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What is the total cost that I should expect to pay for a purchase?Taking as an example the purchase of a £5000 house, the costs would be approximately as follows: When will Bulgaria join the EU?At the moment accession is planned for 2007. Bulgaria is progressing well in adopting the large number of EU legislation which is a precondition. Various economic and financial targets have to be met by 2004 and 2006, at which time the EU will vote to grant entry to, amongst other countries, Bulgaria. Bulgaria should receive full membership rights on 1 January 2007. What level of capital growth can I expect on the value of my property?It is not possible to say with certainty how the property market will react in the future. Newbalkans cannot offer any forecasts or financial advice. However, the property markets of the Czech Republic and Poland, two of the most recent new members of the EU have risen by approximately 250% in the five years to today's date. Bulgarian property prices themselves have increased by 17% nationwide over the last 9 months. The increase of the value of a property depends on a number of factors, including the condition of the house, its location and the type of property. Will I be able to rent my flat out during parts of the year?Newbalkans offers advice and services in regard to renting out a property that you have bought through us. Renting is as a rule easiest in large cities and in tourist areas. Rental incomes are generally higher proportionate to the value of the property than they are, for example, in the UK. Should I buy in the city or in the country?This depends entirely on what your priorities for the purchase are. Are you buying in order to maximise capital growth, in order to rent it out as a holiday home, in order to live there yourself permanently, in order to experience rest and relaxation or to use it as a base for an active travelling lifestyle? How important is it to have easy access to cinemas, supermarkets, schools and airports? How long will it take to buy a property?Generally it will take 3 weeks to buy a property. This is dependent on a number of factors, not all of which are in your control. Once you have decided on a property, contact will be made with the seller or his estate agent. The terms and conditions of the sale can be negotiated very quickly, depending on how easily we can instruct an independent surveyor to assess the property, which is our usual practice. It is important to have an accurate picture of the condition of the property, likely repairs that will be needed and its consequent value. Usually a surveyor can prepare a report within a week of instructions. The legal title to the property can be checked at the Land Register in a day or two. Searches with the local authority, trying to confirm the uses and building permissions associated with the property, will similarly take several days. The Preliminary Contract is then exchanged and a deposit paid. There is then a period of, at maximum, a few days while the money transfer is arranged and any final checks made. The sale will take place in front of a Notary at an agreed date and time.
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Frequently Asked Questions
