Bansko is ensconced in the foothills of the momentous Pirin Mountains, a well-known winter and summer tourist spot for those looking for a slice of skiing heaven. Views with cinematographic levels of beauty, quaint villages like Razlog and Dobrinishte chocked full of tradition, history and culture, hot mineral springs in surrounding towns, a well connected transport system complemented by beautiful cities with modern amenities, Bansko seeks and has redefined the term ‘getaway’. Purchasing a piece of such promise will definitely be foremost on the minds of many who know of Bansko and this is a short informative trip on how to find property for sale in Bansko.

Finding property for sale in Bansko isn’t difficult, the Bulgarian property market is well placed within international selling arenas and looking for one is as easy as logging on to the internet or simple calling a real estate agent from a transnational property company. That is one way to go, or you can tap onto Bulgaria’s finest – locally grown or internationally influenced based companies that are in Bansko and thus perhaps give you a better and more detailed idea on areas like legalities, contract laws, processes and location advices.

Ranging from luxury ski property to resale or rental options, some of the Bansko based companies include Concept Bulgaria Property, Anglo Continental, International Dreams or Simplyzigzag properties. But these are just examples, and you must have, on hand, a lawyer to iron out the details, ensure a smooth purchasing process and of course ensure that the property, and its accompanying contract is entirely on the up and up.

There are many areas for you to look at, from ski properties within Bansko itself, like Mountain Paradise, Severina, Orbus or even the high end Imperial Golf Club. Then there are sea side and city properties within and near Bansko in Saint Nicholas, Regina Mare and Sofia City – one of the most busiest cities in and around Bansko itself. You should also note that each area has different location and thus different prices. Work out a budget and balance that with that you want out of a second home away from home in Eastern Europe.

If you truly see something you like, or would like to have a look before you make a decision, there are inspection trips available at affordable prices as well as the ability to ‘reserve’ popular property. The price range for reservations can be as low as a few hundred Euros to even two thousand Euros and beyond, depending on the location of the property and market conditions.

Finding property in Bansko is never a problem, with thriving development and continued investments making sure of an explosion of properties for the international traveller. Finding the right one is slightly tougher, but with knowledge on Bulgarian property law, perfect location and good prospects, you can have a little piece of one of the best ski resort towns in Europe. This is just a start on how to find property for sale in Bansko, pointing you in the right direction; the rest is up to you.

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Potential residential property investors are often bewildered by the wealth of information available regarding property investing, which is often contradictory.

First time property investors should take the following points into consideration before embarking on their property purchase but always check their own circumstances out with their accountant before committing any funds to the project: -

1. Rely on the numbers and leave emotion out of the transaction as you will not be living in the property

It’s not critical that you adore the colour scheme, the type of handles on the doors or some other features of the property – the numbers e.g. purchase price, rental return, supply of rental property in the market and potential capital gain, must stack up. These details, apart from potential capital gain, are readily available from real estate agents.

2. Start small time – you will be able to sleep at night that way

Start with a lower priced investment property and a smaller loan. As you will be, most likely, subsidising the loan repayments, there is less pain with a smaller loan if you are not receiving rental income during any period. Being able to sleep at night is always an investor’s objective.

3. Treat your property investment as long term

Unless you have bought a red hot bargain, you won’t be able to achieve substantial short-term gains and you need to be able to recover your purchase transaction costs such as stamp duty and legal fees together with your selling transaction costs. Of course, capital gains tax also comes into the equation when you sell. Capital gains tax will apply when you make a profit after owning the property for more than 1 year (from purchase exchange of contracts to sale exchange of contracts)

4. Either buy locally or within driving distance from home

It’s reassuring to be able to regularly see the property and know that it still exists and you are likely to be more familiar with the market. This does not mean that you should necessarily be purchasing the property next door to your own home as it’s advisable that you remain at arm’s length from your tenant and enjoy some anonymity. If you do purchase in an area that you are not familiar with always ensure that that obtain an independent valuation on the property you are purchasing even where you are using your own home as security.

5. Engage the services of professionals

It makes good sense to use the services of an accountant, a lawyer, a realtor and a mortgage broker to assist you in purchasing and managing your residential investment property.

6. Obtain advice from your accountant regarding the name in which the property should be purchased and the loan obtained .This decision can have substantial tax implications and should not be taken lightly.

7. Consider a fixed interest loan when borrowing

It will provide interest rate certainty. Whether you borrow interest only or with principal and interest repayments depends on your own circumstances. Your home loan specialist and accountant should be able to assist you with this decision and whether you borrow on a fixed or variable basis.

8. When selecting a property to purchase look for proximity to transport and amenities and avoid high maintenance features such as a swimming pool or a large garden

It’s important to purchase property that a tenant will be happy to live in. You should try to appeal to the mass market e.g. 3 bedrooms and covered car parking in an area where there is a high demand for and not an oversupply of vacant rental accommodation. When you buy properties, which incorporate a swimming pool or a large garden area, you can count on the fact that the maintenance costs will increase without any increase in rent.

9. Don’t attempt to squeeze the last drop out of your rent

It makes more sense earn a lesser rent but to have long term tenants who will look after the property and treat it as if they owned it. It’s also smart to explore the cost of insurance cover over rental income and property damage.

10. Don’t stop with a single residential invesment property

The first purchase can be a daunting process but the second and subsequent properties are easier to purchase than the first.

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