1. THE LEGAL STUFF
We have a highly qualified and experienced lawyer who specializes in all areas of property and property investment.
Buying in Bulgaria is no more challenging than buying in any other country, particularly when buying straight from the developer such as ourselves since there aren't an army of relatives who all have a part share of the property or land and may pull out or demand a higher price at the last minute.
By buying direct from the developer you also save the commission which the agents charge.
In order that a foreigner can own land in Bulgaria they must set up a company. This is fully recognized under Bulgarian law. Although Bulgaria is scheduled to join the EU in 2007, this requirement will remain until 2014. As a commitment to our excellent customer service, at Bumble BG we take the stress away from the client by having our lawyer take care of all the company formation for you as a part of the price. You pay the standard 3% fee which you would expect to pay in house taxes and notary charges, but you pay NO COMPANY FORMATION FEE, AND NO CONVEYANCING FEE
€ 114,995 for a limited period.
The price is for the completed house and ownership of 1/12th of the land within the development. Everyone can equally enjoy the grounds as a whole.
Please see Other 'Fees and Charges' below for further discounts.
3. HOW DO I FINANCE MY INVESTMENT?
It is possible to re mortgage either in the UK or to raise a mortgage in Bulgaria. Bulgarian mortgages are now quick and simple (please see our section on mortgages). For the deposit many people are simply taking a loan (as low as 5.5% ) , or doing a life of balance transfer with their credit cards (as low as 4.9%) to free up funds. For more financial information please visit www.moneysavingexpert.com
where Martin Lewis of television and radio fame will keep you regularly updated on the very best ways to manage money.
Both the capital growth of your property and rental potential will be ways in which you will offset any mortgage payments. Please see our Rental Return section also.
4. PAYMENT PLAN
30% Upon signing the preliminary contract;
30% Upon erection of ground, first floor and roof;
30% Upon internal finishing stage;
10% Final payment upon completion of purchase; to be finalized within 15 days of the formal state approval of the building;
5. MAINTENANCE FEE
€ 560 per annum to cover maintenance, gardening, and cleaning of all shared areas, and inclusive of all communal water and electricity. It excludes private utility usage, insurance, local taxes, rental management fee, individual security and property maintenance. A platinum care package is available upon request.
6. OTHER FEES AND CHARGES
3% standard duties and transfer fees.
Our lawyer takes care of all the company formation for you as a part of the sale price. You pay NO COMPANY FORMATION FEE, AND NO CONVEYANCING FEE. This is our commitment to you.
7. RENTAL RETURN
This development is unusual in that it offers all year round rental potential, rather than solely being limited to the ski season.
Our primary focus not only as developers but as an investment company is on capital return overall. Above all things we have looked to maximize capital growth on the property. Whilst concentrating on this criteria we also took into account the strong rental demand in the area overall, the continued increase in tourists to the resort of Borovets, and the large number of summer tourists both from Sofia and overseas.
Many companies offer guaranteed rental returns for periods ranging between 1 and 3 years. Of course, the problem with this is that the rental guarantee is generally factored into the inflated selling price, and the investor is left to wonder what will happen when the guarantee expires.
We looked for the area in the country where we could genuinely maximize rental returns. The advantages of the position of this development are:
8. FURNITURE PACKAGES
This is an area with all year round rental opportunity. This is the most important factor. Of course all ski resorts have a longer rental season than the coastal areas because of the nature of the season. This is one advantage, but moreover, this development lies in the heart of an area given over to national park. There are extensive forests, rivers, lakes, mountains and trails to keep everyone occupied through the summer. The 7 Rila lakes on the top of the mountain are a good day's expedition (with the possibility of staying overnight in a mountain hut also) and are just one of the great attractions on your doorstep here.
All year round weekenders drive up from Sofia to ski, horse ride, swim, cycle, fish, walk,
rock climb, etc……
or just curl up in front of a log fire or sunbathe in the garden.
We designed the houses specifically with rentals in mind. There is a great deal of privacy within the houses. Every room has its own terrace or balcony. The houses are designed so that 2 parties can comfortably share the living space with 2 bedrooms and a bathroom upstairs, including the large master bedroom/ lounge. Downstairs there is a separate bedroom, a lounge and another toilet/ shower room. Only the kitchen and entrance are shared affording space and privacy.
We are currently working with a specialized rental company in order that you might have the widest audience for rentals. We are also in negotiations with tour operators regarding future partnerships.
Available on request.
We are even able to provide you with bedding and kitchen utensils should you so wish, in order to help the busy investor.
We can help advise on the cheapest way to ship over your own furniture.
Please contact us for mortgage details. Typically the rate is currently 7% and falling in Bulgaria.
Borrowing of 70% loan to value mortgages available by UK based mortgage company dealing with Bulgaria.
Off plan mortgages are no problem.
We can also offer specialist investment advice in conjunction with are UK independent financial specialist.