Our Bulgarian dilemma. Help please!

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steven1404
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Postby steven1404 » Tue May 03, 2011 6:46 pm

i think it is a mistake buying a small apartment in sunny beech look how many are for sale and brits trying to sell theres also i would not want to be staying in a small apartment where you can not swing a cat around as the saying goes and given that the season is only about 13 weeks you would have problems letting it in winter as it is a ghost town and if you went through a agent it would take your profit

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Oscar
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Postby Oscar » Tue May 03, 2011 7:02 pm

If you are still hoping to get your pension topped up this way,then I would say you are still barking up the wrong tree in much the same way as the village house was.especially in SB where you will face massive competition.The bank option is the best for what you are looking to do,and if you are determined to buy another apartment,a big city is the way to go,or maybe one of the smaller resorts which are growing in popularity,such as Byala,north of SB. Good Luck.

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suds
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our bulgarian dilemma

Postby suds » Tue May 03, 2011 11:10 pm

I must be in a very marginalised bracket here, but after having bought and sold 3 village properties, and not wishing to take the risk again, I very much like the idea of letting (renting) ..
The words of wisdom from the previous posters don't consider that there is a larger market than holiday-makers and students..
Just saying................................

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Postby sarah1703 » Tue May 03, 2011 11:38 pm

in our village I know a few people who rent their homes they dont pay much rent 30 to 50 levs a month but they keep their houses nice & do the gardens its a lot better than leaving the house empty a small income & a maintained property you can do a short term rental agreement 6 monthes & see how it goes if they dont pay or look after your house then evict them; if your in a biggish village with a school ect you can get people to rent but if your village has nothing you probobly wont find tenants;

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Postby brianj42 » Tue May 03, 2011 11:46 pm

sarah1703 wrote:in our village I know a few people who rent their homes they dont pay much rent 30 to 50 levs a month


So, for our original poster who was thinking of buying and renovating to rent.

Based on these figures, given depreciation, interest losses, costs, repairs, projected Bulgarian market, and future valuation increases...

You should get your money back in about 476 Years and 5 months....or thereabouts 8O

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Tiarnan
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Postby Tiarnan » Wed May 04, 2011 2:52 am

Take the advice given by people on the Forum who have been here a while and know what is going on here. Just forget any idea of buying to rent out. Its not worth the effort and certainly not worth the risk.

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Postby Inge » Wed May 04, 2011 9:43 am

xt600 wrote:There's a lot of talk about putting money into BG savings accounts here. My Bg bank couldn't offer me anything better than the 3-4% I can get in the UK.
Can I ask which bank in BG is offering decent rates?

Well First Investment Bank offers a 2-yr deposit account which pays increasing interest the longer you keep your money in there. It starts at about 5% and pays 12% on the last 2 months. You can take out and deposit at any time over the 2 years but interest is only paid on money in the account up to a certain date and you would need to check with the bank for all the details

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Postby Mat » Wed May 04, 2011 11:54 am

mickthemick wrote:Thanks for the advice all.

After reading your replies it seems that buying to let in a village is not a very good idea. We decided to pass on the house anyway and are thinking about apartments in Sunny Beach instead. So I would like to ask the same question again but changing the location to the coast. The ones we are thinking about are very cheap but very small. They are in the centre and two people could sleep there but not a family as they are not big enough. What rent might we expect to get for a week in the summer season. Does anyone know of a decent letting agent in Sunny Beach as our house is miles away and it would be to far to travel all the time.

Mick


You sound like you're determined to hang yourself. Forget property rentals as a means of earning money - as noted the beach season is only between 2 and 3 months and any revenues will be swallowed up by costs for management and maintenance. Plus you've missed this season already. And your capital will be locked up and unable to be released should you need it in a hurry - its an extremely illiquid market. Better go and buy a few thousand snails for fattening.

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Postby rock_roland » Wed May 04, 2011 12:34 pm

Fully agree with Mat.
The risks are much higher than the benefits.

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Postby owain » Wed May 04, 2011 12:56 pm

Buying to let can be profitable here but you really have to do your research to find a property in the right location. The tourist resorts aren't currently that profitable and you'll barely make enough money to pay agents and maintenance fees. But there are some good locations for rental in some of the larger towns.
I'm in Blagoevgrad, it's a University Town with around 30,000 students and an apartment in the right location can see returns of between 7 to 10% per annum, more or less guaranteed due to a shortage of attractive student accomodation. But this is still only slightly more than some of the banks are currently offering with deposit accounts.
So if you really do want to buy to let, don't rush, put your money in the bank , take advantage of the current prefferential rates and while your money's making money, study the rental market :wink:


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