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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.
For a small rural property budget at least 15,000 Euros.
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.
TheTravelBug
Website - Bulgarian Advice and
Property For Sale
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