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Renovating A Property In Bulgaria As Easy As 1 2 3
here is no denying that property, before you buy, so that
some of the real bargains you can get a real picture of
available to purchasers in what ‘modern’ and ‘renovated’
Bulgaria are properties in need actually mean!
of renovation. Whilst this offers
wonderful investment potential Price of property in need of
for someone looking for a renovation
long-term financial gain, there
are also numerous issues that A property of at least 3 to 4
need to be considered. bedrooms in need of full
renovation can be bought for
Renovating a property is hard under £10,000. However, bear in
work and full of potential mind that this type of property
pitfalls, even in your home is likely to be in need of
country. When you factor in a considerable work and may not
foreign workforce, a foreign even have the basic
language and a different set of infrastructure such as running
professional standards, there are water and sewerage.
more than a few things that you
should consider, before buying a There are quite a few properties
derelict Bulgarian property in available for under £10,000 that
need of renovation. do have the basic infrastructure,
such as electricity and running
One thing to be aware of is that water, although there may still
even a property which is be a lot of work involved in
considered to be fully renovated order to make the property
in Bulgaria is unlikely to be up habitable to Western standards.
to the standard of a modern
western property. So, make sure Most of the cheaper properties
that you look carefully at any that are in need of considerable
renovation are rural properties are many companies that now offer
that are located outside the main a full renovation service and
villages and towns. With this in will assist in sourcing
mind, it is important that you architects, builders and
consider issues such as the decorators as well as overseeing
transport infrastructure and the ongoing works. This service of
tourist potential, to protect course, does not come cheap and
your rental yield down the line. is normally around 10 percent of
Renovation costs may also spiral the total cost of renovation.
out of control if transport links
are poor as it may make getting Prices for renovation can vary
materials to your site difficult. dramatically, depending on the
Bear this in mind and cost EACH area and the type of work that is
project, as you view your short required. Experts do, however,
listed properties. The cost of suggest that renovation costs are
works will vary depending on somewhere between 25 and 33
location and availability of percent of the equivalent costs
local tradesmen and materials. that you would expect to pay in
Take care, therefore, to cost the UK.
each project accurately and do
not assume that a quotation can Locating professional workmen can
be simply transferred to the next be a real headache and is
property. something that is best achieved
through word of mouth or through
Professional workmen a pre-arranged agency. Although
you may wish to save money by
Managing a workforce can be managing your own renovation
difficult, at the best of times; project, this is a very risky
in a foreign country, however, strategy and often paying a
things can get even harder! There local, English speaking
professional manager will save the renovation work is completed
you a lot of money (and hassle). to EU standards as this is what
you as a landlord will have to
Most agencies that offer comply with, in years to come.
properties for renovation, also Ideally, you should take a UK
offer a renovation service that builder that you trust with you
is well worth considering, to Bulgaria on a visit so that
although you should always obtain they can inform you of any work
at least three quotations. that they would consider
necessary to bring the property
Finally, always make sure that up to UK standards, not just up
you have a detailed written to Bulgarian standards! This is
quotation that states clearly particularly important if you are
what is and what is not included. aiming on letting the property to
For example, will the property be tourists who will expect EU
furnished for you? Will the standards to be met.
renovation be completed to
Bulgarian or EU standards? This Speak to other locals and do your
is vital, particularly before homework. Remember, the key is to
Bulgaria joins the EU, as the two believe that if it looks too good
standards will not always be the to be true, it probably is!
same. It is wise to insist 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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