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| Should You Buy Or Build A House In Bulgaria? | ||
Bulgaria is a great place to live in because it is rather centrally located on the continent, having shared borders with countries like Greece, Turkey and Romania. It is only a night train or bus ride away from Austria, Italy, Hungary, Croatia and Slovakia. The country itself is a land of beauty with its scenic Black Sea coast, mountains and historic ruins and monasteries. Life here is modern and connected, with even small villages having high-speed Internet access. The cost of living is low and the property prices are among the cheapest in the world.One of the best ways to get a sense of the Bulgarian property market is to connect with other expat buyers. Many expats buy homes in Bulgaria that they plan to renovate before moving in, while others buy property that they can develop into a new home. Whether to buy or build is an important question to ask, and one that only you can answer, taking into account your situation and lifestyle, and understanding the building regulations and controls in Bulgaria. Here’s a short overview of how things work. Buying a property The process of purchasing an apartment in Bulgaria is similar to that in most other European Union countries. You require only your passport and the money to make the transaction. Until 2014, foreigners had to first form a Bulgarian registered company in order to buy property. But now, as per the agreement made at the time that Bulgaria became a member of the EU in 2007, foreigners can buy and inherit landed property in the country. Building a property Before building a property on Bulgarian land, it is important to first have the land approved as building land by the local authorities. You cannot build residential properties on land that has been designated as industrial or some other regulated zone. There are also unregulated lands that are meant for agricultural purposes. In some cases, agricultural land may be regulated in such a way that a property can be built on it. However, this can be a tedious process, and you will need to hire an experienced estate lawyer or agent to handle it. The process may continue over the course of several months. Once your piece of land has been regulated, you need to obtain a permit that allows you to start building. This permit is called a PUP, and to acquire it, you need to submit the architectural drawings of your property along with a schedule of the complete construction process. It usually takes a couple of months to get the PUP, which marks out the specific area of the land on which building can begin, and also sets out the maximum height of the property. Following this, you can get approvals from water, electricity and gas suppliers in the area, and building can finally begin. |
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