Buying off-plan is popular in Bulgaria. This method of purchasing involves making a commitment to buy a property that has yet to be built. Selling off-plan reduces the investment required to get the project started. This advantage is passed on to the buyer as a discounted price, often significantly below the market value of the completed property. The buyer also benefits from any increase in property values during the building period, which can be significant.

The decision to buy off-plan is based on information provided by the developer or estate agent. This includes details of the location; a site and floor plan; building specifications and information about the materials to be used and communal facilities. There should also be a construction and payment schedule.

The buyer secures a property by paying reservation fee and signing a contract. Do not hang over any money without having a contract in place. Have an independent Bulgarian solicitor check the document before signing. They should also check that the developer owns or has permission to build on the land and that the necessary building permits are in place.

Payment is usually in installments due on dates specified in the contract or linked to the building process. The second option gives the buyer security, allowing them to withhold payment if necessary. It is a good idea to personally inspect the property before releasing the final payment.

In conclusion: Buyers can take advantage of stage payment terms and it is an opportunity to buy at a discounted purchase price, thereby allowing highly leveraged investment returns. The purchaser also has the benefit of owning a brand new property built to satisfy the latest demands of build quality and on-site facilities.