Basics of property renovation
Thousands of real estates have been purchased, mostly as an investment, within the period from 2004 to 2009 in Bulgaria. Most of the Investors came from the UK and Ireland. They invested either in apartments on the Black sea coast and in old or new houses in rural areas planning to re-sell them in 4 or 5 years with good profit that was expected after Bulgaria joined the EU.
Perhaps the growth of the property prices should have happen as expected if it was not the world financial crisis in 2009 and the following 2010. Banks and other financial institutions have stopped their financial support to real estate deals and as a result of this the property market soon declined in both volume an price. Property deals are rare and there is no interest towards any kind of properties at the moment. Probably this process will continue in the next few years and then hopefully the property market will start to improve again.
The difference after this period of declining property deals however will be that future Investors from will be buying properties for personal use or permanent stay and not for quick speculative profits. Most of the properties which have been purchased by foreign Investors in the last few years are in a poor condition and their re-sale will not be possible without any (partial) repairs. While the apartments bought for investment may just need re-painting and eventually new tiles in the bathroom, toilet and kitchen, the old houses especially the rural ones require much more complex repairs and renovation to make them usable.
If you wish to update your rural property to modern standards you may find the following steps useful when making the renovation of the property:
It is very important to check the roof condition. If the roof is leaking then this should be the first thing repaired. Roof repair is the most important thing because otherwise all internal renovation works would be of no use. In many cases there is no need to buy new tiles. The old roof tiles removed from the roof the wooden construction underneath is being repaired and then again the tiles are placed back of the roof.
If the outside walls are in poor condition – in many cases they are not even plastered – it is recommended to fix the plaster (if available) where needed are the plaster them. A whitewash is a cheap option for painting the house.
New PVC windows are a good option if the old ones are of poor quality. In case your old wooden joinery is hale but strong just re-paint it for refreshment effect.
And finally do not forget to re-paint all the rooms in the house. Applying new colors in the different premises will make your house more attractive and unique.
These cheap repairs will not cost you much but they can have a big effect for the successful sale of the property. If you decide that you may save the repair be aware that your property will continue to ruin in time and it is possible that you will have nothing to sell one day. More over most of these properties were purchased with bank loans and this necessitates taking prompt action by the owners for their quick sale.
A new tendency is being observed in the beginning of 2010. Some owners of such old houses prefer to make a full renovation of their property and to use the house for themselves, for permanent or seasonal living or for renting it out. Recently, we receive more enquiries from UK owners who are interested in full renovation valuation and some of them really proceed further with the project.
See also related article about Cheap facelinf of your home in Bulgaria on Questbg:
A Bulgarian home: cheap facelift
You can contact us if you are looking for a Builder in Bulgaria. We are general builders covering all aspects of construction including Property Renovation, Repairs and Property finishes in Bulgaria.
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