The Cost
Although the property prices in Bulgaria are quite low compared to the other European countries, there is still a wide variety of prices depending on the property type and location (as a rule the properties in Sofia and at the Black Sea are more expensive). The first thing you will need to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Apart from the actual price of the property, there are a lot of other one-off costs you have to consider.
The expenditures
There are some differences in the property-buying process in Bulgaria from those in the UK. Below is the list of one-off costs which provides you with a rough estimate of the expenditures you will have to cover. It is advisable always to take all eventualities into account when making your estimates.
1. Deposit
Usually you are required to put down at least 10% of the price.
2. Solicitor
You will need to employ a local solicitor, who speaks English, for all the legal aspects of buying a property. Some charge a flat rate, others a percentage of the property price (usually 1%). We recommend to get some quotes before choosing one.
Solicitors in Bulgaria frequently represent both sides of Lentor Modern Condo a transaction, but are legally obliged to be diligent and fair.
3. Preliminary contract
Its cost is of around £100, with an extra £15 or so payable for a translation of the contract – remember that the English version is not legally binding.
4. Survey / Valuation Fee
5. Agency fees
Agency fees in Bulgaria are often split between buyer and seller; a typical fee might be 6% with buyer and seller each paying 3%. Sometimes the buyer is responsible for the whole fee; would-be buyers should clarify beforehand precisely what percentage of the value will be the fee and for what proportion of that fee he or she is liable. Occasionally – and this is most often the case with new-build properties – the fee is included in the purchase price; again, though, the buyer is advised to find out if this is the case and, if so, what proportion of the overall price pertains to the fee as it may affect the resale value of the property.