Buy property in Bulgaria at the construction stage: apartments and houses
Probably every second buyer asks the question of whether it is better to buy real estate in Bulgaria at the construction stage or a finished property. Both options have pros and cons, and it is not always easy to get objective and complete information to make a reasonable decision. In addition to this, buying an apartment or house in Bulgaria without knowing the language and legal issues, there is a risk of missing important factors or not giving them due importance. Apart Estate agency specializes in the sale of real estate at the construction stage, and therefore is ready to give expert advice and provide a detailed analysis of the advantages and disadvantages of buying property at the development stage. We will help you buy an apartment in Bulgaria at the construction phase from reliable developers and at the best terms.
Advantages of buying real estate in Bulgaria at the stage of construction
A huge amount of property is built in Bulgaria every year. Most of the apartments in residential buildings and complexes in Burgas, Nessebar, Sozopol, Bansko and other cities are sold out at the construction stage.
It would seem that buying a property that has not been finished yet, carries many risks and, nevertheless, investors are buying apartments and houses very fast. In prestigious areas by the sea or next to the ski lifts, it becomes impossible to buy an apartment from the very early phase – when a foundation appears on the site.
Why are apartments under construction so popular?
The experience of Apart Estate specialists allows to tell you about the following reasons:
- Low price. Before a residential building receives Act 14 (a document certifying completion of the building structure), apartments in Bulgaria are 15-20% cheaper than after this paper is received. For instance, you can buy a flat in a living building in Sarafovo (Burgas), when its construction has just started, at a price of 700-750 Euro/sq. m. After receiving Act 14, a square meter will cost 800 Euro. Obtaining Act 15 and the subsequent commissioning of the building will lead to further price increases. Considering the location, lack of maintenance fees and construction quality, prices can be expected to rise to 850-900 Euro/sq. m. Now imagine that you want to buy a one-bedroom apartment of 60 sq. m. Before receiving Act 14, the price will be 42-45 thousand Euro. At the stage of Act 15, it will grow to 48 thousand Euro. After the building is ready, the same apartment can cost 51-54 thousand Euro. The difference is huge. The money you saved on buying a flat at the development stage, can be used to make repairs, buy furniture or even offer property for resale and get a profit. This makes real estate under construction an excellent investment opportunity.
- Minimum legal costs. Notary Acts are not issued until the receipt of Act 14. Therefore the costs associated with it can be postponed to a later date.
- Possibility to buy an apartment by installments without attracting a bank loan. Most developers offer payment terms which include an advance payment and installments tied to the receipt of Act 14, 15, and commissioning. This is a convenient way to plan your finances correctly. An additional bonus – developers provide interest-free terms. You can use such schemes buying an apartment in living complexes under construction in Sunny Beach, or Sarafovo. Similar conditions can be offered for the construction of individual residential houses, townhouses.
- At the beginning of development of a living building, buyers have access to a large selection of real estate. As a rule, you can choose a southern, western, eastern or northern apartment, on any floor, and of any layout. In the same living building you can find a flat with large and small, separate or connected rooms. Upon the construction is complete, all the apartments left have a less convenient layout.
- Reconstruction can be ordered before the living building is completed. Some people plan to remove additional walls to make the apartment more spacious. Others, on the contrary, order the installation of walls for additional rooms. At the construction stage, you can find a place for a dressing room or utility room, expand the kitchen, remake the bathroom so that the bathtub fits comfortably into it.
- Possibility to buy a garage or parking space. With the increase in the number of vehicles and the construction of new housing, the problem of parking in the city is becoming more and more urgent. In such settlements as Sveti Vlas, Elenite, Sunny Beach, Pamporovo, Sozopol it is extremely difficult to park a car during the season without your own parking space.
Disadvantages of buying property under construction
Despite the obvious advantages of buying an apartment or house in Bulgaria at the construction phase, one cannot ignore the disadvantages of such a solution.
Let's note the following issues:
- Inability to see the finished object. Depending on the stage of construction, all that you will see is a plan of an apartment and a residential building in Burgas, on a ski complex in Pamporovo or some other settlement, advertising brochures with designer pictures, a foundation or an unfinished building.
- The risk of not making a right guess about what your apartment will actually look like. Seeing just a drawing, it is difficult to imagine how large the bedroom and the living room will be, how the rooms will be located and what view the windows will unveil. Unscrupulous sellers, showing a wonderful plan, can assure you that the hall and balcony in the apartment are located on the sea side. At the same time, they forget to say that the sea is 800 m away, and there are other constructions between it and your property. Apart Estate specialists always provide correct information regarding the proposed housing in Burgas, Saint Vlas, Sozopol, Sunny Beach and other towns in Bulgaria. We organize visits to the construction site (including online visits), show all the features, answer questions.
- The danger of facing an unscrupulous developer. Due to financial difficulties, inability to organize the construction process, such companies may not complete building on time or even lose the right to conduct construction activities. In this case, the city authorities usually intervene, find another developer who eventually completes the construction and puts the facility into operation.
- Act 16 is not received or delayed. The risk is associated with the actions of the developer and the benefits that he wants to get personally. Recently, the authorities have been closely monitoring this process, and fewer and fewer residential buildings are left without a commissioning certificate. However, there is a danger that there will be delays in receiving it.
- The developer took out a loan for construction, and future apartments are used as the security. A reliable company, when selling an apartment, immediately removes it from the bond. But there are those who forget to do this, and buyers get unpleasant surprises when registering property rights.
- Banks are more willing to give loans for the purchase of finished property than real estate under development.
Despite the risks associated with buying property during the construction phase, this is an excellent option for those who want to save money, buy their dream apartment or make a profitable investment. Apart Estate knows the construction market in Bulgaria very well. We will always give useful pieces of advice, warn against buying property from unscrupulous developers, and help you buy good real estate under construction with minimal risks. We value our reputation and therefore in our database there are only objects verified by the legal department. We work with reliable developers only. Contact us – we will help you choose quality property at a reasonable price.
- 4Area: 34 м²20000 €
Number of bedrooms: 1
Number of toilets/bathrooms: 1
Offer №: 264
- 2Area: 720 м²270000 €
Number of bedrooms: 5
Number of toilets/bathrooms: 4 and more
Offer №: 223
- 7Area: 150 м²225000 €
Number of bedrooms: 3
Offer №: 182
- 2Area: 116 м²98500 €
Number of bedrooms: 2
Number of toilets/bathrooms: 1
Offer №: 178
- 2Area: 62 м²40000 €
Number of bedrooms: 1
Number of toilets/bathrooms: 1
Offer №: 177