An investment property by the sea - everything you need to know

Have you ever dreamed of owning a beachfront home that you can use for your vacations and rent out when you're not there, using the rent to cover property costs and make a profit?
Investing in real estate is something that all rich people do. And even if you do not intend to earn millions from it, owning a holiday property by the sea can bring you extra money and security.

And since buying an apartment by the sea is a serious step that requires a lot of money, here are 5 steps that will help you navigate more easily.

Choose your property in a place visited by many tourists

If you want to buy a holiday property by the sea for rent, choose an apartment in a place visited by many tourists. This way you will be sure that there will be someone to rent your property to. The most visited cities on the beach are those where tourists can have fun, offer many amenities and exciting nightlife.

When it comes to the Bulgarian Black Sea coast, without a doubt these are Sunny Beach and Saint Vlas.

Calculate income and expenses well

Once you choose your property, you need to make sure that you can afford it, even when it is empty. Find out what holiday rental prices are in the area and compare this to your monthly financing and operating costs. If you can get an idea of the vacation rental occupancy rate at this location, this will help you calculate your income. Our real estate consultants and agents can help you find this information.

Example: If the monthly operating costs of the property, mortgage, taxes, and insurance are BGN 1,000, and the rent by a night is BGN 150 with the occupation of 100 days per year, you can calculate your potential yearly profit as follows:

Potential annual income: (150x100) - 1000 * 12 = 15 000 - 12 000 = BGN 3,000 profit. 1 EUR = 1.95 BGN

In this example, the property is monetary positive if it has been rented for 30 days throughout the summer season. Also, keep in mind that this way you will not have to pay the mortgage with your own money. The property is self-sustaining and you even have a small profit.

Trust a professional when promoting the property

Once you get your holiday property, it's time to attract visitors. This can take a lot of time and effort if you do not know how to do it in the best and most effective way. Fortunately, there is a solution here too. When you buy a property from Harmony Suites, you buy directly from the builder, and you can leave the whole rental process in the hands of professionals. Our experts will take care of renting and maintaining the apartment, and all you have to do is get your profit at the end of the year. What's better than that?

Take advantage of the service: maintenance and cleaning

Once you buy your property by the sea, you can manage it yourself, or hire someone else to do it for you. If you manage the property yourself and live away from the property, you will want to hire maintenance and cleaning for each time visitors leave the apartment. If you have a pool, you will need a pool company to clean and take care of the pool.

If you hire a property manager, they usually handle these operations for you. If you buy your holiday property from Harmony Suites, you can be sure that your apartment will be maintained in the best way and by qualified staff. Our staff will take care of the cleanliness of your property, and you will not worry if everything will be fine for the next tenants.

Build a property management system

If you live away from your property and manage it yourself, this can create additional headaches and difficulties. To avoid them, trust professionals who will take full care of the maintenance of the property. So, again, all you have to do is get your profit.

Buying a holiday property for investment purposes on the Bulgarian Black Sea coast can be a great way to invest in real estate, offset some property costs and still enjoy your favorite vacation spot from your own second home. If you are still wondering whether to take this step, we can help. Harmony Suites offers studios, one and two-bedroom apartments in one of the most visited resorts on the Black Sea coast. Contact our consultants who will answer your questions, explain the procedures, and show you the vacant apartments we offer.