How to Buy a Property in Bulgaria
The CostAlthough the property prices in Bulgaria are quite low compared to the other European countries, there is still a wide variety of prices depending on the property type and location (as a rule the properties in Sofia and at the Black Sea are more expensive). The first thing you will need to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase. Apart from the actual price of the property, there are a lot of other one-off costs you have to consider.The expendituresThere are some differences in the property-buying process in Bulgaria from those in the UK. Below is the list of one-off costs which provides you with a rough estimate of the expenditures you will have to cover. It is advisable always to take all eventualities into account when making your estimates.1. DepositUsually you are required to put down at least 10% of the price.2. SolicitorYou will need to employ a local solicitor, who speaks English, for all the legal aspects of buying a property. Some charge a flat rate, others a percentage of the property price (usually 1%). We recommend to get some quotes before choosing one.Solicitors in Bulgaria frequently represent both sides of a transaction, but are legally obliged to be diligent and fair.3. Preliminary contractIts cost is of around £100, with an extra £15 or so payable for a translation of the contract – remember that the English version is not legally binding.4. Survey / Valuation Fee5. Agency feesAgency fees in Bulgaria are often split between buyer and seller; a typical fee might be 6% with buyer and seller each paying 3%. Sometimes the buyer is responsible for the whole fee; would-be buyers should clarify beforehand precisely what percentage of the value will be the fee and for what proportion of that fee he or she is liable. Occasionally – and this is most often the case with new-build properties – the fee is included in the purchase price; again, though, the buyer is advised to find out if this is the case and, if so, what proportion of the overall price pertains to the fee as it may affect the resale value of the property.6. Stamp DutyThe government charges a tax based upon the property’s purchase price. This is called country tax and it is the equivalent of the Stamp Duty in the United Kingdom. This is a maximum of 2% of purchase price charged at completion.7. Notary FeeThe notary puts on public record that the title deed has been signed in their presence and understood by the parties concerned. The notary is further in charge of the submitting of the title deed with the other related documents of the transfer to the cadastral and the property register (land register).The Notary will pay registration and state fees collected previously from the buyer.Registration confirms you as the legal owner of the property and registers you at that address. The fee charged depends upon the price of the property (See Stamp Duty).8. House-hunting ExpensesProperty-hunting can be quite a costly business. Expenses include money for travel to Bulgaria, hotels and eating, and telephone calls.9. Removal Fees (if not only a holiday home)Doing the removal yourself is time-consuming and stressful. If you decide to employ a company, ask around for quotes first.Find a Property in BulgariaAfter having calculated how much you can afford, you can start on the most exciting part of the property-buying process: selecting your future property.But before you start spending your nights digging through piles of Bulgarian property web sites and looking at estate agents’ brochures, it is advisable to sit down and think about what exactly you want. Property-hunting is exhausting and time-consuming, and you can save yourself a lot of work and energy by deciding on certain prerequisites before starting out on the actual property search.Choosing the location and the neighbourhoodMake sure you select an area you feel comfortable in, and which suits your personal needs. If you are going to spend only your holidays in Bulgaria, then maybe you will prefer a property in a ski or sea resort. If your intention is to retire in Bulgaria, then a small village may be suitable for you. But it is a must to check the infrastructure in the region. The same is the situation if you are thinking of purchasing a property in Bulgaria for part-time retirement.If you are a young, childless professional, you might want a lively pub scene in the area, whereas if you are an overworked parent of two children, a good school and a playground might be more important to you.Anyway in Bulgaria there is a place for everybody – quiet lovely villages with animals and gardens, or undisturbed mountain villages, or lively cities, or luxury sea or spa resorts.
Here are the essential points to consider when choosing your future location and neighbourhood:1. The PricesFind out what area you can afford a decent property in by looking at the prices of properties sold recently in different locations.2. Your feelingsMake sure you feel comfortable in that location.3. Distance and transportYou can arrive in Bulgaria by plane, by car, by bus or by train. The major airports are in Sofia, Varna and Bourgas. From there you can take a bus or a taxi to your final destination. For more information you can see Arriving in Bulgaria. So when you choose your property’s location consider how you would get to there and how long it would take you. The best possibility is that your future property is close to the major airport and the road infrastructure is in good condition.4. Local AmenitiesWhat you need depends on your lifestyle and preferences. Look out for shops, public transport, leisure’ facilities like pubs and clubs, children’s activities, parks etc.5. SchoolsIf you have kids, find out what is the situation with the local schools.6. Crime rateFind out the crime rate in the region.7. Condition of the region and neighbourhoodKeep in mind that the state of the houses in your neighbourhood influences the value of your own. The resort regions are likely to be more fancy than the ordinary villages.8. Local Authority ServicesFind out how often the waste is being collected, if the road infrastructure is regularly maintained, if the gardens and parks are kept in good condition etc.Choose a PropertyIn addition to deciding what area you want to live in, you will have to make up your mind in regard to the characteristics of the property you intend to buy.Below there is a list of property features you will have to consider:1. Property typeDo you want a house or a flat? If you prefer a house, should it be detached, semi-detached or terraced?Under the Bulgarian Act on Foreign Investments, foreigners are not allowed to own land but may own buildings. Foreigners wishing to own land can do it by setting up a Bulgarian company to hold the land. Bulgarian company incorporation costs less than £600. Bulgaria’s ownership policy will be harmonized with the EU in the future, most probably in 2007.2. Property FeaturesDetermine what size the property should be (keep in mind that bigger home mean higher heating costs).
