Our Bulgarian dilemma. Help please!

Need advice from fellow purchasers or sellers? Ask the experts here and swap experiences.

Moderator: Moderator

Sell Overseas Property
Cash For Your Property
mickthemick

Our Bulgarian dilemma. Help please!

Postby mickthemick » Sat Apr 23, 2011 11:48 am

Can anyone please advise us?

We have recently bought a house in Bulgaria with the intention to relocate later this year. We are flying back Easter Sunday to start work on the house and explore the area. We have also had the offer of another house at what seems to be a good price. The property is small, 3 rooms and a basement, but the condition is good and it would be ideal for one person or a couple. The house is about 20 miles from a town called Rousse. The only reason we would consider another property is buy to let. So our questions are;

1. What is the average rent per month for a village property close to a town? How easy is it to rent such houses? We have also read another thread here concerning the landlord being not paid for months and then having a problem evicting the tenant. This worries us if it is a common problem.

2. What effect will the switch over to the euro have on property prices? The cost of the property is 8K. Sitting in a UK bank this will earn very little. If house prices do increase due to the switch maybe this will will increase in value and give us an income from the rent.

This is a bit of a dilemma for us and our decision to buy rests on the rental potential. Our thoughts are that rather than leaving money in a UK bank and getting very little interest we could invest further and have a regular income. We would not expect a massive income but a little seems to go a long way in Bulgaria and it would top up a pension that we will use to live on. I would imagine that if the house was rented out it would be to a Bulgarian which might mean a lower rent. It is not really a holiday place as such. We are in Bulgaria for one week only and it is likely the house will sell quickly at the price. Therefore we need to view and conclude next week if we are to go ahead. So please if anyone is renting a village house and can help we would be very grateful. I will thank any help given in advance as due to travelling we may not be able to read any replies for a day or so.
Thanks all Mick

Sell Overseas Property
Cash For Your Property
User avatar
scot47
Mega User!
Mega User!
Posts: 9517
Location: Clyde Estuary
Contact:

Postby scot47 » Sat Apr 23, 2011 11:58 am

There is no real rental market for village properties. Even if you do find a tenant you will almost certainly have problems getting rent. paid on time or at all.

Sell Overseas Property
Cash For Your Property
User avatar
shotlandets
Super User!
Super User!
Posts: 275

Postby shotlandets » Sat Apr 23, 2011 12:01 pm

bang on scot47.

to be honest, rentals in bulgaria are very low. most people are on low wages probably 500-600 leva per month. realistically this means that they cannot afford high rents. the locals also try and rent parts of the house ie 2 rooms only to try and keep the cost down. many foreigners got a big shock when they tried to rent out houses which were outside the cities.

Sell Overseas Property
Cash For Your Property
User avatar
spantrout
Super User!
Super User!
Posts: 936
Location: Valchi Dol
Contact:

Postby spantrout » Sat Apr 23, 2011 12:07 pm

slightly off topic, but why not slap your money in a BG bank and get 6-7 times the interest rate of the uk

given the leva is pegged to the euro you will lose nothing in fees to convert when it happens.
Last edited by spantrout on Sat Apr 23, 2011 12:08 pm, edited 1 time in total.

Sell Overseas Property
Cash For Your Property
User avatar
carriemc
<b>Rental Agent</b>
Posts: 980
Location: Glasgow, Ford Argyll, General Inzovho
Contact:

Postby carriemc » Sat Apr 23, 2011 12:07 pm

I don't know the area that you are talking about at all and I really think you need to chat to someone local to there about rental potential (preferably not someone involved with selling you the property!).

In my area, Yambol, Bulgarians seem to prefer to rent in towns rather than villages. Many of them already have access to village houses which belong or belonged to family members.

In the last year or two there has been an increase in the number of enquiries I get from Bulgarians but generally these are for very short rentals 2/3 days around holiday weekends, and tend to be for family groups of 4-6 or more.

Don't let anyone rush you into buying any property - it is very much a buyer's market in Bulgaria and even very cheap properties can take aeons to sell!

Good Luck with whatever you decide to do.
Caroline

Sell Overseas Property
Cash For Your Property
User avatar
Oscar
Mega User!
Mega User!
Posts: 2401
Location: Varna, Bulgaria

Re: Our Bulgarian dilemma. Help please!

Postby Oscar » Sat Apr 23, 2011 12:18 pm

mickthemick wrote:Can anyone please advise us?

The only reason we would consider another property is buy to let.



Don't even think about it....dilemma solved.

Sell Overseas Property
Cash For Your Property
User avatar
varnagirl
Super User!
Super User!
Posts: 1255

Re: Our Bulgarian dilemma. Help please!

Postby varnagirl » Sat Apr 23, 2011 1:04 pm

Oscar wrote:
mickthemick wrote:Can anyone please advise us?

The only reason we would consider another property is buy to let.



Don't even think about it....dilemma solved.


in the present climate ..gotta agree with the above...twas hard enough to rent out when bulgaria was doing ok !

Sell Overseas Property
Cash For Your Property
User avatar
brianj42
Mega User!
Mega User!
Posts: 2394
Location: Sat at my bl**dy computer !

Postby brianj42 » Sat Apr 23, 2011 1:16 pm

scot47 wrote:There is no real rental market for village properties. Even if you do find a tenant you will almost certainly have problems getting rent. paid on time or at all.


spantrout wrote: why not slap your money in a BG bank and get 6-7 times the interest rate of the uk given the leva is pegged to the euro you will lose nothing in fees to convert when it happens.


Oscar wrote:Don't even think about it....dilemma solved.


All three are spot on advice. These are wise words of wisdom from people who have been involved in BG for a long time.

DON'T let a real estate agent tell you different. He needs to sell to you to make a living, and most of them would sell their grandmothers house including granny.

Stick it in the bank in BG, very good returns.

Sell Overseas Property
Cash For Your Property
User avatar
ciuccati
<b>Property Sales/Transport Services</b>
Posts: 114
Location: Blagoevgrad

Postby ciuccati » Sat Apr 23, 2011 2:13 pm

If your budget allows and you want to buy to let, buy something in the city instead. For your region chose either Rouse or Byala.

Apartments can be bought from £20,000 there, sometimes less for something small and rented for 2-400lev a month.

Take your time and check out all the offers, there are plenty. For choosing a tennant, this will always be a gamble as anywhere else in the world I think. From personal experience in letting to students in another city there have been no problems and they even keep the flats tidy.

Have the rent paid into an interest account and make a little more from this over the year, enough to cover your taxes basically.

This is the only realistic option for letting (city property).

Sell Overseas Property
Cash For Your Property
TGTGN

Postby TGTGN » Sat Apr 23, 2011 2:18 pm

I have noticed that even quite large and comparatively good villages have a very high proportion of empty houses. That is the reason that village houses are so cheap. Bulgarians who are considering renting that I know are only interested in renting in towns. The advice that other people have given, i.e. don't bother buying a village house to let, sounds spot on.


Return to “Property Buying/Selling Advice”

Who is online

Users browsing this forum: No registered users and 3 guests