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Sunday, August 13, 2006 

Do's And Don'ts Guide to Bulgarian Property Investment

Westhill Investments, the UK-based investment advisory company and property developer, has issued a buyers’ guide to would be investors in the Bulgarian property market.

The move follows Westhill executives encountering a number of disappointed buyers who have made fundamental errors when it comes to purchasing property abroad.

“It’s in no one’s long-term interest to have disappointed customers - we want as many people spreading the word that this is a great country to visit and make an investment,” explained Westhill Director, Dominic Hicks. “Yet we’re meeting people who have made the biggest purchase in their lives, without even visiting the country or seeking professional, impartial advice.”

The Guide includes tips such as checking the price against the square metres of usable space. It is common practice for balconies, terracing and a share of common parts (including stairwells!) to be included in the price of apartments. Reputable developers and agents separate these out so that it is easy to make accurate price comparisons.

Westhill also urges investors to inquire about management costs when buying a new build. It is in the owner’s interest for the building to be well maintained. Many Bulgarian developers do not make adequate arrangements. Check the details of the managing agent and anticipated costs. Current rates are 7-10 euros per square metre, per annum. Any lower than this and necessary works are unlikely to be completed adequately.

Westhill warns buyers against making rushed decisions to pay any ‘deposits’ or direct payments. Some disreputable agents and developers try to impose ‘fines’ on negotiations if they do not get a deposit from a potential buyer on a first visit. Investors should always investigate the competition and discuss any decision with an advisor or friend ahead of making any payment.

Source: Easier Property News

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