Should I urgently sell property in Bulgaria in 2022?

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Life in Bulgaria

Shopping for property in Bulgaria for residents of the Russian Federation, particularly pensioners, is very simple, however first it is advisable to discover out if the native circumstances are appropriate for a protracted keep for every particular individual. The actual fact is that most individuals come to Bulgaria in the summertime on the peak of the swimming season and spend most of their time on the sea. In summer season, all the pieces is ok – exceptionally sunny days, heat sea, clear seashores and cheap berries and fruits.

Prepared-made venture of a two-storey cottage in Bulgaria

And most significantly, quite a lot of low cost actual property, which, at instances, isn’t just supplied, however instantly imposed and prepared for reductions and even interest-free installments. However earlier than deciding to spend cash and purchase property in Bulgaria, it is rather good to go to right here in autumn and winter. All lovely resorts comparable to Sunny Seaside, Golden Sands, Sozopol or St. Vlas are nearly utterly empty round mid-October.

All accommodations, nightclubs, discos and most outlets are closed till early Might, when constitution flights from Europe to the Bulgarian coast start. Massive supermarkets, in fact, work, however there are few of them and in winter you generally should take a stroll. Some life in Bulgaria, throughout this era, could seem boring, however it isn’t fully true. In every metropolis there’s a Russian neighborhood or membership that has its personal premises, or they hire it on a everlasting foundation.

Residential complex with swimming pool, where you can buy

Residential advanced with a swimming pool, the place you should purchase an condominium

There you may completely talk with compatriots, take part in varied excursions or occasions. For giant holidays, a restaurant is rented, the place everyone seems to be invited. In the course of the preliminary journey, you may make acquaintances on this nation, and if time permits, it is rather good to journey a bit round Bulgaria so as not solely to get a basic impression of life right here, but additionally to find out the place of future potential residence.

In Bulgaria, it’s good from April to October, however it’s simply nice from Might to September, the remainder of the time the winds blow, generally it rains, generally fairly sturdy, and in winter the temperature at night time drops to -10 levels. There may be virtually no snow right here, and what falls melts immediately, that’s, winters are very heat by Russian requirements, however it’s nonetheless price residing in Bulgaria outdoors the seashore and swimming season.

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Shopping for a house

You should buy a studio by the ocean in Bulgaria for about 80,000 lev⁣ (3,000,000 R). A 3-room condominium in a distant space of ​​Sofia prices not less than BGN 100,000 (3 870 000 R). However in a small city not removed from a poor quarter, an condominium can price 20,000 lev⁣ (774 000 R).

To decide on housing in any Bulgarian metropolis, it is very important know the place which quarters are. In nearly each metropolis there are poor neighborhoods, they’re referred to as “mahala”. There are additionally marginal areas, Soviet buildings, the non-public sector, previous microdistricts with dilapidated buildings and stylish neighborhoods in resort areas. In Sofia, probably the most well-known poor quarter is Fakulteta, probably the most prestigious is the Boyana district, and an instance of an bizarre residential space with Soviet buildings is Lyulin.

The poor quarters shocked me. Individuals there dwell in previous vehicles and homes manufactured from garbage. It’s chilly in winter, and so they sit below a frivolous cover round a fireplace. Across the mountains of rubbish: fields actually suffering from plastic luggage. Kids go with out sneakers, stepping with naked ft or ft wrapped in rags on the bottles they’ve damaged. Residents transfer across the metropolis on horse-drawn carts, wherein they accumulate discarded issues and furnishings.

In Yambol we lived very near such a settlement. In Sofia, we particularly selected an condominium in a affluent space with a superb college close by.

Poor quarter, subsequent to which we lived in Yambol

Plenty of folks take out mortgages. Housing loans are given for a interval of 10 to 30 years, the down fee normally have to be not less than 10% of the mortgage. For the financial institution, it’s fascinating that the household’s bills for mortgages and utility payments quantity to not more than 55% of earnings. Mortgage curiosity right here about 3-7.

In Sofia, renting a two-room condominium is about the identical as paying for a mortgage. Our buddies hire out an previous condominium in a non-prestigious space and as a consequence of this they totally pay the mortgage.

We’ve not but taken a mortgage in Bulgaria. Some employers assist their staff with mortgages. We hope to finally use this feature as nicely.

Newly renovated Soviet-era home in a residential space in Sofia
Trendy home in a pleasant quarter of Sofia
In some locations Sofia is similar to any Soviet metropolis

taxes

If you’re formally employed, then the employer makes tax deductions out of your wage. 12.9% of the wage goes to social, pension and medical funds, one other 17.9% is deducted by the corporate for a similar and different social funds.

From the quantity remaining after these funds, earnings tax of 10% is eliminated.

Self-employed residents don’t pay pension and social safety taxes if their earnings is lower than BGN 510⁣ (19 750 R) per thirty days. For farmers and tobacco producers minimum wage threshold – 320 lv⁣ (12 386 R). Particular person entrepreneurs pay a ten% tax, that is referred to as a “flat price”, as a result of it’s the similar for everybody.

Some classes of earnings are exempt from tax, comparable to inheritance and lottery winnings.

Bulgarian firms pay VAT relying on earnings. If the earnings is above 50 000 lev⁣ (1,930,000 R) per yr, then VAT will probably be 20% for nearly everybody, apart from landlords of actual property – they pay 9%.

Property tax is normally 0.01-0.45% of its worth. If the home is the primary housing for a citizen, you may get tax advantages, that’s, the tax will probably be near the minimal.

In Bulgaria there are tax deductions, as in Russia. For instance, there are three minor youngsters in our household. On the finish of the yr, my husband and I’ll file a tax return and hope to return roughly 600 lev⁣ (23 200 R) from taxes paid.

Annual tax return from the tax web site

Renting out actual property

When the property is acquired and registered within the property, the proprietor has the correct to eliminate it at his discretion. You possibly can register an organization on the deal with, actual property may be instantly put up on the market or it may be rented out. All actual property businesses tackle the operate of property administration.

The dynamics of price changes for houses in the Bulgarian village

The dynamics of value modifications for homes within the Bulgarian village

An settlement is concluded with the corporate, wherein it’s prescribed for a way lengthy the residing house is rented. The quantity is normally decided by the company employees, the contract additionally stipulates the proportion that’s deducted to the corporate for the assured rental of the condominium for a specified interval. The corporate ensures the security of furnishings and family home equipment, if they’re accessible within the condominium.

Property homeowners in Bulgaria typically don’t use the companies of such firms, believing that the quantity supplied by the company just isn’t too excessive and attempt to hire out their condominium on their very own. That is troublesome and takes time. There may be much less cash with the corporate, however no worries both. After the tenants depart, the condominium is put in good order, on this kind, and returned to the proprietor.

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