While some foreigners have had success buying in Bulgaria directly from a seller, the majority of sales are handled by estate agents. The property boom in Bulgaria means that there’s a huge choice of estate agents to choose from.
This also means that some have little or no experience (estate agency is unregulated in Bulgaria) and a few are unreliable or even untrustworthy, and even those that aren’t are often overwhelmed by enquiries and can therefore be less than efficient. You should therefore use only an agency that is registered as a ‘property company’ and accept that you may have to be persistent in your search for your dream home.
There are a growing number of estate agents based abroad who handle sales in Bulgaria, usually in partnership with a Bulgarian agency, while many Bulgarian estate agents are starting to advertise abroad and many have English-speaking staff.
Foreign agents may understand your needs better than a Bulgarian agent (and will often organise flights and accommodation for viewing trips and assist with the buying process, although services such as these will cost you more than arranging your own travel, accommodation and legal adviser) but they may have less knowledge of the market and of Bulgarian property law.
As in most countries, agents vary widely in their professionalism, efficiency and enthusiasm, although the Bulgarian agents who advertise outside Bulgaria tend to provide accurate details and pictures of the properties they have for sale, especially for larger and more expensive properties.
The best agents provide an abundance of information. On the other hand, some agents don’t update their records frequently and their websites or property lists may be months out of date. If an agent isn’t interested in helping you find what you want, go elsewhere.
There are no government controls or other limits on agents’ fees, which are normally paid by the purchaser rather than the vendor owing to a traditional mistrust of property agents among Bulgarians!
WARNING
Unlike in most western European countries, it’s standard practice in Bulgaria for the buyer to pay the agent’s commission on top of the purchase price (i.e. it isn’t included in the property price).
Most Bulgarian-based estate agents charge 3 per cent of the purchase price as commission but some charge as much as 10 per cent. In the case of low-value properties, a set ‘minimum’ fee is often charged, ranging between €500 and €1,000. The notary public’s fees for administering the preliminary contract should be included in your estate agent’s fee (but make sure you check this beforehand).
Some agents charge a fee to take you on property viewings, which is refunded if you buy a home through them. Other agents may charge you only the cost of the taxi fare. Make sure you establish what the fees are (for both commission and viewings) in advance.
Foreign agents’ fees can vary dramatically (e.g. between 2 and 5 per cent) according to the level of service they provide. Some charge a fixed fee for lower-priced properties.
Before visiting Bulgaria, obtain details of as many properties as possible of the appropriate type and price in your chosen area and make a shortlist of those you wish to view (marking their locations on a map). If you cannot decide where and what you you’re looking for, at least tell the agent, so that he knows you’re undecided. If you’re ‘window shopping’, say so.
Many agents will be happy to show you property anyway, as they’re well aware that many people quickly change their minds and decide to buy on the spot.
If you’re searching on the internet, keep in mind that many of the properties advertised might already be sold, that property descriptions – especially for rural properties – can be misleading and that photographs of picturesque properties in idyllic locations might be cleverly concealing something unpleasant, which may be just outside the shot!
If you’ve made an appointment to see specific properties, make a note of the reference numbers in case the Bulgarian agent doesn’t have them (or has lost them), and confirm (and reconfirm) the price and that a particular property is still available before travelling to Bulgaria to view it.
WARNING
It isn’t uncommon for agents to lure potential buyers with idyllic properties that are no longer for sale (or don’t even exist!) and then try to sell them other properties that may not even match their requirements.
In Bulgaria, agents will show you properties themselves and won’t give you the keys or expect you to deal with owners or tenants directly. In rural areas, property can be difficult to find (away from main roads, signs are all in Cyrillic) and agents themselves often get lost trying to find a particular address.
You should make an appointment to see properties, as agents usually won’t have time to drive you around if you turn up at their office unannounced. If you make an appointment, you should keep it or cancel it. If you’re on holiday, it’s fine to walk in to see what’s available, but don’t expect to be able to view any properties.
If you do view properties while you’re on holiday, it’s best to do so at the start of your holiday so that you can return later to review any you like. You should also dress appropriately, and not in a vest top and flip-flops. Bulgarian estate agents tend to work all hours so you can generally view property on any day of the week.
You should try to view as many properties as possible in the time available, but make sure you allow enough time to view each property thoroughly, to travel (and get lost) between houses and to take food and drink breaks. Although it’s important to see enough properties to form an accurate opinion of price and quality, don’t see too many in one day (between four and six is usually enough), as it’s easy to become confused as to the pros and cons of each.
If you’re shown properties that don’t meet your specifications, tell the agent straight away. You can also make the agent’s job easier by telling them what you don’t like about the properties you reject.
It’s advisable to make notes of both the good and bad features and take lots of photographs of properties you like so that you can compare them later (but make sure you make a note of which photo is of which house!). It’s also worth marking each property on a map so that if you want to return later on your own you can find them without getting lost.
SURVIVAL TIP
The more a property appeals to you, the more you should look for faults and negative points; if you still like it after stressing all the negative points, it must be worth considering seriously.
This article is an extract from Buying a Home in Bulgaria
from Survival Books.