BULGARIA – The Hype, False Seriousness and Exaggerated Returns on real estate

Did you see the episode of the BBC2 program ‘How to settle your home loan in 2 years’. In this episode the male of the household took a trip to Bansko, Bulgaria looking for an investment home. I am uncertain of just how much he needed to spend but he was required to view a number of homes by a representative from an ‘un-named’ firm and charged a whopping 1000 Euros for the advantage of doing so. Now this in itself should have begun alarm bells calling.

Lots of companies in Bulgaria, both Bulgarian and British owned charge a seeing fee. Some charge a set fee for a day’s viewing while some charge per mile you require to drive to view residential or commercial properties. Now why should you pay for the opportunity of taking a look at homes you are thinking about buying. When they have no real intent of purchasing anything, the thinking behind this practice seems to be that there are so lots of time wasters simply viewing properties. But how real is this? A lot of foreigners going to Bulgaria have at least some interest in purchasing home over there as they have actually all been bombarded with the exact same hype over the last couple of years.

So this guy I discussed above decided on a number of residential or commercial properties that were of particular interest – a new develop house and a home in a town about 5-10km far from Bansko.

The guy was informed by the representative that these kinds of houses barely appear on the marketplace which the one he was interested in would be sold within a couple of weeks so he needed to discover the deposit and put it down to schedule the home immediately.

If he purchased the residential or commercial property now he would make an earnings of an incredible ₤ 175,000 in a couple of years, to clinch the offer the agent told the man that. Something along the lines of a 200 – 300% increase in worth!

Well the man fell for it, sinker, hook and line. He would have handed it over to the representative straight away if he had actually had the thousands of pounds for the deposit in his pocket.

Thankfully he didn’t and so he flew back house and after going over the matter with his family, he had doubts and decided not to pursue the house in Bansko. In reality I think he went on to purchase a house for remodelling in the UK.

This is so normal of the tactics used by unethical representatives in Bulgaria and other nations to try and get you to part with your tough made cash.

They will try and make you believe residential or commercial properties are in brief supply, that they will be gotten by another buyer practically immediately and talk of completely unrealsitic gains. You can avoid being taken for a ride by doing your research and not rushing into anything.

There are a lot of residential or commercial properties readily available, yes costs are rising a little but is it not better to wind up paying a little bit more for taking your time and learning the truths initially than rush into something you might be sorry for later.

In this episode the man of the household took a trip to Bansko, Bulgaria looking for a financial investment home. I am not sure of how much he had to invest however he was taken to see a number of homes by an agent from an ‘un-named’ company and charged a tremendous 1000 Euros for the opportunity of doing so. The reasoning behind this practice seems to be that there are so lots of time wasters just seeing residential or commercial properties when they have no genuine intention of buying anything. A lot of foreigners going to Bulgaria have at least some interest in investing in property over there as they have all been bombarded with the exact same hype over the last couple of years.

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