Restrictions on Renting Out Your Property in Bulgaria
If you are considering buying property overseas in Bulgaria for the sole purpose of renting it out to make some extra money you should first realize that you will not make a fortune doing so. In fact, you may not even make enough to cover all of the associated bills. The tourist season is Bulgaria is relatively short and the rental market is more than saturated with people trying to get rich quick by renting out a holiday home. With all of the competition and the short busy season it is difficult to make a profit on a rental in Bulgaria.
To make a profit with a rental in Bulgaria you will need to be prepared to differentiate your self from the competition. The successful people in the rental market usually have something unique or special to offer. Some examples would be a great coastal location, superb customer service, an unusual building like barn and so on.
If you plan on renting out your property as a self catering place you should note that you will have to have it categorized and registered properly with the Ministry of Economy and Energy in Bulgaria. Now if you are going to have an agency represent your property for rental then the agent can take care of this on your behalf. There is a fee to have your property categorized and registered and it is around 20 Euros. The inspection takes around six months and until that happens you will get a temporary license as a tourist site.
If you are opening a bed and breakfast there are more requirements to met. First you need to register with the local town hall, the local council, the tourist board and fire department. You will have to get a cash register that records all of the sales for accounting purposes. You have to get a service contract for the cash register and get a tourist registration book to record all guests. Then the tourist board will inspect your property to give it a rating and category.
Published by SL Newman
SL Newman has been working as a freelance writer since 1997. With experience in varied areas such as travel, immigration, finance and health, she has written for a variety of publications including USA Today... View profile
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