Today I thought I would share with you some photographs and videos I took in Bulgaria while away at Christmas. I know many people talk about the Bulgarian property market and how cheap it is so I thought (for those of you have not been) I would share a few snaps I took.
Property in Bulgaria can be bought very cheap. And the mentality of many British investors is “property is so cheap I cannot lose”. Well let us not forget that Bulgaria in many parts of the country is incredibly poor, people use donkeys rather than cars, unemployment is around 80% and running water is a luxury not a basic. So when we talk about cheap we do need to remember the levels of poverty we are talking about.
For instance – how would you like this “supermarket” as your local to buy your weekly shop?
Or how about this restaurant when you fancy a night out?
This garage to get your car fixed:
This open drain for your sewerage:
Let’s take a drive through the country and see what it looks like:
Does is still look cheap now? Would you really still buy a house in the Bulgarian outback for £10k and still think you got a bargain?
When you see property with a cheap price tag – don’t just assume “it’s so cheap I can never lose” ask yourself – “why is that so cheap?”
Do your research.
At the very least, if you are thinking of buying property abroad at least visit the country.
I know so many investors who thought they bought “cheap” in Bulgaria – they have now written off the money they invested. They have realised they will not rent it, not sell it and wish to God they had never bought it. That makes the “cheap” buy an expensive mistake.
Cheap property can be great – but make sure you know why it’s cheap and your exit plan….because the parody of cheap property is that it can also be expensive!