Long term (1 Year) rental advice

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Pieceofperu
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Long term (1 Year) rental advice

Postby Pieceofperu » Thu Mar 27, 2008 11:35 pm

Hi

Looking to buy a 3 bed village house in Yambol, or Dobrich area. I want to rent it out long term for £200 a month. Is this achievable /realistic/ complete waste of time?

I have searched the forum for information already, but I have been unable to find advice relating to long term rentals ( ie 12 month contracts)

My only knowledge of long term renting is in France where a lot of people rent out their UK homes, and then rent cheaply in France so as to try the country before making the leap of faith.

My gut instinct is that most foreigners dont work this way in Bulgaria, because the house prices are cheaper, so less gamble involved.

Does anyone have any experience of long term rentals in village locations, or any advice or criticism please?

Your help is appreciated !

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Postby bigbulg » Fri Mar 28, 2008 4:40 am

£200 a month for a village house I would say will be impossible to achieve, unless its a mansion. alot of villages are slowly dieing as the young people move out to the cities.

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Postby Adolf » Fri Mar 28, 2008 7:05 am

Consolidation of agricultural holdings seems to be beginning to take off in BG. One would expect that rich farmers would start to build themselves new places, rather like Ireland in the 1980s started to fill up with replica "Southforks". Then there'll be machinery suppliers and repairers, haulage companies and so on. Any signs of this yet?

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Postby ashlar » Fri Mar 28, 2008 7:11 am

Friends of mine have a long term rental here in BG while they settled in to Bulgaria and now have decided to build a house here they have been renting a brand new villa for a year now and just re newed there lease they pay 450 lv per month. not including utilities...... The house is over 3 floors has 4 bed rooms ( 2 with en suit ) a cloakroom toilet, and 2 full bathrooms. The house is 30 mins from Balchik and is only 2 years old.
I hope this gives you an idea of the long term rental market.

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Postby oldtimer » Fri Mar 28, 2008 7:54 am

I think that you need to think long and hard if you are looking for long term rentals in villages, unless you are very close to a large town or a resort I think that it would be almost impossible to get the rentals that you want. We have a large 3 bed house looking down on the resort of Obzore and views right up the coast and taking in Varna rental 300euros per month, we dont get asked for rentals maybe once or twice a year, I appreciate that we dont advertise, but ask yourself were are the people going to come from ?? Properties are hard to rent in resorts were people are working so to rent a village property is even harder.

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Postby Pieceofperu » Fri Mar 28, 2008 10:16 am

Thanks for the advice

I did think maybe £200 was perhaps a stretch, but I thought it was worth checking out.

I am looking predominately at village locations, although I am flexible on where to choose !

My target market is solely English looking to do a long term rent before making the decision to move.

I know a lot of couples who have bought around the world, where one of the couple is 100% committed, and the other is hesitant. Long term rental normally helps the couple decide which decision to make.

I myself moved from the UK to France, sold up totally, and then got divorced. I am now struggling to get back on the property ladder in the UK and totally regret selling up in the UK. I know of 11 other couples that have had the same experiences.

I just wanted to see if the english considered long term rentals in bulgaria.

But I would need to achieve £200 monthly rent, in order to make around £100 after taxes.

Thanks

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Postby AJ113 » Fri Mar 28, 2008 2:04 pm

In other words, £2400 in a year. If you got the right place you would have a reasonable chance of taking this amount or even more in holiday rentals, thus turning round the village location from a negative to a desirable positive.

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Postby Pieceofperu » Fri Mar 28, 2008 2:23 pm

Hi

I am looking to build up a collection of rentals so I dont really want to go into holiday rentals as I dont really want unoccupied properties for the winter season ( or the headaches/hassle/stress etc.. !!)

I appreciate the sense in your suggestion, but I would much rather make around £100 a month after taxes, utilities etc.. and know that the house was being looked after and lived in all year round.

I advertised for people in the UK who wanted to rent for a year in Bulgaria for £200 a month, and the response is good, but as we all know , initial enquires and actually securing the deal are 2 different things.

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Postby Biker » Fri Mar 28, 2008 2:49 pm

Hi Peru,
There is a thread on here somewhere that makes a lot of sense, about targeting the growing domestic market. If you focus along the lines of what the young Career Bulgarian family will want or need, and perhaps comparing it along the lines of how the Uk rental market has progressed with the Buy to lets. I know there are always the Cultural differences to considered, but generally people want similar things in life.
A comfortable home for themselves and their families which suits their work and lifestyle foremost. Think also of the student demand around areas with big Educational institutions.
Education is top of the BG family list.

Discussions on the thread centered around city living, like Varna, where local Bulgarian property speculators are making nice regular income from Buy to let, to local Career people and families.
As someone said the young are leaving the countryside for work.
Follow them and provide the accommodation that they are going to need.

There is also info on here recently about the area plan for Varna set for extensive development and improvement which will obviously be supported by Europe too, so will have the means to go ahead.

If I had the financial, means this is where I would focus. I would love to have property in Varna. Also a bit of land in the country which may rocket in about 10-20 years when EU directives restrict Building and these now wealthy Bulgarians want luxury Rural lifestyles, or to retire to their roots.

Just my personal view..
But search for the thread.
I know property in Varna is more expensive, but more certain I think, with regular rental potential

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Postby Franzi » Sat Mar 29, 2008 9:58 pm

Hi Peru,

If you are interested in rental income primarily, something more to consider is commercial real estate in the big and medium sized cities. These properties come in variety of sizes, locations and prices and one can find a property for just about any budget. A small to medium sized office space located in a good spot can bring in rental income for years, year round.

Speaking of rural land (Biker), has anyone had any experience with the agricultural land funds that are traded on the Sofia Stock Exchange. These are funds backed by land and are expected to grow in value as the land that backs them increases in value. Some examples are Elana Agricultural Fund, Mell Invest (I believe that was the name), maybe a few others. Any thoughts on those?

Franzi


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