Resale property in Bulgaria

Resale property in Bulgaria is a market with enormous opportunities. Offerings include the sale of resale apartments of varying sizes, from economy class to luxury class. You can find options for any budget by the sea, in the mountains, or in the city. As a rule, the housing is ready to move into, which is what attracts new buyers.

Features of resale housing in Bulgaria

Resale property refers to houses, apartments, cottages, and townhouses whose ownership rights have passed from developers to new owners. These new owners can be private individuals, management companies, or real estate agencies.

The second characteristic of the resale stock is that by the time of sale, the housing has been used for living or letting. This condition is not always met, since the market has many apartments and houses bought from builders in which no one has lived. Interior finishing work has not been carried out, and there is no furniture. Such property is often the most advantageous. The price is lower than from the developer, while the condition is excellent. There are many such options in seaside towns and complexes. They are sold predominantly by foreigners due to changes in plans or relocations.

Bulgaria offers a large selection of resale properties. Family homes, luxurious villas, and premium apartments are on sale. Buyers can select and purchase an apartment on the resale market in Bulgaria in buildings intended for permanent residence, as well as in residential complexes with a maintenance fee.

The following are particularly popular:

• Studios, consisting of a single room with a kitchen corner, a combined bathroom, and a balcony. They are purchased for seasonal holidays or as housing for 1–2 people or young families.
• Two-room resale apartments. These consist of a living room that includes a kitchen, a bedroom, a corridor, a bathroom, and a balcony. The apartments may be arranged over one or two levels and have two balconies and bathrooms.  They are suitable for permanent or seasonal use, as well as for letting.
• Three- and four-room apartments. These are more often acquired for year-round residence. They are popular in complexes and ordinary residential buildings. They are convenient for large families.
• Townhouses. An excellent alternative to apartments. They are sold with parking and a plot of land, where you can arrange a leisure area or lay out a garden.
• Cottages and villas. If in the past the market was represented by old family homes, today many offers of modern houses with convenient layouts have appeared. There are options in cities, suburbs, and villages. Villas in cottage settlements are popular.

Advantages of buying resale property in Bulgaria

Many buyers prefer to purchase apartments in new-build developments. They are clean, there is no risk of malfunctions or damage, and the entrances have no unpleasant odours. Nevertheless, people who originally planned to buy new housing often end up choosing a resale property.

The advantages of property on the resale market:

• The house or apartment is ready—you can move in and live there. They are often sold in perfect condition, requiring no investment. If renovation work does have to be carried out, it is done after moving in.
• Ideal location. Free space for construction in the central parts of the city and near the sea is limited. For this reason, the construction of new, even ultra-modern, premium buildings is shifted to outlying areas or takes place on small plots, where the windows of neighbouring buildings look right at one another and residents can share their morning coffee together.
• Excellent quality. Many residential buildings are built and maintained to a high standard, and even after several years of use they look like new.
• Convenient layouts. Modern residential construction offers various layouts. However, in apartments built 10–15 years ago, you can find a more convenient arrangement of rooms and spacious premises.
• Availability of basements. In modern buildings, common areas are set aside for storing bicycles and prams, but there is no place where you can take away unwanted items and furniture. A basement is a frequent requirement of buyers planning to purchase property for permanent residence.
• Ability to obtain a mortgage. If the resale housing has been commissioned in accordance with the law, the chance of obtaining a loan for its purchase is higher.
• Prices. It is easier to negotiate discounts with owners than with developers.

Nuances when buying resale housing

When buying property on the resale market, a number of general factors are taken into account—location, view from the window, presence of a maintenance fee, quality of construction, and floor.

When purchasing resale property in Bulgaria, there are nuances to which special attention must be paid:

• Year of construction. Sometimes the quality of older houses is better than that of new ones, but more often buildings over 15 years old require roof repairs and the replacement of pipes and electrical wiring.
• Condition of the residential building and apartment. Check for leaks, damp, and mould on the ceiling, walls, and in the bathroom. If there is a basement, do not be lazy—go down and take a look around.
• What is being sold together with the resale property. It is recommended to clarify whether the furniture, household appliances, and boiler will remain in the apartment.
• Presence of a management company or owners’ council. When buying a resale apartment, find out who deals with building maintenance issues and with what funds it is carried out.
• Documentation package. Despite the fact that people are living in the residential building, officially it may not have been commissioned. It is necessary to check whether Act 16 is in place and whether there are any mortgage or lien restrictions.

Prices of resale housing in Bulgaria

Buying an apartment on the resale market in Bulgaria cheaply is realistic. The price per square metre starts from 400 euros/m².  Often such housing needs renovation and replacement of furniture. Another reason for cheap resale property is an urgent sale.  The seller urgently needs money for treatment or for purchasing another apartment.

Prices for resale apartments in new buildings with a lift and without a maintenance fee, located near the sea or in the city centre, are higher. The cost per square metre increases when there is a sea view or high-quality interior finishing. Prices in Varna and Burgas reach 1500–1800 euros/m².

The resale market is an opportunity to buy an apartment in Bulgaria at a reasonable price.