Potential of Renovation
There are many old properties in the Bulgarian villages that have “lots of potential”. Buyers often have high expectations of what they will get for their money in Bulgaria but after making endless visits to many properties often way out of the budgeted price range, many buyers change their perspective and decide to take on the renovation of an old Bulgarian house with the aim of turning it into a real home with modern comforts.
This article explores ways to help you get the most for your money when looking to renovate and old bulgarian house
Research is the very first and most important step and will pay off later.
There is no risk when buying a property if work together with a trusted and skilled builder. The advantage would be that you end up with a home full of character and old world charm with a hint of modern living combined.
Beofore buying a property you should contact a builder in Bulgaria (with a good builder you don’t need a surveyor) to get a full picture of what you are about to undertake. A builder will point out any major structural defects and could save you thousands in the long run. He will be able to furnish you with potentially better layouts or ideas that will enhance the value of your home.
Any builder worth his salt will see major defects in a building and warn you about them early on. He should also be able to see the best and most cost effective way to alter a building
The next step woul be to get in writing an estimate or quotation and a payment plan prior to any work commencing. It is a standard in Bulgaria to pay an amount of the quatation usualy 30 to 50 percent before the renovation begins. No matter how small or large the project in hand do try to use local tradesmen, particularly if you are not doing the work yourself.
When the building work is going on try to make regular visits to the site to ensure the work is going to plan. Between visits to site, your builder should be able to send you updates and photographs by e-mail.
There is great satisfaction in renovating an old house because you end up with a home, which matches your ideas and designs and a space, which really suits you. It may seem like an eternity to wait for your work to be completed, the building work itself would take several months depending on volume, but the pride and fulfillment you experience on the day you move in will be well worth the wait. Probably the best thing about a successful renovation is that you will have a wonderful home with a higher resale value compared with the money you put into the project.
If you want the advantages of renovating without the risks, follow our 10 simple rules.
- Determine your budget and stick to it. Don’t even start if you cannot afford it.
- Don’t underestimate renovation costs. Keep aside an additional 10% contingency budget
- Avoid buying on impulse. Take your time looking round the property.
- You or your builder should check if there is and an electricity supply, is the water supply sufficient for your needs?
- Verify the condition of drainage, particularly if there is a septic tank. If inadequate or non-existent, a new one would be needed (more costs).
- Let your builder get a copy of the land registry plan (known as the ‘skitsa’) to check that the boundaries are correct and all the buildings are marked
- Major repairs – watch out for the condition of the roof and walls
- Use common sense – don’t buy an old property that can be renovated just to take it down and build a new house.
- Get a builder to check the condition of the property and give you an idea of likely costs
- Ask your builder for references. If you don’t like his previous jobs, why should yours look better when finished.
Investconsult Ltd is family run building company based in the city of Bourgas, Bulgaria. We are specialized in renovations and building new homes in the Bourgas area. If you are owning a property in need of renovation in close proximity of Bourgas or planning the purchase of such property you can contact us. We would love to help you!
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