Expenses when buying property in Bulgaria
To buy property in Bulgaria is not difficult at all. There are a couple of things, that everyone should know,before making a decision to make a purchase in Bulgaria.
1st - to find the best property, within the requested budget and personal requirements.
2nd- to have a professional estate agent ,who is trustworthy ,as the buying process is long- sometimes it takes an year or more and you will ,by all means, need someone to look after you and remind you of all the payments and legal part of the purchase
3rd -you have to be familiar with all the legal issues connected with the buying process.
In accordance to the type of property you are buying, you have to expect the following expenses:
Expenses, paid only once–when receiving the Title Deed and transferring the ownership of the property
When buying a property in Bulgaria originally all the notary fees and taxes are paid by the buyer. Of course there are cases when something else is negotiated.
Our role as consultants is to advise our customers with the opportunities offered .Local Tax -The percentage of the Local tax depends on that ,whether ,the deal is a sale or a gift, and varies according to the munucipality, where the property is located.
Every deal connected with a property in Bulgaria is due to a local tax, in accordance to The Bulgarian Law of Local Taxes .To sale or buy a real estate in Bulgaria this tax may vary between 2- 3 % from the purchasing value of the property and is calculated by the Notary Man,who is finalizing the Purchasing process ( signing the Title Deed ).
The Notary Tax is collected in accordance with the Tariff of the Notary taxes ,in accordance with the Law for the Notary and the Notary Acts . To understand what is the tax you own, you should have all the necessary for the Title Deed documents, or to be aware about the price that will be written on the Title Deed .
Of course, for help, please, do not hesitate to contact your sales assistant who will help you with all of that. A property professionals will always advise you about you expected Notary expensesCouncilors Tax 0.1%(collected by the Councilor Agency after the Deed is signed by the Notary)
Councilor Tax is collected for every document as the title Deed. According to the Law of councilor tax is paid for all kind of acts with which there is a property ownership transfer (sale,gift, exchange ,etc.)
Expenses - annually:
-Property tax - property tax and garbage. The ammount of this tax depends on the area/city/, where the property is located and the quality of the construction works, as well as the infrastructure around the building.
-Maintanance fees - green areas,security,swimming pools If you your property is located in apartment complex , you will have to pay on an annual base a maintanance fee. It may vary from 7 to 12 euro/per sq/m ,depending on the facilities, offerred in your complex. Included in the fee is 24/7 security, swimming pool,maintanance of the green areas,common parts ofthe building,lifts,cleaning of the corridors, ,etc.
-Insurance of the property -it costs appr. 40, 50, 60 еuros - for studio,one and two bedroom apartments accordingly.
Expenses - monthly:
-Water supply-it is measured by the water meter and the cost varies, depending on the location of the property, usually costs around 0.50 euros per cubic meter. In rural areas, the cost of the water is two times lower.
-Electricity supply-it is measured by day and night tariff - day tariff / from 6.00 to 22.00 hours / - at theprice of BGN 0.174 per kWh and night tariff / from 22.00 to 6.00 hours / - 0.082 levs per kWh. The figures in euros are respectively 0.09 and 0.04 euros per kWh.
-Telephone, internet and TV - many providers in Bulgaria,like Mobiltel,Telenor,Vivakom , are offerring at good prices - a set - mobile phone ,cable TV and Internet.Free wireless internet access is available in the majority restaurants and Internet cafes
The figures for the expenses vary depending on what you are buying- a house, villa,apartment- studio or one bedroom.The smaller the property is ,less the expenses will be.
For more information, please contact our consultants: [email protected]
or call us: + 359 56 813121, +359 888 276672