When you buy a property in Bulgaria 'off plan' you purchase it based on the developer's drawings, floor plans and artistic impressions. This is either before building work has even commenced or a long time before the completion date.
Buying off plan can be a safe and simple way to invest your money wisely. More and more people are choosing to do this, whether for holiday homes, buy-to-let opportunities or adding to their investment portfolios.
To make your investment as safe and secure as possible there are a number of things you can do.
1. Ensure the reliability of the developer. They must be financially secure and have a proven track record of building to a high standard. Get references from their customers, view examples of previous projects.
2. Get regular updates on construction. Make sure they give you photographs and don't just tell you what stage of build it is at. Keep yourself informed.
3. Get independent legal advice. Get your own solicitor to check the title deeds. You need to know that that the developer is the sole owner of the land and that there are no outstanding monies/mortgages/payments on the land. They will also confirm that the relevant authorities have approved planning permission and building warrant. In addition you need to get a legal contract drawn up that protects your rights and money during the construction period, and gives you guarantees on the finished structure and quality of the property.
4. Research the location. Find out what the area will look like when the building is completed. Are there plans for further developments nearby? Is the government planning anything for the local area? What are the transportation issues? If you are buying-to-let then research the rental market.
5. Take specialist mortgage advice. There are different options available when buying off plan. Speak to someone as early as possible.
So do your research and ask plenty of questions along the way. With the right preparation you may find buying a property 'off plan' to be the most secure investment of all.
Obviously, if you don't want to buy a property in Bulgaria but prefer to buy a property in Spain, Turkey or Cyprus, you can do the same.
by Kevin Mckay
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