Costs to Expect when Buying a Home in Bulgaria

If you have decided to purchase a home abroad in Bulgaria then you will want to familiarize your self with the housing market to make sure that you are getting the best deal and not paying too much for the property that you select. You should also be aware of what extra costs to expect that are in addition to the purchase price of the home. Sometimes these extra costs can up the overall cost of a home by a substantial amount that people may not take into consideration.

Buying property overseas in Bulgaria is an attractive option to a lot of people as Bulgaria is known for having low cost property available for purchase. Granted over the past few years there has been a fairly substantial increase in the values of property in some of the more popular regions of Bulgaria. Like most any other place the cheapest properties in Bulgaria are to be found in the more rural areas while the most expensive properties tend to remain near city centers or in high traffic resort areas of the country. You will see some of the highest prices where the highest demand is along the Black Sea coast due mostly to the restrictions on available land in that area. You can expect property prices in that area to be anywhere from three to 20 times more than a similar sized property elsewhere in the country.

For an idea of how much property will cost you in Bulgaria you can use some of the following figures as averages, of course the market is changing all the time. New villas along the Black Sea coast typically start out at around 100,000 to 150,000 Euros and go all the way up to 300,000 Euros for the luxury villas.

If you want a more rural location and less coastal you can plan on spending between 25,000 to 50,000 Euros for a place that only needs minimal improvements. If you want a place that needs a major renovation you should be able to get that for less than 5,000 Euros. If you want a two level house in a coastal town or a luxury apartment in a city center or even a home in Sofia then you can expect to spend around 150,000 Euros. If you want a large home or a house with views of the sea or even a luxury apartment in the city center of Sofia you can expect to pay around 250,000 Euros.

When you do find a home that you are interested in buying remember to consider that there will be extra fees associated with the purchase of the home that you will have to pay. You may have to pay a company registration fee if the property has land attached to it. That will require a deposit of around 2,000 Euros and the registration will cost around 800 Euros. You will also have to pay property taxes, municipal tax, notary fees, agency fees, VAT and possibly some other fees. These fees could add on up to five percent of the purchase price of the home.