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Buying a real estate under construction in Bulgaria

Buying a property under construction in Bulgaria has obvious advantages, the most important of which is the low cost of such housing. You pay part of the cost, or the full price, and after a while you get a brand new apartment by 15-20% cheaper.

This option is suitable for the purchase with the purpose of permanent residence, subsequent lease or sale at a higher price. Such offer is attractive, but are there any significant weaknesses or risks in such investing? Let’s consider in detail the basic pros and cons of buying a property under construction in Bulgaria.

Advantages:

1.      Attractive price and installment plan of purchase. Having concludeda corresponding contract with the developer, you can pay by installments for an apartment under construction.

2.      Completely new housing. New apartment has respectively new wiring, sewer and heating system. You do not have to repair something immediately after the purchase, as is the case with housing on the secondary housing market.

3.      The modern layout and design. New buildings have a convenient layout and decoration is made with modern practical materials.

As for the shortcomings most of all buyers are worried about delay risk in commissioning the object. In context of the global crisis a several month delay in commissioning sometimes happens, but such cases when a building in Bulgaria is left completely unfinished are extremely rare.

Process of buying a real estate under construction

When buying real estate under construction, first you reserve an object, concluding a preliminary contract and depositing 30% of the price. 40% of the price you pay when Permission for use Act №14 is received. The remaining sum is paid in the last stages of construction. In the preliminary contract legal relationship between the buyer and the developer, the payment scheme will be given. The developer reserves the apartment for you. The main purchase and sale contract is concluded on the completion of construction or after commissioning of house. After its signing and registration in Bulstat Registry (real estate registry), you become an official owner of Bulgarian real estate.

What documents the property developer has to provide

·         Document on the land and real estate rights

·         Information on the tax value of the property

·         Permission to design

·         Documents proving that the object meets the standards of construction

·         Certificates and other documents required by the notary