral for the remainder of appreciation of 5% per annum, for seven years - 6.7%, and ten - 7.8% per annum. Foreigners may without difficulty acquire real estate, especially when it comes to apartment or condo. The deal goes fast: choose housing, realtors parties (seller and buyer) are preparing a notarial act - the certificate of ownership. After registration of the certificate pays the seller the money, and you are the owner of the apartment. When you purchase the same villa, house or land must be borne in mind that the land is not sold to foreigners, and shall be in long-term lease, the term which, however, has no upper limit. In order to buy land or house property, you must be a legal entity. For the buyer of real estate - foreign person - must submit a copy of the passport and the power of attorney to a person who has the status of long-term stay in Bulgaria. When buying a legal entity - the founding documents of the firm. There are deals with aspects that you should know in advance, otherwise you can be without money and without an apartment. In the title deed can enter any number of owners of shares, indicating that sometimes leads to difficulties when you make a purchase. If someone co-owner has died or is unwilling to sell their part, the transaction can not take place. Assurances of the seller that within a month or two everything will fall into place and all signatures are in place, do not believe it. The best option when in the title deed is entered only one owner, but the secondary Bulgarian market this rarely happens. Therefore, the buyer (or his representative) to verify the authenticity before the deal and the relevance of all powers of attorney from all the owners entered in the notarial act. The transfer of money also has special features. At the first stage of the preliminary contract is signed, which is painted, the who, what and in what period shall be done. The seller, for example, must provide a notarized power of attorney for sale of all inscribed in the title deed owners, and the buyer - at the presentation of these documents from the seller to make payment and obtain a certificate of ownership. Often the sellers immediately upon signing the preliminary contract required to pay the mortgage - capers, which is in Bulgaria from 10 to 15% of the appraised value of the object. Should not do it - best to go to the bank and put money in the safe-deposit box. Access to the seller will be after all the arrangements and get the seller of the title. Source: Expert Author: Igor Ushakov