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Bulgaria: Off Plan Properties

Overview

When buying a new property in a development, you’re usually obliged to commit to a purchase before it’s completed (or even before it’s begun!) – a process known as buying ‘off plan’. In fact, if a development is built and largely unsold, particularly a quality development in a popular area, it usually means there’s something wrong with it!

Buying a home that hasn’t been built may seem a risky business, but the procedure is usually safe and there can be several advantages. Off-plan properties are generally cheaper than built homes. You can often choose your bathroom suite, kitchen, wallpaper, paint, wall and floor tiles and carpet in the bedrooms, all of which may be included in the price. You may sometimes be able to alter the interior room layout, although this will increase the price, but you won’t be able to make major structural alterations or changes of material or design. Most developers will negotiate over the price or include ‘free’ extras (such as a fitted kitchen that isn’t included in the price) if a development isn’t selling well.

All fixtures and fittings will, of course, be brand new and you will benefit from modern insulation, ventilation, heating and other materials and systems, plus a ten-year guarantee on these and the building itself.

Disadvantages of buying off plan include the fact that you must pay VAT at 20 per cent on building costs, although this is usually included in the price quoted to you, and you must start paying for your home long before you can actually live in it.

If you have the time, it’s a good idea to visit other developments that the developer has completed to see what the finished product is like and check the build quality. There’s a lot of building going on in Bulgaria and, while most new developments are of good quality, some developers will inevitably cut corners.

You should, of course, make regular checks (in person where possible) that everything is going to plan, although it’s unlikely that you will be allowed onto the construction site itself. When the property is finished, you will normally have a site meeting to check its condition, although this isn’t necessary, as an independent inspector should have approved each stage of the construction.

If you aren’t happy with anything, you should make your complaints in writing and send it to the developer. In extreme circumstances, you can refuse to go through with the purchase, in which case a new completion date must be agreed by the developer; failing this, you can take him to court, although this is obviously a last resort.

© Survival Books Limited 2006

“Buying a Home in Bulgaria” 1st Edition, Dougal Robertson.

Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying a Home in Bulgaria” 1st Edition, Dougal Robertson.

For extensive information about buying a property in Bulgaria, you can purchase this book at www.survivalbooks.net

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