Accommodation in Bulgaria: scams you should look out for

hello,

i sure would be interested, since i would probably buy property (if i find the right object, price, location).

as for rental, i did that twice now, once in burgas, and one in varna. that's not too complicated and really not risky at all.
i can share my experiences on that if anyone cares...

This can be very useful as I have purchased two personal properties and just completed a 110 Unit condo project in St. Vlas.

1.  Use an attorney that you have vetted and trust.  Do not sign anything till it has been reviewed.  Most deposits are non-refundable--Be careful and be sure the agreement is in Bg. and your home language and certified by a translator. 
2.  Ask to meet the seller to determine that you are paying the correct price.  Many brokers interfere by telling the owner you are offering less than you are, then flip the property to themselves and then flip it to you.
3.  Find out the total of commissions and bargain.   Brokers in resort areas try to charge 10% to the buyer, and then charge the seller 10% and try to do the flip.  Brokers in Sofia and larger areas charge 3%
4.  Be sure the property has all ACT through 16 and all titles traced and use a Notary.  Many properties are sold only to be reclaimed by the original owner at a later date. 
5.  There is no MLS and no license required to sell Real Estate.
Buyer Beware!
6.  Find out about the VAT and any other transfer taxes.  Who is paying and how much? 
7.  Brokers generally sell only their own "listings" and do not work with each other unless necessary.
8.  Ask your Broker about all of these items and if they are not forthright, run.   There are some that are legit--but I haven't found one yet. 
9.  If you find a property you like without a broker ask your Attorney to locate the actual owner and try to work directly with them.
10.  Be sure to pay your municipality taxes promptly each year.  No notices are sent to you.

wow that's a great list to start from... cheers a lot!

don't mind if i get back to you for some more detailed information or questions

malone

One thing to be aware of when renting--- most landlords do not return deposits, even if you leave the apartment as you found it. You can try taking pictures and documenting when you move in and threatening with a lawyer when you move out, but it's a hassle.

For this reason, be very wary when landlords ask for two months security deposit (in addition to first and last month)

“..most landlords do not return deposits..” is a gross exaggeration, although there certainly ARE rogue landlords around, just as there are tenants who live like pigs and leave properties in a disgusting state, needing a lot of cleaning and redecorating, which entails both direct expenses and loss of rental income for landlords. I suspect that there are just as many landlords who have been the victims of bad tenants as the other way round!

Most tenants don’t bother to read the tenancy agreement and assume that the month’s deposit means that they can just not pay the last month’s rent, leaving the landlord with nothing to offset any unpaid utility bills and/or cleaning/redecorating expenses over and above fair wear and tear; a security deposit is often essential to protect against these things. Can you imagine renting a car, which costs a LOT less than an apartment, and returning in a bad condition without incurring a penalty charge?

Personally, I’m sorry to say that I no longer rent any of my properties to foreign tenants - they tend to leave them in a bad state and assume that all landlords are out to cheat them and/or charge an inflated rent. I play by the book and I find that Bulgarian tenants appreciate that fact and behave a lot better. Perhaps I’ve simply been unlucky in my experiences but it’s quite a coincidence if all my foreign tenants just happen to have been amongst the bad sector.