aving invested in a initial degree of security.
property in Bulgaria, it is However, potential investors in
more than likely that you these schemes should be wary, as
will want to look at the most the company may be guaranteeing a
efficient way to rent the rental yield to encourage the
property. Property rental in sale, this rental yield may be
Bulgaria, as with any other entirely unachievable, in future
country, is generally organised years, and investors may find
so that the owner can, at the that their ongoing situation is
very least, cover the costs of not as healthy as they thought.
any loans that have been taken to
finance the purchase initially. If you are considering one of
these schemes, always obtain
There are many different ways to independent advice and carry out
go about renting property in your own research. Take the
Bulgaria, all of which should be details of the property to other
considered, depending on what you local agents and find out what
as an investor want to achieve. you could normally expect to
achieve in terms of rental. Use
How you intend to let your this as the basis of your
property should be something that purchasing decision and not the
you are reasonably clear about, promises of the company selling
even before you purchase the the property to you!
property. Some of the companies
that currently offer off-plan If you have purchased a property
investment properties also offer independently, you will now have
a rental package, often with a to find a letting agent. As with
guaranteed rental yield. This the UK, there is a range of
option can be an excellent choice services that these agents will
for an investor who wants an offer, from simply introducing a
tenant to your property to full costs of managing the letting and
management, including cleaning changeover process and, of
and maintenance. As it is likely course, it is important to factor
that you will not be living in the down time or ‘off season’
within a close distance of the that the holiday let is likely to
property, a management service is see.
almost certain to be the best
option. Bear in mind that there If you are planning on targeting
is no set rule in terms of what the local market and therefore
an agency has to offer regarding offering a longer term tenancy,
the types of services; therefore, it may be possible to use a less
it is vital that you establish a comprehensive management service
full list of what is included and that offers emergency coverage
what is not. only. When renting to locals, an
investor will inevitability
Before deciding on the type of achieve less income, on a monthly
agency that you should employ, basis, but the management cut
you will need to decide on the will almost certainly be lower
type of letting facility that you and the income more consistent.
will be offering. For example,
are you going to be offering In reality, the choice of market
holidays lets on a week-by-week that you are targeting will
basis, or are you looking at depend on the property that you
letting for six months on a have purchased. A city apartment
short-hold tenancy to a local is more likely to be suitable for
resident? As a general rule, the local market and a coastal or
week-by-week rentals will return mountain resort is more likely to
a higher profit (certainly in the be tourist based.
weeks that the property is let).
However, there are the additional There is certainly more to
renting in Bulgaria than meets your investment works for you and
the eye. Consider the issues not the other way round!
BEFORE you buy and make sure that
About the Author:
Providing essential information on buying Bulgarian property, Tem Pearson is dedicated to offering all the necessary information for people looking to buy property in Bulgaria. Visit www.buying-property-abroad.info/Bulgaria.
Read more articles by:
Tem Pearson
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