How to buy a luxury property outside Bulgaria

What are the steps when buying a luxury property outside Bulgaria? Our experts share more about the process here! Learn more!

What are the steps when buying a property outside the country?

The process of buying a property abroad is not significantly different from buying a property in Bulgaria, with the clarification that you need to thoroughly check the legal provisions, take into account whether the country is a member of the EU, and pay attention to some other details when taking the step of buying a property outside the borders of our country.

Of course, the first step is the choice of the country, once you are aware of the preferred location, you should decide whether you will work with a Bulgarian real estate agency or you will bet on a local one, and after this decision comes the moment to enter the real estate market, namely, selecting your proposed properties for viewing. In both cases, if you have chosen the assistance of an agent from Bulgaria or from the country in which you want to buy a property, you need to provide as much information and search criteria as possible so that it can be as useful as possible in the selection, fully tailored to your requirements. The more you clarify for yourself what you are looking for, what you can compromise on and what you can't, the easier the process of sorting out suitable properties for you will be and your consultant will be able to present you with relevant offers that meet all your wishes.

In these first steps, it is also a good idea to ask for your consultant's expert opinion, making sure to ask him about the additional costs involved in buying a prime property outside Bulgaria.

Choose a country outside Bulgaria

For the purchase of a luxury home outside Bulgaria, you will need considerable preparation. First of all, as we have already said, choose the country where you want to buy a property. This choice will be dictated entirely by your personal preferences, feelings, attitudes and needs. Do you prefer to go for seaside locations, or are you attracted to those that provide more winter activities. Or are you simply looking for a peaceful, luxurious and cosy place to be your own personal oasis, outside of Bulgaria.

Start by researching the property market at this moment, in the country where you are looking for a luxury home, get acquainted with all the trends and upcoming processes, study the necessary documents, the fees you will owe to the local institutions. Choose the locations for your future property to explore further. When you have gathered all the information and are aware of every step of making a future transaction, you will be ready to buy your dream new property.

Of course, after selecting the location, comes the time to select properties for viewing. Again, we make it clear that you need to submit as much information and search criteria as possible so that the estate agent can be as helpful as possible in making a selection tailored to your requirements. The more you clarify for yourself what you are looking for, what you can compromise on and what you can't, the easier the process of finding suitable properties for you will be.

Set your budget

You need to set your buying budget very carefully and stick to it. If you calculate your finances well at the outset, the likelihood of something going wrong later on is much less. Often buyers get into difficulties because they choose more expensive properties than they can afford. And with a foreign purchase, the "pitfalls" in this regard can be even greater.

How do you determine your budget regarding the property?

Financing your purchase is the most important aspect to consider before buying. Giving yourself a realistic idea of what your financial options are will not only allow you to properly navigate your search, but will also give you greater clarity on what your financial options are at the moment.

To do this, you need to calculate your monthly income. In case you are planning external financing, it is important to assess how much of it you could allocate to cover the home loan without affecting your current lifestyle too negatively.

It is important to be precise both with your income calculations and in calculating the future costs of servicing the loan. Pay particular attention to the amount and type of interest - whether it is fixed or floating. Look at how soon you have to repay the amount lent and what your monthly repayment will be.

It is important to bear in mind that if you have decided to proceed with the property search and have paid a deposit, but are subsequently financially prevented from completing the transaction, you may lose the amount you have paid as a deposit.

Hire a local agent or broker

Do your research beforehand on the advisory agencies in the country where you have chosen to buy a property. It would be a good idea to have several conversations with different agencies so that you have a benchmark of supply and demand. As in Bulgaria, go for agencies with a good image, a rich portfolio and many years of experience in the industry.

Once you choose the agency and start working with a real estate agent, trust them completely. He is the one who will accompany you through the whole buying process, has the most accurate judgment and will give you adequate ideas and advice. Talk to him about all your concerns, considerations and demands. This will only help to ensure good communication between you and a satisfying result from your work together.

Also, before you make a final decision to buy a property, ask the broker to give you detailed information about any additional costs of buying it based on the legal regulations in the respective country. Sometimes a property may be offered at a lower price, but after calculating the additional costs the price turns out to be higher. Our advice is therefore to ask for a detailed account of the additional costs if you are hesitating between several properties.

After taking these steps, what next?

The next step is to look at the legal parameters of buying a property in your particular country. If you have chosen your dream property, do some legal consultations, optimally review all available property documentation.

Legal advice and signing of property documents

Next, an agreement on the sale price must be reached with the seller and then a legal inspection of the property must be carried out by a lawyer practicing in the relevant country. This lawyer can be chosen by you, as the buyer, or recommended by the agency you are working with. With the help of the lawyer and your realtor, the complete documentation available on the property and specifically on the purchase and sale will be quality checked for inaccuracies, missing documents, encumbrances on the property, etc.

Set up insurance if you deem it necessary

Buying a property outside Bulgaria is a serious investment and needs to be protected against both natural disasters - earthquakes, fires, storms, hurricanes, snow accumulation, floods, and the human factor - theft, vandalism, arson, etc.

One of the key benefits of insurance is the combination of material and psychological support it would indicate to the consumer. This way, in the event of an accident, you will have someone behind you that you can rely on and you will be at times more relaxed and secure. Taking out a property insurance policy ensures that in the event of any incident of the above, the funds required to repair the damage to the home will be covered by the insurer.

As we have said, apart from the purely material factor, insurance will contribute to the consumer's emotional peace of mind and sense of security.

Where to look for your luxury property outside Bulgaria?

Buying a prime property outside Bulgaria can be a long process if you don't have a trusted ally by your side every step of the way. Unique Estates consultants are always on hand to help you and will be happy to help you realise another one of your dreams - buying a luxury property in a beautiful and exotic destination, according to your sincere preferences.

Do not hesitate, contact us!