Bulgaria Ski discussion board
4k needed a year in rental
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posts : 13 (Beginner)Date : 03-17-09 00:274k needed a year in rental
Hi,We are buying an apartment in the best development in bansko and would need to make mortgage payments of £350 a month. Would it be possible to cover this with rental income?
Many thanks
re: 4k needed a year in rental
Very unlikly you'll get 4k rental, Sorry. Best advice is don't buy if you need to rent to afford the mortgage paymentre: 4k needed a year in rental
how much will i realistically get? the apartment is in luxor - downtown spare: 4k needed a year in rental
Realistically, you will get nothing - there is a glut of empty apartments in Bansko and in the current climate of rising unemployment, three or four-day working week being imposed and salaries being frozen across the board, it is unlikely tourists will be fighting over your apartment.Some people still live in La-La Land, don't they? Sorry, did not mean to insult!
re: 4k needed a year in rental
Luxury Bansko apartments rent for about 350-400 per month in the season, obviously more if you have shorter term lets. You could make 4K a year, but it would be a real struggle and you'd have to have a secure line of friends and family you could line up paying good rates. Personally I would leave it 12 months and buy a distressed asset from someone desperate.re: 4k needed a year in rental
Good advice from most there! I would sit and wait too! Relying on rentals is not going to be a happy ending.
re: 4k needed a year in rental
The best development in Bansko also commands one of the highest maintenance charges, on top of that consider power/water/local taxes/management fees not to mention the likelyhood of any income being taxed 
Sadly you were sold a dream by a commission based salesman (im assuming ??) like a lot of others.. no consolation i know.
On a more positive note, if you want to rent it will be more likely that the amount of rental will be relative to the effort you personally put in. Promote your ...
Sadly you were sold a dream by a commission based salesman (im assuming ??) like a lot of others.. no consolation i know.
On a more positive note, if you want to rent it will be more likely that the amount of rental will be relative to the effort you personally put in. Promote your ...
The best development in Bansko also commands one of the highest maintenance charges, on top of that consider power/water/local taxes/management fees not to mention the likelyhood of any income being taxed
Sadly you were sold a dream by a commission based salesman (im assuming ??) like a lot of others.. no consolation i know.
On a more positive note, if you want to rent it will be more likely that the amount of rental will be relative to the effort you personally put in. Promote your apartment, go that extra mile in providing the absolute best for your guests... As stated there is a glut of accomadation and fewer tourists, but there still are tourists... You just have to make sure they want to stay in your apartment
Sadly you were sold a dream by a commission based salesman (im assuming ??) like a lot of others.. no consolation i know.
On a more positive note, if you want to rent it will be more likely that the amount of rental will be relative to the effort you personally put in. Promote your apartment, go that extra mile in providing the absolute best for your guests... As stated there is a glut of accomadation and fewer tourists, but there still are tourists... You just have to make sure they want to stay in your apartment
re: 4k needed a year in rental
Sorry but anyone buying property in BG and needing rental income to meet mortgage payments is mad.People buy property for three reasons 1) Income (from rental) 2) Capital growth (selling the property at a profit) 3) Or they just love the contry and want to use it themselves and maybe make a bit to cover costs.
I cannot see anyway in the near future would the first two come in - sorry
re: 4k needed a year in rental
I think you would be unwise even to consider doing this. Have you taken into account the management fees, electric, water charges, tax on any income you recieve etc etc. You need to be careful where you buy and the price per sq metre that you are being charged. There are still a lot of sharks lurking !Regards
Bryan
re: 4k needed a year in rental
Only buy if you can afford to have the appartment just for yourself!!! there are no guarenteed income from them. last year we rented our appartment out twice, although the year before it was rented nearly all season. We have it for ourselves and try just to make enough to cover the costs mentioned above. If you need £350 a month to cover a morgage I would add another £100 to £200 a month for everything else, that may be a lot but is about right. if you can afford this if its empty go for ...
Only buy if you can afford to have the appartment just for yourself!!! there are no guarenteed income from them. last year we rented our appartment out twice, although the year before it was rented nearly all season. We have it for ourselves and try just to make enough to cover the costs mentioned above. If you need £350 a month to cover a morgage I would add another £100 to £200 a month for everything else, that may be a lot but is about right. if you can afford this if its empty go for it, if not leave well alone.
