Estate Agents in Bulgaria
Using a Bulgarian Estate Agent
Bulgaria enjoys a healthy number of estate agents, and to be fair, they tend to provide a good standard of service. It is a very competitive market though and you are almost spoilt for choice. Therefore, making the decision of which agent to use can be quite daunting.
Most important of all, be comfortable with the people you are dealing with. It will help you to find an estate agent with English speaking agents - but at the same time, you can also consider hiring the services of a local translator - where you can expect to pay around 18 Leva per hour.
The majority of local estate agents do not charge any fee for viewing properties. However, it's best to check this before viewing the properties.
The more professional agents will generally ask you to fill in a form in which you agree to their terms and conditions, and they also have a tendency to list the properties that you are going to view on a particular day - and ask you to sign each one that you have seen at the end of the day.
As for commission, it's quite common for the local estate agents to request three per cent commission. This does, generally, include all of the required paperwork for the purchase and associated legal fees (if you see their solicitor). You can of course attempt to negotiate the fees, but will probably have more luck with the smaller agents. Do remember that you generally get what you pay for.
Using a UK-based Agent
There are currently a small number of UK-based companies who provide a service to help you find property in Bulgaria. These tend to be small companies, some family based, who work together with Bulgarian partners to provide you with the full service - from taking your initial requirements, to organising your flights and hotel accommodation and guiding you through the whole process of buying a home in Bulgaria.
An obvious advantage of this approach is that you can deal with people within the UK, saving on expensive phone calls, and for some people this provides a more comfortable and familiar way of dealing with a property purchase overseas.
Commission rates for UK-based companies do vary quite a lot - from as little as 2.5 per cent, rising to 5 per cent and above; whilst others include a fixed price for properties that cost up to a certain amount. Provided you understand what their services include and can justify the cost of these fees, then you could consider using one of these UK-based agents.
Do be sure to check if there are any additional costs. Like most things in life, if you don't read the small print, you may get disappointed when confronted with a bill you weren't expecting. So, do check if there are additional costs for:
l. The translation of legal documents
2. Payments to the notary when signing preliminary and final contracts
3. Payments to solicitors for their legal checks, preparing legal papers etc.
4. Payment of local and court taxes
5. Payment for the registration of the property with the local authorities
6. Payment for the set-up of a Bulgarian company (if required)
Should You Use a UK-based Agent?
On your first trip to Bulgaria it may be in your interests to go via one of the UK-based agents, in order to show you the ropes, as it were. If you are of a nervous disposition or would prefer less hassle, it may be in your interests to choose this route. It is wise to spend some time getting to know the agents, how they work and if possible contacting people that have bought from them, so that you know what to expect.
