Buying property abroad is an attractive investment. First of all it concerns Bulgaria. This country is popular among tourists. Therefore, property here can be profitably rented all year round. Knowledge of the legislation of Bulgaria will help to avoid common mistakes. We offer to consider them in detail.
Mistake №1. Ignoring professional support of the transaction
Trying to save money, an investor refuses the services of a local property expert. And this is a serious mistake. Its consequences are legal problems and even financial losses.
How to avoid:
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choose real estate agencies from the NSNI list that offer a comprehensive service;
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do not refuse the services of a thorough inspection of the object for legal purity.
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Experts will prepare a full package of documents. As a result, the transaction will be transparent and safe.
Mistake №2. Failure to take into account additional costs
Inexperienced investors are interested only in the cost of the object. At the same time they do not understand what additional costs may be. But this is a mistake. When planning the purchase of a flat or flats, take into account the associated costs. They include:
Payment for the services of a notary. Usually it is 5% of the value of the property. Also take into account the payment for the services of an interpreter and a lawyer.
Commission for the services of the agency. In Bulgaria it is customary to include it in the price. Taking into account this nuance will allow you to correctly calculate the budget.
Knowing how much the flat or flats will cost in total, you can save time. Your budget is the main criterion for finding a suitable option in the agency's catalogue.
Mistake №3. Ignoring taxes
Buying a property entails tax obligations. For inexperienced investors, this nuance is unpleasant news. Discuss with the agency the annual tax on the object in the region. Also take into account the income tax. This is necessary if you plan to sell the object in the future.
Co-operation with the agency will avoid unforeseen expenses. Also, you will be able to accurately compile the budget allocated for the acquisition.
Mistake №4. Careless familiarisation with the contract
Do not sign the document without familiarising yourself with all its clauses. This is especially true for expensive purchases, which includes real estate.
How to avoid this mistake:
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make sure you understand each clause of the document correctly;
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familiarise yourself with the terms of payment;
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check the terms of transferring the property into your ownership;
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make sure there are no hidden commissions.
Bulgarian Resales experts will advise on all issues related to the contract. This will help to fully protect the interests of the buyer.
Mistake №5. Direct transfer of funds to the seller
Transferring a large sum of money to the seller's personal bank account is a huge risk. It is important to have an agency oversee the financial transaction. It is also necessary to use a lawyer's account. This account will receive funds only after the conditions of the transaction are fulfilled. So you can minimise the risks and protect the interests of both parties.
Conclusions
These mistakes may seem simple and obvious. But they are often made by inexperienced buyers. For the sake of saving money, they turn to intermediaries who promise cheap services. But because of this, they risk incurring losses. Choose a trusted agency to avoid this. You will save time and protect yourself from financial risks. Contact Bulgarian Resales online or by phone. With us, buying property in Bulgaria is quick and convenient.
