When you’re in the market for your home it is crucial that you determine the value of your property – this will help you generate the desired buyers and eventually earn some profit. Even though this is not an accurate means to determine the value of the property it is in some way close, giving you a rough estimate of what you can expect against the sale of the property.For those of you who have little or no information about property valuation, here is something that might help you -Property valuation is the process which determines the economic value of real estate. The process typically seeks to determine fair market value, the price at which a knowledgeable seller willingly sells her property and a knowledgeable buyer will willingly purchase it.There are a number of things that need to be considered for property valuation that will eventually make all things simpler for you; here are some of these mentioned for you -

Consider the Local Area – One key factor to keep in mind is the local area as well as the current rate of property in this area. While most people consider all the other factors what they in most cases forget is the role of the local area in property valuation. The process and the value of the properties on the urban side will in all cases be different from those in the countryside. Therefore, when opting for property valuation keep in mind the local area too.

Size of Property – On the second number of property valuation is the size of the property. If you think a bigger property will get you bigger money you’re absolutely mistaken and should understand that this will never be the exact case. The entire thing about property valuation depends on the number of rooms in the house, how well kept the house is and the requirements of the buyers. Keep this thing in mind so you never go wrong with the process.

Choose an Estate Agent – A majority of the people think and believe hiring an estate agent can be an absolute waste of money, but what they fail to understand how the agents help them in the complete process of valuation, telling them exactly everything from what reduces the value of the property to what needs to be done in order to maintain the things and get them going.

Recent Sales in the Area – Another important thing that determines the process of property valuation is the recent sale in the area where the property is located. There will always be a number of factors that determine the sales of properties in a certain location and it will in a way play a role in determining the value of your property.

Standard of Presentation – Remember presentation is the way to many things and presenting your house well to the buyers will always be one of the smartest decisions you could take in all time. Make sure your house is clutter-free and clean; the pets are kept away and everything that your buyers need to see is well maintained. Keep in mind that the first impression you give your buyers will stay with them for the longest period of time and if you can make it a good one there will be nothing like that.

Areas of Improvement – Every house has certain areas that can be improved and made to look better – this can help you get the maximum value for the house upon sale. Make sure you are open to any suggestions and are willing to make the necessary improvements to the property.

Exterior of the House – Again, a majority of the people consider the interior of the house to be an important point but ignore the exterior and this is one of the biggest blunders of all time that could possibly play a role in reducing the value of the house to barely anything. Make sure the exterior including the gardens and the lawns are properly maintained and taken care of.

Property valuation can be a lot of work but if you can include these points mentioned above as the important ones then things could to some extent become simpler for you.

When it comes to real estate investing, many people are making money right now by flipping properties. Sure, today’s market is not the greatest at this point in time, but despite of home prices that are falling and the housing boom that is now over in some areas, this is a prime time for flipping properties. Of course if you plan on getting involved in flipping properties there are many things that you are going to have to take into consideration. While it may sound quite simple, there is quite a bit to learn if you are going to try to be successful at flipping properties, so the following are several tips that will help you with flipping properties in today’s market.Tip #1 – Understanding the Concept of Flipping Vs. Speculating – First of all, if you want to start getting involved in flipping properties, it is important that you understand the difference between flipping and speculating. Speculators are essentially real estate amateurs who are usually not consistently successful. They count on theory that there is always a “bigger fool”; someone who will come along and purchase the property for more than what they paid for it. Flipping involves a totally different approach. People who flip properties are more conservative and they are more likely to be successful, no matter what the market looks like.Tip #2 – Getting started – Now you need to know how to get started flipping properties. Basically flipping properties involves getting the property for a low price and then within a short period of time, selling the property for a price that is much higher. Property flipping is a great investment; however, it is important that you make careful plans. If you are new to flipping, you will probably want to work with a seasoned real estate agent, who can help you understand more about the current market trends and conditions. Having a good agent on your side can help you locate a great property and they can also help you figure out what it would cost to fix up the home so you can get the best amount of profit whether doing the work yourself or flipping it to another investor who will fix it up for profit. You have to make sure there is enough room in the deal for a profit once the entire repair costs & other holding costs such as mortgage, insurance, and taxes are figured in. Even if you reselling the property to another investor who will then fix it up, the investor will only be interested in buying if there is a margin for profit on their end.Tip #3 – Advance Planning – Of course advance planning is very important when it comes to flipping properties in today’s market. You’ll want to make sure that you know what you are actually getting into. Plan ahead as to what types of properties you want to flip, who you want to renovate them, and other important details. Also, before you get the property, make sure that you have it inspected. Not having the property inspected could lead to heavy losses, so be sure that you have an experienced inspector look the property over carefully.Tip #4 – Finding a Flip – Finding a flip is the hard part. When it comes to flipping properties and there are a variety of key phrases that buyers look for when they are looking for the right properties. Some of the phrases hat they look for include listings that have phrases like “needs work,” “must sell,” “motivated seller,” and “vacant.” Many flippers take a close look at properties that are being foreclosed on as well. Usually banks are trying to get what they can for these properties, so flippers can get them for a good deal.Tip #5 – Getting a Loan – Getting a loan is important as well when you are involved in flipping properties. However, when it comes to getting a loan, there are many mortgage companies that are a bit leery of giving out loans on a flip because of various scams that have been used in the past. When you try to get a loan on a flip, you will need to check into the requirements. Some companies may make you wait 3-6 months before selling the property; however, in some cases you may be able to sell a flip sooner if you can prove that your property has increased in value. There are also private lenders that are willing to give loans on flip properties as well; however, they may charge higher interest rates.Tip #6 – Fixing up a Flip – Once you have acquired a flip property you are then going to have to work on fixing it up. You will need to take a look at the property and then figure out the level of upgrading that the property you have chose warrants. It is not prudent to put in upgrades that will only be a wasted investment. Be sure to do the best job possible; however, remember that there are some improvements that will not increase the value of your property. Be sure that you make the improvements that are needed to bring the property you have up to the same condition of the other properties in the area so you will have no problems selling it. A good realtor can give you great advise on the type of work to do and the type of work not to do to get the most profit out of each property.Tip #7 – Selling a Flip – When you are selling a flip it may be tempting to do it on your own; however, in most housing markets it is best to have a professional real estate agent help you sell the property. You will need to know the current market that you are dealing with and you will also need to be sure that your property is priced right. Setting the wrong price in the beginning can really hurt you, even if you lower the price later, so be sure that you get the price right the first time. Also, a real estate agent can give your property the exposure it needs to sell quickly, saving you a bundle on holding costs.Flipping properties is a great way to make money; however, it takes some work and knowledge. It will take hard work and planning to build up your wealth, but if you are willing to do the work needed, you can definitely be successful in this field of real estate investing.

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.