BULGARIA – The Buzz, False Urgency and Exaggerated Returns
Did you start to see the bout of the BBC2 system ‘How to repay your home loan in 2 years’. With this episode the person from the family members travelled to Bansko, Bulgaria searching for an expense house. I am uncertain of just how much he had to invest but he was taken up to view several properties by a realtor from an ‘un-named’ company and charged an impressive 1000 Euros for the privilege to do so. Right now this alone should have began alarm bells calling.
Many agencies in Bulgaria, both Bulgarian and English possessed charge a viewing fee. Some charge a collection fee for any day’s viewing although some charge per mile you will need to drive to see properties. Now thinking about purchase the privilege of considering properties you are thinking about buying. The reasoning behind this practice appears to be that we now have so many period wasters just looking at properties if they have no actual intention of shopping for anything. But how accurate is this? Many foreigners likely to Bulgaria possess a minimum of some curiosity about investing in residence over there because they possess all been bombarded using the same buzz during the last year or two.
So this man I mentioned previously settled on several properties which were of particular curiosity – a fresh build apartment and a residence within a community about 5-10km from Bansko.
The guy was told with the agent these sorts of houses hardly appear available on the market and that the main one he was thinking about will be sold within a week or two so he had a need to find the deposit and put it right down to reserve the house straight away.
To clinch the offer the agent told the man that when he bought the house now he’d make money of a fantastic 175,000 in a year or two. Something such as a 200 – 300% upsurge in value!
Well the man fell for this, connect, line and sinker. If he previously had the a lot of money for the deposit in his pocket, he’d have got handed it to the agent right away.
Fortunately he didn’t therefore he flew back and after discussing the problem with his family members, he previously second thoughts and didn’t pursue the home in Bansko. Actually I believe he continued to buy a residence for renovation in the united kingdom.
However, that is therefore typical from the tactics utilized by unscrupulous realtors in Bulgaria as well as other countries to help you to spend the your money.
They will try to cause you to think properties are an issue, that they can be purchased by another buyer nearly immediately and talk of totally unrealsitic increases. You can don’t be taken for the ride by doing all your research rather than hurrying into anything.
There are many properties available, yes prices are rising just a little but could it be not easier to find yourself paying a little bit more when planning on taking your time and effort and learning the reality first than rush into something you might regret later.