Decide on the number of bedrooms and bathrooms, the face of the building, whether you want a garden. If you are looking for apartment, have you any preferences for the floor number.3. Old or new?A new property will be more expensive to buy, but with an old property high expenses might incur for repairs and improvements. There are also many properties that are sold “off-plan”, which may be pretty favourable for you.4. GarageIf you intend to have a car in Bulgaria, check whether you have good parking facilities on the street or if there is a garage.Bulgarian Property-Hunting ResourcesAfter having decided on your priorities, you can start off looking for a property to buy. There are different resources for property listings.1. Estate AgentsIn Bulgaria the Estate Agents can advertise the properties and handle negotiations. Agents usually have a wide range of properties available and can offer detailed information.
Buying property in Bulgaria should only be undertaken with good professional advice. It is essential to use a reputable real estate agent – the boom in what is a largely unregulated market has led to a huge increase in the number of companies selling property, some of which may not have the experience or professional approach of longer established agencies. It is advisable to ask for references from previous customers, particularly other foreigners.2. Private saleSome property sellers prefer to handle their sale privately, by advertising locally. However a private sale may hardly be found. But the advantage of this kind of bargain is that there are not any estate agent fees to be paid and you might end up paying less.
You have to consider that a private seller might not deal with you in the same professional manner as an estate agent does. Especially when difficulties or delays arise, the situation can become a bit tense.3. Online property listingsWhen you want to buy a property in Bulgaria and you want to get a quick impression of what’s on the market, the online property listings are very convenient and helpful. It is usually possible to look for properties according to features, price range and location. Internet listings can be accessed via estate agents’ home pages or independent property web sites.
You should keep in mind that a photo posted on the internet might not give you an adequate impression of the property, so it is better to remain skeptical until you have actually seen the property.Arrange a viewingIf you have the chance you have to go and see the property with your own eyes. Check the property you view for:- General Condition (fixtures and fittings, layout etc.)- State of Repair (insulation, heating, plugs, plumbing etc.)- Structural problems (dampness, cracks in walls or ceilings, crooked doors, damaged foundations etc.)If you have no possibility to go to Bulgaria to view the property that interests you, you may require more pictures of certain features of the property. Also you may ask for the things that are not described in the advertisement as fixtures and fittings, insulation, heating, plugs, plumbing, etc.ReservationOnce you have determined which property you wish to buy, you can reserve it either by phone, post or e-mail. You may be required to pay a reservation fee, which is refundable, and the property will be reserved for you for a certain period of time. If the property is sold via Estate Agent you have to call them to secure the deal.Preliminary Contract and depositThe next step will be the sign of the preliminary contact and the payment of the deposit. The deposit may vary from 10% to 20% of the purchase cost.Survey and ValuationYou are basically conducting a mini-survey and valuation every time you view a property. It is also advisable to have a more in-depth inspection and valuation done in order to assess the property’s condition and find out whether the house is actually worth its price.The ConveyanceAfter your offer has been accepted, the conveyancing process starts. This includes all the legal and administrative issues that have to be addressed when a property is transferred from one owner to another.
The common practice is to hire a solicitor or a licensed conveyancer to deal with the legal aspects. Hiring a professional solicitor has become cheaper and his services are well worth the money.What the conveyancing process involves
Before the exchange of contracts:
Checking the “title deeds” of the property to find out whether it really belongs to the seller
Establishing the property’s legal boundaries
Putting together a list of fixtures, fittings and contents to establish what is to be included in the sale
Preparing a enquiry form for the vendor to find out about any material or structural defects they are aware of
Surveying local authority plans for details on upcoming developments that could influence your property’s value
Negotiating with the seller any repairs or changes to the offer
Advising you on the draft contract for sale prepared by the vendor’s solicitor
Exchange of contracts:
Arranging the date for the completion and the exchange of contracts
Handing over the deposit
Completion:
Handing over the keys and title deeds
Paying stamp fees and notary fees
Completing the SaleThe completion date, which has been set in the contract, is the day the house becomes officially yours.For further information on Bulgarian properties or any aspect of property buying process, visit the new Find Bulgarian Property Portal.
