Where in Bulgaria is the property you’ve bought?
I’ve bought a buy-to-let property in the capital Sophia, which is growing faster than any other former Eastern European capital. I looked at the traditional coastal regions but thought rental opportunities could be too seasonal. Rental yields in the capital are year-round. Obviously the low property prices were also a major attraction.
What advice would you give to those buying abroad?
Never sign a contract that you do not understand (for example - if it is in a foreign language). Ensure you do not inherit a debt on the property before you purchase, which a lawyer should be able to check - ie: If the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank. Always ensure that you seek specialist advice from independent lawyers, architects and surveyors before considering a purchase overseas. Finally, always give yourself a `cooling off` period if you see a `must-have property` and are tempted to put down a deposit there and then.
Why did you choose HiFX?
Because I use the service to pay my Euro mortgage, the fact that all payments are handled via direct debit was a major plus for me. Getting every thing set up took a matter of minutes and I saved over $900 in the first 12 months.