UK-based property Westhill Investments has issued a buyers’ guide for potential investors in the Bulgarian property market.
The move follows Westhill executives encountering a number of disappointed
buyers who have made fundamental errors when it comes to purchasing property abroad.
Dominic Hicks, director at Westhill, says: “It’s in no one’s long-term interest to have disappointed customers – we want as many people spreading the word that this is a great country to visit and make an investment
“Yet we’re meeting people who have made the biggest purchase in their lives,
without even visiting the country or seeking professional, impartial
The guide includes tips such as checking the price against the square metres
of usable space as it is common practice for balconies, terracing and a share of common parts (including stairwells) to be included in the price of apartments.
However, reputable developers and agents separate these out so that it is easy to make accurate price comparisons.
Westhill also urges investors to inquire about management costs when buying
a new build.
It is in the owner’s interest for the building to be well maintained but many Bulgarian developers do not make adequate arrangements.
Check the details of the managing agent and anticipated costs. Current rates
are 7-10 euros per square metre, per annum.
Any lower than this and necessary works are unlikely to be completed adequately.
Westhill also warns buyers against making rushed decisions to pay any ‘deposits’ or direct payments.
Some disreputable agents and developers try to impose ‘fines’ on negotiations if they do not get a deposit from a potential buyer on a first visit.
Investors should always investigate the competition and discuss any decision with an advisor or friend ahead of making any payment.