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Buying A Bulgarian Holiday Home

Thinking about getting away each year? You may find buying a holiday property in the Bulgarian sun instead of renting or paying high hotel prices is a better choice. Bulgaria is a good option - whatever your preference: the sun in the summer, snow in the winter or getting away from it all into breathtaking countryside to simply chill out.

There are numerous benefits to buying a holiday home in Bulgaria, not least of which means you'll save money on your family holidays. Right now prices are also at their lowest for 5 years! We have a few tips and hints for successfully buying a holiday home in Bulgaria.

BudgetBe flexible but strive for the best location. Location is all for holiday properties. If you are looking for a property in Bulgaria for your own holidays or renting it out, then position will be everything. Do not compromise - only front line beach or next to ski lifts will do if you are buying to let. If it is only for your own personal use, then you may be happy to give up something on your 'wish list'. Whatever, your reason for buying a holiday home, stay within your budget.

LocationThose areas which have seen the highest drop in property prices may seem the best bet. Hmm? Not always the preferred option - as this may mean that jobs have been lost, businesses closed down, many could be defaulting on mortgages and the area could go very downhill. The financial 'vultures' will buy in these areas at incredibly low prices because they often have the funds to wait for many years for any upturn. There are other top properties out there waiting for you, so keep your hand on your wallet if something looks 'too good to be true'.

TaxesWhat kind of tax are you going to pay on your holiday home? Well, as regards property tax, the answer is, very little in Bulgaria. But you need to take into considerataion, income tax in your country of financial residence on any rental income you make if you decide to rent out your holiday home.

Slowly but surelyThe property market right now stabilising but be careful. Aim for low but sure growth over the long term. Be sure to invest your money wisely and do not be taken in by sunbeams and blue skies. Check out where the locals buy and where the foreigners are looking. Look at the community around. Do not bank on being able to 'flip' the property even if you are buying at a low price. Bet on slow growth.

RentalsCan you really be sure of renting out your overseas home and can you be certain of how much rental you can obtain? Do not rely on any rental income paying a mortgage on the property. Also, consider the taxation in your home country on second home income. Don't depend upon this income, rather see it as a bonus to your lovely Bulgarian holiday property.