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5 Tips on What To Look For When Considering Buying A Rural Property A lovely
rural house in a charming Bulgarian village can still be bought for as little as
5000 Euros in some areas but what should you consider when viewing such
properties and making a decision on whether to purchase such a property? Here
are 5 things you should consider carefully before parting with any money: 1.
Renovations Costs – Whenever you are considering
purchasing an older rural property you need to consider the cost of necessary
renovations. Realistically any rural Bulgarian property is unlikely to have a
proper indoor bathroom and simply an outdoor toilet, therefore you are going to
need to install a septic tank (unless the property can be connected to the
mains) and have all the plumbing put in for this and the bathroom. This will
easily cost around 1,000 Euros if not more. The roof may need looking at, you
are likely to want to get the wiring checked out and probably replaced, possibly
some insulation in the roof cavity, some form of heating, a proper kitchen and
most definitely some touch up plaster work. Structural renovations start to add
a significant amount to the final bill and may require building permits. If you
start looking at putting internal stairs into properties, making a separate room
for a bathroom and so on, costs will start to mount. Make sure you work in any
renovation costs into your final budget. 2.
Access and Transport – Take careful note of exactly how
the property is accessed. Make sure there is a clear route of access and not
just a track over the neighbours vegetable garden. Also ask about winter weather
conditions – is the road to the property liable to be blocked with snow, does
the river flood and make access impossible. And check out local public transport
links – is there a regular bus service or a train station or is the only
option going to be to always have a vehicle. This is an important consideration
if you are thinking of renting the property out. 3.
The ‘convenience’ factor – How close is the property
to the nearest supermarket? Is there a shop in the village, is there a
restaurant, a café etc…You do not really want to have to drive 45 minutes
along a pot holed single lane track just to get some basic provisions and
neither will your guests if they want to eat out or go shopping. 4.
Maintenance & Management – If the property is to
serve as a holiday home or rental property who will look after it in your
absence? Often a friendly neighbour will be more than willing to do this but it
is worth checking if there is someone who offers a management service to check
the property every now and then, do small maintenance jobs, pay bills etc. And
what about the garden? While it may seem fantastic to buy a house with an acre
of land, who will look after this when you are not around so you do not come
back to a jungle each visit? 5. Holiday Home, Rental, Capital Appreciation – Finally when considering buying a rural property, think carefully about what you are buying it for. If it is to simply be your holiday home, then so long as you love it, then go ahead but if for a rental property you need to consider why someone would want to rent it, what there is to do in the area and the return you are likely to get. If you are simply looking for capital appreciation, maybe you just intend to buy a plot of land or old house and hold on it in the hope prices will go up or maybe you intend to renovate it and sell on. Check out similar renovated properties for sale in the area to get an idea of what you can hope to achieve. Look at local economics and business – is a new supermarket planned, a golf course, a spa resort etc…these can all help push property prices up. You need to consider all these points carefully before deciding on whether you should buy a rural property. When you take into consideration the full cost of renovations, you may discover you are better spending more at the start to get a modern villa in a more accessible town. For more tips and advice on buying property in Bulgaria get yourself a copy of My Bulgarian Property Nightmare: A Cautionary Tale for Would-be Investors. This ebook is full of useful tips straight from a Brit whose first Bulgarian property experience turned into a nightmare. It allows you to see what can go wrong and avoid the pitfalls as I share the benefit of my experience. In this true account you'll learn what can go wrong, what to do if it does and why Bulgaria is still a great choice for people keen to invest, holiday or live there.
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