Want to buy

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Shakeyburns

New Member
Hi guys,
We are looking into buying a property in Bulgaria that we can renovate and use as a holiday home, visiting every 3-4 months with good land for our kids to run around on. We just don't understand how we go about this :/ I have read we need to set up a limited company, do you actually have to run a company?? Any advice is most welcome!
 
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KayJay

Member
Buy a cheap place on Fleabay - the best "agents" there will help you set up a company (or even throw one in free if your're lucky/spend enough!) But be careful, some of them are crooks.... :(

You don't have to do any running of the company, except making nil tax returns each year, unless the company actually trades. Keep all receipts for money spent on the property, ensuring the details of the company issuing the invoice AND your company details appear on the bills - this will reduce any possible CGT payable if/when you sell the place.

Don't set up a company beforehand unless you're in a hurry to find and buy somewhere and you're absolutely sure you want to buy in BG and don't want an apartment somewhere - it only takes a couple of weeks to set one up from scratch.

Visit the country several times and get to know the different areas. Be VERY careful about Danube floods/dying villages/toxic waste or radioactivity/local problems with "ethnic minorities"/people selling you something they don't own, either completely or partly/British or Irish "agents" who sell rubbish at stupid prices to suckers from their own countries/Bulgarian "agents" who will do the same. Try to avoid colonies of your own countrymen - it may seem like a good idea at first but you'll almost certainly come to regret being where they are.

If it looks too good to be true it usually is (but NOT always, as I know from a couple of properties I myself bought :D) - if you're not 101% sure, walk away. DO get a decent lawyer before you sign anything or part with any money.

It's a great country but it is VERY "different" so be sure you know what you're doing. Buying something because Bulgaria's the only country you can afford to buy in may be the best thing you've ever done - or it might be the biggest mistake you'll ever make! There are plenty of disillusioned foreigners trooping homewards from Bulgaria while frantically trying to recoup even a little of the cash they ill-advisedly shelled out.......and good riddance to most of them. ;)
 
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Shakeyburns

New Member
Hi,
Thank you for such a wonderful reply, is there any other forums/places on the net that I can read up on about buying a holiday home in Bulgaria?
Also what is the crime like in the rural areas around Sofia? Would a property be safe if not visited say within 2 months?
 
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KayJay

Member
I'm not sure if I'm allowed/supposed to answer that directly!

There are indeed on-line forums aimed primarily at Brits/Irish who either have holiday homes or indeed live here. Like most of these things, they contain a small amount of good information amongst a huge pile of ill-informed opinion masquerading as "fact", back-biting and feuding. You'll find the "I Hate Bulgaria" brigade wrangling with the "Bulgaria is Paradise" faction with neither side listening to what the other says :D

In my opinion, the best of this bad lot is MyBulgaria - try Googling it. (Mods, please delete this line if it's a no-no! ;) )

When you say "around Sofia" what do you mean exactly, ie how close to the city and in which direction? Crime in some villages is high while in others it's practically non-existent. Like in the UK or anywhere else, it depends on how secure your house is, how close the neighbours are and, most importantly perhaps, what kind of relationship you have with them. If you buy a house in a poor "ethnic minority" village, for example, then it is much more likely (but not inevitable) that your house will be robbed. "Robbed" here is more like what you might recognise as "gutted" - many houses have had the wiring stripped from walls and ceilings, sanitary fittings etc ripped out, windows removed etc....wood-burners/tools/garden machinery are all special favourites among BG burglars. Try to avoid the Brit Enclaves (or whichever nationality is relevant to you) as you won't be able to escape them or their gossip if you fall out with them....and Brit burglars are not unheard of here! :(

If you "splash the cash" you are likely to attract attention and the neighbours will talk about you; sooner or later this talk will come to the ears of thieves. Don't go crazy furnishing your new House in the Sun (although that concept's a bit hard to equate with the current -26 night-time temperatures in Sofia!) Keep your furniture and fittings simple and as cheap as you can - skip the satellite dish unless you really want to tell everyone you have TV and sat equipment inside ;) If you intend to drive over, buy a van and bring furniture from the UK - even rubbish furniture is pricy here. Although Ikea is now open in Sofia it's by and large more expensive than in the UK, so a van load of second-hand stuff will be a worthwhile investment. You can drive to Sofia in 2-3 days from the UK or there are companies who can bring stuff for you.

When you have more postings, you're welcome to PM me for advice which is best not posted on an open forum but the essential bit is to do as much research as possible....and then some more! Most important of all, don't follow the advice of anyone who is going to make some money out of you - unless it's a decent lawyer who is trying to make sure you don't do something you'll regret. Finally, take ALL advice with a pinch of salt.....including mine, since what I like you may hate! :D
 
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ladybird2011

New Member
Think KayJay has pretty much covered what you need to first be aware of. I have a love/hate relationship with Bulgaria. I moved out there in 2006 after visiting for a couple of years. I have bought a large number of houses, renovated some, sold a few, rented a few, built a new house from scratch, bought apartments........had awful time with builders, been dragged through Bulgarian court system....faced all sorts.....been ready to give up and walk away.....

But now I spend 6 months there over summer and love it.
 
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KayJay

Member
To be fair though, Rachel - it is possible that you brought at least some of your Bulgarian troubles on yourself. ;)
 
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ladybird2011

New Member
Only if you mean by trying to take a stand against rip off builders, corruption and helping out fellow Brits that turn round and stab you in the back or steal from you, then yes.......
 
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KayJay

Member
Whoa - that wasn't intended to be an attack on you! :)

You've certainly had more than your fair share of problems here but it all helps newcomers to understand that being trusting is good but one needs to be on one's guard nonetheless. There are crooks and cowboy "builders" everywhere - and speaking the same language as a shark won't stop him trying to eat you ;)
 
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ladybird2011

New Member
Quite - had just as many problems with British 'builders' in Bulgaria and I use that term in the loosest of senses!
 
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pimobil

New Member
I am buying an appartment in Sofia, preferably south side in the base of the Mount Vitosha, gated community is a plus
 
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KayJay

Member
You have to use English only on this forum... ;)
 
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saaj

New Member
We bought a house some years ago to spend summer holidays with our children. It is an absolutely lovely 4 bedroom house...and walking distance from the beach!

It is located in Byala, which is possibly the nicest towns along the Black Sea coast...and right between two international airports (Varna and Bourgas).

Kids are now at uni, so will have plans of their own. We spent many happy summers there, but now, alas, we are reluctantly thinking of selling. It will be a bargain as lots has been spent on it already and it is in great condition...but we probably won't be able to go there very much and houses do require upkeep...hence the decision to sell. Large garden and maybe even a car to go with it, if required!

I can introduce you to my fantastic lawyer there, who speaks excellent English and is absolutely trust=worthy.

If you would like to know more...even if you are not interested in the property...I would be glad to tell you about our Bulgarian experience.

Regards, Saaj
 
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