Detached 3 bedroom chalet - Borovets, Bulgaria

philboy

Registered User
Messages
147
Hi,

I looked at this chalet a couple of months back but backed out at an early stage. Chalet Borovets. It's still on the market. I just want to know what are peoples opinions on it - especially from people who have already invested in Bulgaria or know a lot about the place. eg. price range, location etc... and any other points people would like to make.
 
First I would say avoid BulgarianProperties. My lawyer here is dealing with a second person requiring help after a dodgy property deal through them. But on chalet itself, 12km is a long way from a ski resort for skiers. Is there a shuttle bus? Borovets a nice small resort at the moment, purpuse built and therefore a little tacky but fairly pleasant. Very pretty area. Close to Sofia airport. Talk of Super Borovets project but would be wary of this.

What are you looking for - your own use, rental, capital appreciation, long term, short term....

Rachel
 
Can you get it with wheels?

lol

I had originally looked at bulgaria when i first got interested in the property market around the time i joined this forum too. Now, after a couple of months on this website, being a first-time investor. I wouldn't touch Bulgaria with a barge-pole. I would hedge my bets in what i think is a more reliable/safter market for the newbie/novice investor, somewhere like Poland.

I was just interested in peoples views in the property i had originally eyed up. I have to say, i think it the property itself looks class but as auto says, can i get that to go please. I wonder how much it would cost to transport it to somewhere like Zakopane
 
And why is Poland a safer bet? Does the fact that half the population have moved to Britain not sound warning bells. Sure Bulgaria has its problems and there are many dodgy agents around, many dodgy builders and developers...but then there are in many countries.

There are also some very good property deals, some fantastic areas, lovely people and good honest tradesmen and real estate agents.

Rachel
 
The difference with places like Poland and Hungary, as distinct from much of Bulgaria, is that you have an opportunity to buy property at local prices in a real marketplace. In the case of much of what is being marketed to foreign buyers in Bulgaria however, you are operating in an artificial market with prices in many cases a multiple of the market value (on a good day). Add the "guaranteed rental" scam and huge layers of commissions to this mix, and you are guaranteed to lose heavily when you try to exit. Nothing is surer, and anyone who can't see this is either in denial or has a vested interest in selling to foreigners. There is simply no middle ground in this scenario, no possibility of a "maybe it will work for me" situation.

If you go to Krakow or Budapest and buy what the local market demands, i.e. buy good property that is also being bought by local buyers, and you buy it at or below the going rate, then you have an asset that is at least worth what you paid for it. On the other hand, if you buy at three or four times the going rate, in a market with no resale demand and a huge oversupply, you are flying in the face of all market wisdom.

The difference between investors and people who buy the products on general sale in Bulgaria is this: Investors do the math, do the research, and try to get value for their money; buyers of this stuff act on a hunch, are easily swayed by salesmen and women, and make spurious comparisons to the price of houses back home. Guess which ones will come out the other end with their funds intact?