4 Reasons The Study Of Organizational Behavior Is Imperative
The managers or entrepreneurs are the leaders who can shape the success of their organization. For a successful run, a leader needs to ensure that the business carries out its internal and core operations Organizational Behavior plays a vital role in any enterprise’s success. It outlines the system in which the company will run, where it’ll fit in the industry and it also decides the future of the company. It defines the vision, mission, and goals of the company and outlines a way in which the members of the company will interact with each other. Thus, every manager or entrepreneur should learn the core principles of Organizational Behavior for the success of the business. Here are a few more reasons that exemplify the significance of the study of organizational behavior:
1. It helps in understanding the mission of the enterprise
Every organization has its quintessence or its purpose of carrying out the intended operations. Organizational behavior aids the entrepreneurs in defining the task of the organization- what a company will do and how it’ll do it. It defines an infrastructure that will be followed by the company throughout its run. It also emphasizes on establishing a mission statement that the company wants to achieve through its operations. The mission is not only monetary but it speaks of the company’s culture and aims at bringing a change in the lives of the customers, stakeholders and all the people involved with the company. The mission statement tells everyone about the goals of the organization and can be used to gauge the effectiveness of its operations.
2. It aids in establishing clear expectations
The organizational behavior not only helps in establishing a mission, but it also helps the managers or entrepreneurs in setting expectations for the employees, stakeholders as well as the customers. It helps in formulating the chain of command performed by each employee and also decides the kinds of vendors and customers the company should expect.
3. It helps in better decision making
The organizational behavior paves way for uniformity in the company and its core values. The establishment of the uniform mission, actions and messages facilitate the managers to make better decisions that are fruitful for the company. Organizational Behavior entails an identity to the organization so the managers can make their decision aligning with the nature of operations of the organization.
4. It ensures that managers hire the right person
The employees are the main pillars of organizational behavior. The people that bring new ideas and passion to the organization are considered as the perfect employees for the organization. If the organizational behavior is clearly defined, the newly employed candidates can easily understand their duties and it also makes easy for the managers to hire the right people and communicate with them effectively.
Would You Benefit From Making Early Payments on Your Auto Loan?
Monthly payments make up an important element of the auto loan. The amount of money that you will pay each month depends on a number of things; such as the money you put down, the value of the car, loan term, your current income and credit score, etc. Many a times people wish to repay their auto loan earlier than their term or wish to get the loan refinanced. Understanding the effect of paying your loan early vis-à-vis making timely payments can help you in making a well-informed decision.
Pay Early or Pay on Time: The Auto Loan Question
· Are you interested in making Early Payments?
You know you are a financially adept individual when you think about paying your auto loan early rather than spending the money on frivolous things. The following pros and cons of prepayment will take you one step closer in making the right decision.
Pros: The reduction in the interest amount can help you save a great deal of money. Paying off your auto loan early gives you the financial freedom to use that money elsewhere. Secondly, if you are going to receive a large sum of money in the near future, it is wise to prepay your loan instead of spending it elsewhere. It will make your debt-free early and allow you to live a tension-free life.
Cons: Timely auto loan payments mean that you have planned your finances in an efficient way. If you repay your loan all at once, it may project that you are unable to manage your credit. Remember prepayment of your auto loan will not hurt your credit score, however, it will not improve the score either.
· Do you believe Timely Payments are a Good Choice in the Long Run?
Small payments made every month can surely have a positive impact on your credit rating. The following pros and cons will help you clarify the advantages and disadvantages of timely payments.
Pros: Timely payments made every month are certain to keep your credit score in check. Many a times people may forget to make the payments on time. However, automatic bank payments can help you to keep your payments regular. A shorter loan term with timely payments will help you in obtaining lower interest rates and an overall cheaper auto loan deal in the future.
Cons: An automatic timely payment means that you will have to maintain a certain balance in your bank account, which may temporarily block your finances. A certain amount of your income gets allocated to the monthly payment. Compared to a prepayment strategy, timely monthly payments carry less financial freedom.
Your Auto Loan Payment Schedule: What is Best for you?
Income is an important element that decides which option you should choose between paying your auto loan early and making timely payments. If your monthly payment is manageable and your income supports the loan, you should opt for timely payments. However, if your income source is unstable and you require a car on an immediate basis, you should opt to make a prepayment of your entire loan. On the basis of your financial situation and circumstances, make the wiser choice.