Choosing Your Property Location We all know that when it comes to buying property for investment, ‘location’ is everything. So how does this apply to Bansko? At the moment, the ski zone of Bansko is the most sought after choice and the nearer you can afford to get to the Gondola, the better the return you will expect to get in coming years. However, there are other predicted ‘hot spots’ that are worth considering before coming to your final decision. The Razlog Valley is also an area of growth, due to the construction of the 18-hole Golf Course, which is set to rival courses in top Mediterranean destinations, yet will be a fraction of the price to play and stay on. Surrounding villages such as Dobrinishte and Predel have plans for their own Gondola and ski zones, which could make land and houses nearby another viable option for investment. So our advice would be to find a good Estate Agent, namely one that can show you a variety of properties in a variety of areas, and then do your research. You could be sitting on a gold mine before long.   Estate Agents The job of finding your perfect Bulgarian home can be made a lot easier with the help of a good Estate Agent. Obviously, they will need to be English-speaking, so you may well prefer to opt for an English agency but preferably find one that has at least one branch actually in Bulgaria. After they have sent you details on a number of properties that you are interested in, the next step is to visit Bulgaria to view them. You can do this independently, though you may prefer to go on a ‘viewing trip’ organised by the company. Prices of these trips vary. Some Estate Agencies will charge a low, fixed rate and this will include your flights, accommodation (usually in the 5* Kempinski Hotel, if looking in Bansko) and meals. Other companies may ask you to arrange your own trip but will then schedule you a number of viewings during your stay. Whatever you decide to do, please be aware of agencies who apply pressure sales techniques, as you could end up either having an awful trip, or even worse you could end up with a property that you don’t want. Remember to question your agent on their fees, prior to buying as agent fees can be as much as 3% to 6% of the price of your property. Off-Plan verses Resale If you opt to buy an apartment or house, you will need to decide whether you want to buy an off-plan or a resale property. There are advantages and disadvantages to both, so ensure you do appropriate research before making a final decision. For example, if you require immediate income from your property, you will need to choose a new development that is close to completion or indeed a resale property that is all ready to rent. If you are more flexible, off-plan properties can be the best investments as generally you will be buying the property at less than market value.   Off Plan These are properties that are selected and partially paid for prior to their completion. For the best return on an off plan property, secure a unit when they are first released. Then you will have the pick of the best units and you will be getting the property for the best price. Payment terms for off plan are usually good, with an initial percentage paid prior to the start of building (10% - 40%) and the remaining payments are staggered throughout the construction period. Some off plan properties have a guaranteed mortgage in place upon completion of the property, meaning that the actual cash needed to buy the property can be as low as 20% of the total purchase price. The advantage of purchasing your property off-plan is that it should it go up in value with the market, during its construction. Therefore, once complete, you should have a property that is worth considerably more than you paid for it. Things to watch out for; Completion Date; Off-plan properties are rarely finished on time, so make sure you are flexible and not completely reliant on your property being ready when contracted. It is always worth adding a clause into the contract that states a cut off date, whereby if not complete you are entitled to a full refund. Building License; Make sure your solicitor checks that the complex has all relevant licenses and permissions. Don’t get stuck with a property you can’t sell due to it not being legal. Additional Costs; Make sure you are aware of and therefore budget for additional costs. If buying into a complex with facilities and staff, you will be charged a yearly maintenance charge. Ensure this fits in with your budget prior to purchasing. Likewise, if the property doesn’t come fully furnished, ensure you budget accordingly. Resale A resale property is a 2nd hand property that has already had one or more owners. The property is already completed, though in most cases will need a certain amount of work doing to it. In Bansko these properties can often be overlooked as estate agents prefer to push their off plan developments, which at first glance can seem like the easiest and best deal. However, although hard to come by, resales can make for stunning investments, though you may have a lot more work on your hands. If you enjoy renovation projects or are looking for something different to the norm, consider viewing a few Bansko resales. However, make sure you use a good solicitor to carry out thorough checks on your property, and always get a survey. If you wish to own a house in Bulgaria that has some land with it, you will need to set up a limited company to do so.   Land & Houses You may also consider buying land in Bansko, either to build on yourself or to hold onto for a period of time, until you have made a good return. Many investors have made a lot of money through the purchase of land but there are a few things to bear in mind. If you want to build on your land, make sure that you buy it with the planning permissions already in place. Converting agricultural land to building land can be a time consuming and costly process. Furthermore to own land (or a house with land) in Bulgaria, foreign investors are required to do so through a limited company. Although not a difficult or costly procedure, it is worth making sure that you are properly informed, before making your decision. For further information on the costs and procedures involved, see our ‘Buying Land & Houses’ section under the ‘Buying Your Property’ page.