Purchase and sale of luxury property

Many of you probably ask this question when it comes time to change homes or purchase a new property. Why do I need an agency when there are websites show direct information from an owner?

Generally speaking, a real estate agent will save you time and effort, protect you from incorrect owners, and guide you seamlessly through the process.

The brokers we choose in our agency are professionals who have the necessary knowledge, experience, and competence to accompany you through all stages of the transaction - from the selection of a suitable location, type of housing, price in line with the market in the area, to the subsequent documents to protect you and give security in the investment made. 

There are several important factors to consider when buying a property to ensure you make the right decision. These are the location and size of the property, the budget you have, and the type and condition of the property.

One of the most important things to pay attention to when buying a property is whether the seller owns the property and whether the property has any encumbrances. It is important to know that encumbrances are not automatically removed with the sale. They continue to exist and therefore action needs to be taken to clear these encumbrances before proceeding with the purchase. Secondly, it is advisable to pay attention about property location, whether it is well settled, whether there is established infrastructure, communications, etc. Third, but not least, it is good to be sure that the preliminary contract /if any/ is legally written and sound.

The purchase and sale of a property are accompanied by costs such as notary fees, registration fees, and local tax. These costs can be shared between the parties and are part of the commercial negotiations. 

These can be both buyers and sellers. The both parties must carefully review the terms of the purchase and sale agreement and know their respective financial obligations at the time of the property transaction.

The notary fee per property is determined depending on the property price. The two parameters on which the amount of fees is calculated when buying real estate are the material interest and the property  location. Based on these inputs, the so-called notary fees are calculated, and include: a notary fee, VAT on notary fee, registration fee, local tax, and general fee.

When buying a property worth over €500,000 do a thorough check of the market value of the property, check its legal status, and research its location carefully. Be sure to seek professional advice and be sure the property matches your wishes and expectations.

When selling a property, it is important to consult a professional who can provide you with a housing market research and help you determine the market price of the property. It is also recommended to have a realistic description of the property to attract the attention of buyers, helping them to get oriented in its advantages.

Before selling your property, it is important to choose a consultant who will give you the right guidance on how to most successfully and smoothly carry out the transaction. Trust our professionals at Unique Estates, who offer complex services in the field of real estate in two directions - Premium and Standard.

The issuance of a tax assessment requires the submission of several types of documents, which you can request through a specialized portal for the provision of electronic services, with an application at the counter in an administrative service center, by e-mail or by post, electronically through the secure electronic delivery system.

The market price is determined by real estate professionals using the comparative market analysis method. The purpose of the analysis is to determine the correct price range in which to position a property when it is advertised for sale. 

The profit from the sale of a property is not taxed when the home has been your property for 3 years. In all other cases, the difference between the sale price and the purchase price is taken into account when calculating taxes on the sale of a property. The income is formed on a tax base and this tax base is reduced by 10% of the legally determined costs.

The surest way to find out how much your property is worth is to consult with a professional in this field. We at Unique Estates can help you by providing you with a reliable valuation that is based on in-depth market research by professionals as well as our own data acquired over the years.

The most preferred luxury neighborhoods in Sofia city are “Lozenets“, “Oborishte“, “Ivan Vazov“, “Yavorov“, “Manastirski Livadi“ and “Iztok“. 

The most preferred gated communities in Sofia city are in: “Lozenets“, “Oborishte“, “Manastirski Livadi“, “Vitosha“, “Studentski Grad“, “Malinova Dolina“ and “Mladost“.

Living in a house in a gated community offers numerous advantages and that is why more and more people prefer this way of life. The gated community provides peace, comfort and a secured parking space. Also, gated communities are known for high-quality construction and 24-hour security, which contributes to a peaceful living environment.

Beautiful houses in the outskirts of Sofia city can be found in the village of German, which is located in Pancharevo Region of Sofia Municipality, Sofia District. In addition, you can explore the charming towns of Pravets and Dolna Banya, where beautiful houses are offered. Last but not least, don’t miss the picturesque village of Dragichevo, located 20 km southwest of Sofia city.

One of the most preferred neighborhoods with a choice of houses are Simeonovo and Dragalevtsi.

Among the most preferred villages for living around Sofia city are the village of Gurmazovo, the village of German, the village of Dragichevo and the village of Kokalyane. These charming villages offer a peaceful and beautiful setting, while at the same time being in close proximity to the capital.

Some of the most famous gated communities in Sozopol are Santa Marina Holiday Village, Green Life Beach Resort, Paradise Dune Beach & Sport Resort and Green Life Sozopol Beach Resort.

One of the most famous gated communities in Bansko are Pirin Golf & Country Club, St. Ivan Ski & Spa, Belvedere Holiday Club and Aspen Golf, Aspen Heights and Aspen Valley. All these gated communities offer coziness, comfort and security. This makes them preferred by many customers.

The property yield is used to assess the income generating potential of a property investment. It is usually calculated as a percentage based on the annual income received from the property, as part of its total price or its current market value. There are two main methods of calculating the property yield:

• Gross rental yield: Monthly rent х 12 / Property price х 100
• Net rental yield: Net operating income / Property price х 100

The sketch of a property is one of the most important documents when carrying out transactions, such as: purchase and sale, donation, mortgage and others. A sketch is also required when submitting an application for admission to a town planning procedure, for the issuance of a design visa, for the approval of an investment project, as well as for all other activities, described in the Spatial Development Act (SDA), related to the property.

For each independent property, the undivided shares are calculated using the following formula:

Undivided Shares (%) = (Built-Up Area/Gross Floor Area) *100

Where:

Undivided Shares (%) is the size of the common areas adjacent to the property.

Built-Up Area (BA) is the built-up area of a property.

Gross Floor Area (GFA) is the total floor area contained within the entire building.

The first step in obtaining a property sketch is to check with the Geodesy, Cartography and Cadastre Agency (GCCA) whether the property falls within the territory with an active cadastral map. A check of the sketch can be carried out in any regional city in Bulgaria at the Geodesy, Cartography and Cadastre Office (GCCO).

The surest way to check who owns a property is to enter the Property Register at the Registry Agency. It contains data on real estate on the territory of the country, on ownership, transfer, amendment or termination of the right of ownership or other right on real estate.

A property boundary is determined by filing a petition to fix the boundary between properties. In order to determine the exact boundaries of a landed property, it is necessary to carry out the so-called tracing. This means to mark various points, lines, planes or surfaces on the terrain.

As of 2023, for the Sofia Municipality, property tax assessments can be obtained within the periods indicated below and against payment of the following fees:

• 7 working days – BGN 17
• 3 working days – BGN 25.50