paying monthly properties!!

Hi. Thanks to those who advised on my last question.
I saw on ebay and several websites a guy who sells Bulgarian properties valued around 10,000 up to 16,000 and all you pay is 500 a month until it is paid for. I am of the thought that if it appears too good to be true, it really is. These are 2 or 3 bedroom, modern looking houses with about 800-1000m2 of land. Are prices that cheap, really in reality in Bulgaria?

I read some other recent posts which make buying property in Bulgaria sound scary. I am not looking to invest and make money though, I just want to buy a cheap summer house but have no intention of selling it. Someone told me if I am buying in remote areas you can get houses with a lot of land (4000m2+) for very little money?

I guess the best place to get a lawyer is ask the British embassy to recommend one they know and trust? I did that in Greece and it worked for me there.

Thank you in advance for opinions or advice.

Yeah people buying house's off ebay who would touch that...........oh wait that's what i did, €200 a month or 36 month bought one house and kept it renovated it and very pleased, another house off eBay I bought but decided on reflection it was not what or where I wanted, thing is for little money I took the initial gamble if it'd not been suitable I'd have lost little money for an opportunity.
So over 3 years I'd own the house outright without any real horror stories it's down to the individual I am available to answer further though if required?
Regards Steve

Hi Stoney,

Yes, property in Bulgaria can be cheap. But dont forget, in rural areas there is often very little if any infrastucture if you are lucky a shop that does everything and bus services twice a day if that.
Sofia on the other hand is another ball game althogther. Generally, its the same as in the UK, if it sounds too good it probabaly is. Stephen on this site I am sure can advice you on the Sofia market.
I have met him personally and he is one of the few estate agents I actually trust!

I have just read about someone who bought off a regular Ebay seller who has conned people before. This pensioner has been swindled out of his life savings apparently, shown show house images and ended up with a house with no roof, no electricity or water. There is an appeal for help for him right now. If you can't afford to take the risk, and can't go there in person, or get someone you know well to check it out for you then don't do it. There are plenty of properties to buy here, so visit the place.

Also, I have to warn people about buying on a pay monthly scheme - basically we have been advised by our solicitors that this is a bad thing.

The problem with any of these payment plans is they don't allow for the fact that if the owner was to pass away during the term, under the Bulgarian inheritance law rights to the property are always given to the next of kin of the owner as stated on the notary act. Even with a contract the law won't protect those that aren't the actual owners, so if you had to go to court to fight it, there would be a lengthy battle, especially with Bulgarian owners, and there's no guarantee you will actually win.

You could even lose all payments you have made because the next of kin will not have received them, and if living in the property while paying you could lose your home as well.

Is it really worth the risk buying a property this way?

Rural properties are wonderful investments, and Sofia is not the only place in Bulgaria worth buying in.  Plenty of expats have chosen to buy in Varna, Bourgas, Yambol, Elhovo, Sliven, Nova Zagora and Veliko Tarnovo. The North West of the country is lacking investment and so is subsequently poorer, so I would recommend you double check before buying there. Villages that are dying or not well looked after, are fairly obvious. Villages with small populations would be considered bad news, but if they are very close to villages with amenities then it's not usually a problem.

The process of buying a property here is not a scary one if you choose who you buy with/from very carefully. People who recommend buying privately have been lucky although I would bet that if they got their documents checked, 8 out of 10 would have something wrong on them.

Nearly every resale we are dealing with now has a legal issue on the paperwork, which was passed though originally by a notary - of which there are many who will 'let it go through' regardless, passing on any problem to the new buyer.

Do not be caught out by this, get a recommended lawyer, or an established estate agent, with an office. Those who don't have an office/work from home, will more than likely NOT be legal and NOT be paying taxes remember.

Don't be blinded by people who say you can save this and save that by buying direct, and you will get ripped off by agents, this is untrue, yes you will save some commission by buying direct, but you could lose a heck of a lot more if documents aren't checked correctly,  so agents can save you a lot of hassle later on if they are any good.

No thats fine, I dont want amenities close by,. The ideal place would be half way up a mountain with no neighbours. Perhaps building my own place will be easier, and just buy land with permission. Looked around 3 websites and land is dirt cheap. Of course I can go and visit a place before buying, I think anyone who cant visit is not in a position to invest. Also has anyone used the lawyers recommended by British embassy? I assume they will be a safer bet.

Just to points to consider, before buying:

1. Check the property onsite

2. Estimate your repair costs .....

And yes, a lawyer in all cases.

A very good piece of advice would be ... get in touch with Ideal homes in VT. The manager is called Ves, and is honest and reliable and will save you money.. you will not need a lawyer.. We have bought 2 properties through him and his help in all aspects is amazing.

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