Bulgarian Off Plan Property - Buying Checklist

Buying off-plan is the process of reserving a property on a new development before the property is completed. In many cases, the actual construction may not have even started when you put your deposit down on the property. You would generally review a floor plan of the property and also an artist's impression of the final property exterior.

When buying off-plan, the payments would normally be profiled during the stages of construction, typically with an initial reservation fee followed by two or three more payments spread out over the construction cycle.

As you drive through Bulgaria you will see examples of building projects that have never been completed. Whilst this is less common now, you should always check the credentials of the building company to ensure that they have a good track record and also conduct as many checks on the developer / investor as you can.

Ask the developer or real estate company acting on their behalf if there is any guarantee to protect the payments you will make, in the event that the construction is not completed. Whilst this is still uncommon in Bulgaria there are always exceptions, so its worth checking.

Off-plan developments are particularly common in Bulgaria, with projects running in major cities and ski-resorts; for example in Sofia, Varna, Sunny Beach and Bansko. Sunny Beach has been a particular favourite amongst the British!

If you are buying off-plan, do ensure that you have viewed the final site development plan and understand what amenities, if any, will be provided. It is also advisable, if you have the time (and money), to visit the site of the proposed development to ensure that you are happy with the location. No matter how many questions you ask about the location, or how many two dimensional photographs you see, nothing can really compare to seeing it with your own eyes. If you are buying off-plan with a view to living there, this is even more important.