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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

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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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.

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

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.

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.

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!!

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

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!

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

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

I have a one bedroom appartment at the Royal bansko resort top floor lovely view wanting to sell at a very cheap price