Bulgarian ski property
Plenty of tourists from around the globe head for Bulgaria to enjoy its beautiful countryside with its quaint villages, as also its excellent ski facilities. If you are one of these tourists, you have probably been tempted to invest in ski property in this lovely country. However, you should not rush into investing in property without proper research and an understanding of the real estate market in Bulgaria.
Important Facts to Know when Buying Ski Property in Bulgaria
If you are buying ski property with land, as a non-resident of the country you need to establish a limited liability company.
There is a 20% VAT on all new build property.
The build density laws in the country have become more stringent.
An off-plan ski property deal will have different rates as compared to a normal property purchase.
The unit of currency in Bulgaria is the Lev; so make sure you have the local currency for expenses during your stay while looking around at ski property.
Where to Invest in Ski Property in Bulgaria
Borovets : The ski resort at Borovets is the closest to the capital city, Sofia. It has plenty of modern skiing facilities for all levels of skiers. The slopes are covered with snow from about mid-December to April. A lot of winter sports competitions are organized in the clear air of this resort. There are plenty of options in pistes and ski lifts. There is also a very vibrant nightlife, with lots of cafes and discos around the town.
Bansko : This ski resort town is more popular than the others, due to its long ski season (nearly 6 months, beginning in December) and its topnotch skiing facilities for the experts on the slopes. The region is also well known for its stunning scenic views. There are plenty of taxis and public transport facilities available year round. You can go on wonderful hiking expeditions at the nearby Pirin National Park. Two golf courses are also under development in the region. Another plus point is that you can plan a trip to nearby Greece, which is located less than 60kms.away.
Pamporovo : This ski resort, though located more than 200 km from Sofia, is also a popular spot for skiers due to the less steep skiing slopes of the Rhodopi Mountains. The ski season extends from mid-December to mid-April, with plenty of sunny weather. You can rent ski equipment and take skiing lessons from qualified instructors.
p>Samples of Ski Property in Bulgaria & ; Costs
The properties mentioned below have been randomly selected from real estate listings on the World Wide Web. This article is not endorsing any of the properties. It is only giving a general idea of the types of ski property available in Bulgaria. Costs mentioned are also approximate ones, and do not reflect actual property prices. Taxes and other fees should also be factored in while making your budget.
For over 60,000 Euros, you can buy a Studio apartment at St.John?s Park located at the foothills of the Pirin Mountain and very near the ski resort of Bansko. The apartment complex has luxurious facilities, including an outdoor swimming pool, ice rink, and tennis court.
An apartment in the suburbs of Bansko could cost a little over 51,000 Euros.
A studio of less than 30sq.m.in Pamporovo could have a starting price of 32,000 Euros, while a 1-bed apartment of over 52sq.m.could cost well over 67,000 Euros.
A studio apartment in Borovets generally has a starting price of over 38,000 Euros, while a large villa-type home in the region could cost well over 150,000 Euros.
Whether you are looking for a chalet, a studio apartment, or a beautiful villa, buying ski property in the stunningly lovely country of Bulgaria will be worth every Euro !
What Steps To Take when Buying Ski Property in Bulgaria
First and foremost, hire an attorney who not only specializes in real estate, but who is aware of the Bulgarian laws governing purchase of ski property in that country.
Contact a creditworthy real estate firm that is experienced in the ski property market in Bulgaria. You can request the firm to give you the names of a few clients who have utilized their services. Contact these clients yourself and ask about the firm s credentials.
Contact more than one firm / agent. That way, you will have a wider choice and will probably get a better deal.
Don?t just contact those agents who will have low commission fees or who will show you ski property with low prices. It is more important to contact an agent who has the expertise on local building services, can give you information on the neighborhood of your property's location, and really takes a lot of trouble to making you comfortable in settling down in your new home.
You will probably need to open an account in a reputed Bulgarian bank to enable quick transfer of funds.
You should know the currency exchange rate.
Currency rates change quickly, so once you have identified which ski property you will be buying, don?t delay unnecessarily.
Quick decisions should not be hasty ones! Don?t just fly in and out of Bulgaria in a span of one or two days. Spend at least a week looking at various ski properties. Take time to look around at the location of the ski property and nearby amenities the local stores, the distance to the nearest ski slopes, public transport facilities, etc.
Confirm that the seller / builder / developer of the ski property that you wish to purchase is not in any legal controversy or in debt.
Find out if the property will be furnished or not, and whether basic kitchen appliances are included or not.
Do consider giving your ski property on rent during the months when you are not likely to be staying there.
The Fees & Paperwork
You may need to pay a deposit / reservation fee, generally about 10% of the purchase price. This fee ensures that the property is not sold off to another buyer.
A word of caution here: once you have paid the deposit, the agent / firm will not refund it. So you need to make very very sure that you will be definitely purchasing the ski property that you have booked. You will get a refund of this deposit only if the person selling the property changes his mind or maybe if the lawyer finds some fault with the documentation work.
There will likely be a preliminary contract at the beginning of the deal, for which you need to pay fees.
Other than the actual Purchase Price, there will be a land tax and a notary fee.
You will have to pay a certain commission amount, depending on the property price. This varies from one agent to another could be 2 % or 3%, sometimes more.
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