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Try to get as much information as possible and familiarise yourself with the real
estate market in Bulgaria before you commit to dealing with any broker or estate
agent, because their practices and services vary considerably in quality and price. >
Do not rely on what you read in brochures or commercial websites. Find more trustworthy
sources of information: you may find it useful to talk to people who already have
experience with investing in Bulgaria. > Whatever you read or hear, nothing
is better than a personal impression. Take the plane and see for yourself whether
you like the country and what it has to offer. There is a flight every day of
the week and it takes only 3 hours from London to Sofia. > Try to learn
several phrases in Bulgarian. People will appreciate your effort and will be more
friendly and helpful. > If you would not do something in the UK, perhaps
it would be best not to do it in Bulgaria. Did you use a solicitor when you bought
your house in the UK? Do not rely on estate agents or other brokers in Bulgaria
to do the job of a lawyer, no matter how convincing their promises sound. >
Once you have found reliable and experienced professionals to help you with your
purchase, let them negotiate on your behalf. Often prices quoted to foreigners
differ substantially from the ones for local buyers. A person with solid local
knowledge can save you a lot. > Plan ahead. Before you sign an agreement
to buy, inquire about the costs of being an owner (tax, maintenance, etc.) and
the options to get the best from your investment. Think about your exit strategy:
do you want to sell this property in the future or to leave it to your heirs?
Either way, discuss options and costs. > Be realistic about your expectations.
Prices of properties and professional services are lower in Bulgaria than in the
UK, but like at home the best one is not the cheapest one. > The fact
that the property transfer is done by a Notary deed does not give you any better
protection. The Notary is there to observe compliance with the formal requirements
of the law, not to guard any party’s interest. You need your own lawyer for
that. > Unless you plan to live permanently in Bulgaria, you will need
someone to look after your property while you are away. Arrange that in advance
to make sure you will be able to enjoy your place in Bulgaria when you are there. ˆ
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