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I bought an apt in Bulgarian ski resort. Should I sell it now or wait. Help I have a huge headache

snowchick
by snowchick 16 February 2011  |  Comments 9 comments  |  Love Love  0 loves

I bought it about 4.1/2 yrs ago for 58,000 Euros it is now worth about 29,000 euros. I have paid for insurance, maintenance, advertising, agency every year and so far NOT EVEN ONE RENTAL. not one Euro have I made. Someone got a key somehow and lived in it for a week without my knowledge and ran up a bill on electric which I had to pay for as well as laundry change etc etc. Excuses from everyone. Now I come to sell I can only find one agency not charging up front but they want £3000 euros fee, then 500 Euros for a lawyer, also I have taxes to pay apparently (I don't know how much these will be or how to find out. I also vaguely remember being told about a tax which would be due if i sold the property after owning it for less than 5 years. Nobody was clear on this.

I really really would appreciate advice as i am doing this by myself, I cannot afford to pya over the odds on this - I have already lost about 25000 euros on the property value. the apartment is in a ski resort.

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Comments (9)

  • JoeEasedale
    Love rating 174
    JoeEasedale posted

    If you simply cannot afford to keep it up then you clearly need to sell - there is no choice.

    However.

    If you can keep it up then undertake an analysis of the likely market - price movement expectations, rental opportunities etc. In other words do the analysis on the prospects that you either did before you bought it - or else should have done.

    What has changed? Are your original assumptions still valid? If not, why not.

    Only with a knowledge of Bulgaria, can you expect to come up with a valid answer.

    Posted on 17 February 2011 | Love Love  0 loves Report
  • Den Clare
    Love rating 5
    Den Clare posted

    I sold properties abroad for several years and Bulgaria seemed a really good proposition!

    It has now proved otherwise so get out while you can!!

    Den

    Posted on 19 February 2011 | Love Love  0 loves Report
  • snowchick
    Love rating 12
    snowchick posted

    When I bought it there were promises of many good things, new airports, huge infrastructure projects, up and coming resort, olympics etc etc.

    Now 5 years later the place has more buildings than London. the property is half what it was worth when i bought it - I bought off plan and have since fully furnished it.  Everyone wants their cut of maintenance, tax, insurance, advertising, the maintenance people do not maintain anything, everyone appears corrupt and it is a huge headache. I now fine they want 3000 euros to sell the apartment for me and they have esitmated its value at 22500 euros (bought for 58000 under 5 years ago.) I would be grateful to hear whether this fee is about right - it is a huge precentage of the property.

    what alternitives do I have??

    ANY ADVICE/Comments or anything welcome. Please help i am checking this daily.

    Posted on 19 February 2011 | Love Love  0 loves Report
  • snowchick
    Love rating 12
    snowchick posted

    I have found a company called the Worldwide Property group which looks good to sell the apartment. Does anyone have any experience of them? I so need to know they are not some scam or something. I just want a fair deal at a fair price from a company who want to sell my apartment at a fair price as much as I do. Anyone have any experience of them please let me know.

    thanks.

    Posted on 20 February 2011 | Love Love  1 love Report
  • s.lang@btinternet.com
    Love rating 0
    s.lang@btinternet.com posted

    I too bought a property off plan in the Ski resort of Bansko with the promise of good rental returns. Now five years on and the apartment is built, paid for in full, but in a complex where some of the apartments have been subject to money laundering/ corrupt dealers, etc, and are therefore not paid for, and builders,banks, etc are all owed money. I have no chance of selling my apartment, until investors are found there is no way forward to complete the complex, and I stand to lose my investment......any suggestions would be appreciated!!

    Posted on 05 March 2011 | Love Love  0 loves Report
  • peterey78
    Love rating 1
    peterey78 posted

    Which company have offered to help in the sale? I am struggling to find one, any help would be appreciated

    Posted on 24 August 2011 | Love Love  1 love Report
  • victoria_harold
    Love rating 0
    victoria_harold posted

    i am so delighted to say i sold my appartment in Bansko!! after 3 years and 6 months of nothing i gave up all hope, i joined the worldwide group, they were great within two months i got an offer which i was delighted to accept, i never expected to sell the appartment, i have no clue about property sales the bulgarian language or anything else. im happy to be done with this property before the market got worse!

    Posted on 29 September 2011 | Love Love  0 loves Report
  • waynem
    Love rating 0
    waynem posted

    I am in a similar position at the moment, and I am looking at using the worldwide property group, I Was wondering how everything went did you manage to get rid of the apartment. hope it went well for you. any advice you can offer would be appreciated

    Posted on 30 July 2012 | Love Love  0 loves Report
  • fritz
    Love rating 0
    fritz posted

    i might be interested in purchasing. we have family in bulgaria and love skiing.

    Posted on 21 November 2012 | Love Love  0 loves Report

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