A WAKE UP call to would be house buyers

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PaulM
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Postby PaulM » Thu May 15, 2008 9:18 pm

Hi Moscow Wolf,

Let me try to answer your questions - with the accent on the "try"!

Buying the "right" property in Bulgaria can be a terrible lottery .. and it is far more complex than you might imagine to do it correctly. Much has been said about the UK people who check their brains into left luggage when they check in at Gatwick.

Getting a structural survey done in Bulgaria is, actually, not a difficult thing. What is difficult is finding the right person to do it. Structural surveyors in Bulgaria are called "Building Engineers".

You main problem comes with the selling agents. Now the real estate market in Bulgaria is a shark-infested area. Estate Agents are not the same as those we have in the UK they are Property Brokers. They agree a price with the seller and then sell it for what they can get ... keeping the difference!

They want to make the process as painless as possible and as easy as possible to get you to buy.

Usually they have some tame builder on hand who will "give you a quote" for what needs doing and for anything you want doing. But the advice they give will almost certainly not cover any serious existing problems which suddenly and mysteriously "appear" after you have bought.

The only answer is to make sure that you do no allow yourself to be rushed into anything (make sure that you allow yourself enough time for the process) and ensure that you have some time to yourself away from the selling agent.

Find yourself an interpreter (your hotel staff should be able to help you with this) and set about finding an independent Building Engineer. You should be able to do this within half a day. The 100 or so Levs that you have to pay the interpreter will be well worth it in the long run.

The 200 Euros you pay to the Building Engineer may save you 2,000 ... or even your sanity!

Yours,

PaulM

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AJ113
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Postby AJ113 » Fri May 16, 2008 12:25 pm

Precisely.

1.Choose the house you you would most prefer to buy.
2.Get it surveyed.
3.Buy or don't buy based on the results of the survey.
4.If you decide not to buy, move on to your second choice house.

I am not answering your questions because they are - IMHO - the wrong questions. My answers are based on personal experience, what are your questions based on?

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Postby Razor » Fri May 16, 2008 1:42 pm

Moscow Wolf, I know you are after help with point 1 on AJ's list but AJ is quite right, you should make your selection based on location, not just how far from the coast and bars but also from airport, transport, medical centre and so on.

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Postby scot47 » Fri May 16, 2008 1:57 pm

There are other factors too. I, for one, would not choose to live next door to a family of Roma "Ursari" (Bearmasters)

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Postby fred » Fri May 16, 2008 2:05 pm

Hi all

Truly do not understand debates like this.

Choosing a house in Bulgaria is all about location, no other question is close to as important. There are thousands of houses in Bulgaria that are worth nothing now and will still be worth nothing no matter what you spend on them or how much time goes by.

If you are buying a house and a 1000m2 plot for 20.00 euros then you should just assume it's falling down, anything else is a bonus.


Cheers Fred.

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Postby PaulM » Fri May 16, 2008 2:23 pm

Moscow Wolf

Razor is right and so is AJ113. Location is probably the most critical factor in deciding where to buy. It will profit you nothing if you have an absolute palace if it located in a "dog" of a village.

You must remember the golden rule which is to buy something in the most expensive place that you can afford. After all it will be expensive because other people really want to live / buy / holiday there.

Also, something with land is good ... they don't make it any more.

Remember, if something is cheap - it is probably cheap for a reason ... like nobody else wants it or to live in that area!

Regardless of anything, if you are buying a second home, it is "an investment" even if you are looking at the long term.

What you buy is then down to you and your budget but you MUST know fully what you are letting yourself in for before you sign a contract. Many people have been totally screwed on this point and one guy I know is about to "walk the plank" to bankruptcy because he was too trusting.

The golden rule in BG, sadly, when dealing with real estate matters, is not to trust anyone - not even yourself until you have checked and checked again.

PaulM

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Postby thedichingang » Fri May 16, 2008 2:46 pm

location location etc. if you do not have sara beeney by your side ask a professional regarding renovation costs etc. i agee with most of the points made here but would add that, as in uk, we sometimes buy a property because we 'must have it' the one i live in has cost the proverbial small fortune to bring up to the standard we sought BUT thats ok because we are living in it for most of the year. someone i have met over here has recently joined the "ripped-off brigade" and 100% of the blame they place at the door of the agent & builder. sorry but where did common sense go when handing over all the cash. i am constantly amazed by the stupid antics of some brits (in responsible and well paid jobs) who clearly loose it when over here. will i get back the cost of my renovation? i dont know but i am not selling.

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Postby AJ113 » Fri May 16, 2008 3:50 pm

You've taken a bit of a pasting MW, I don't suppose you came here for that! Still, try to to take note of what has been written, we can't all be wrong!

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Postby fred » Fri May 16, 2008 5:58 pm

Hi all

Have to take issue with you there AJ, we could indeed all be wrong 8O

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Postby PaulM » Fri May 16, 2008 6:40 pm

Yes Fred, there is, I must agree, at least a 0.000001 per cent chance of us ALL being wrong! :lol:


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