Bulgaria Ski discussion board

Try to avoid any 'newbuild' and go for a complex that has been established for a few years. That way you can do some research into the complex and see for yourself how it is being managed, maintained and any potential problems. Many complexes have problems with owners not paying maintenance, and with 'management' companies not spending the money on maintenance....

Find out what maintenance and management costs are - speak to the management company in each complex and find out what their plans are for long term maintenance.
There should be an established owners committee where the owners decide who manages the complex on a yearly basis.The committee should also control the money coming in and going out so you all know where your money is going. Most management companies do not want owners to know about this - if any complex you look at does not talk freely (and positively) about owners committees, walk away. Ask the estate agents which of their properties have a management committee in place and stick to those complexes. You want your investment to be hassle free and know it will be well looked after.

Look at many properties and remember that cheapest is not always best. A more expensive property in a well managed complex will probably cost you less in the long term than a badly managed, cheap property....

Don't rush into anything - look around, go home and have a long hard think, visit the town a month or two later and then decide.

There are a few larger agents in the town - go to all of them and get as much information as you can.


Good luck and buy with your eyes wide open!

Karen
Read and Read again 'buyer beware' post because he/she is giving you good advice.
One person that stayed in our Apartment in Eagle's Nest wants to buy after having a great holiday and asked for my advice on buying. I told him WHY BUY when you can rent, just book your dates in good time and the Apartment is yours. You have no Mainantance/Communial Bills No water heating charges. No Insurance Property Taxes etc. In other words you are Not Married to an Apartment.
As Paloma Faith says in her beautiful song
'Do You Want The Truth Or Something Beautiful'?

Without naming names - be very careful if you decide to buy and use a management company to rent out your property on your behalf. There have been several reports of some management companies renting out properties on behalf of owners for most of the season and then saying that the property was mainly empty with a very low rental return. They will say that there was enough rental income to cover the management fees but no profit, when in fact there was, but they have simply pocketted all the profit.

Just thought I'd write a reply - as the others have said it is a very long term investment, i wouldn't think you'll make much profit within the next 10 yrs! having said that Bansko in the 3 yrs since i bought has come on in leaps and bounds. i bought in Edelweiss Inn near the lion hotel and about a 10min walk from gondola. its built to a very high spec with an original american owner who had everything built to american standards and is of very high quality compared with other apts i've seen. i'm not sure whether there are any left for sale but if you email me i can pass on the owner/managers email. it all worked well for me BUT be very careful.....my brother also bought 3 yrs ago but went in as an investor in the very initial stages. as it turns out they used his investment to fund the planning permission and marketing of the apts which have ultimately been rejected by the mayor so for now atleast he has lost all of his investment and only owns a share of a piece of land that is pretty worthless unless planning is given in the future. take your time - there's loads for sale and prices won't rise in the near future.

hope this helps somewhat.
heather

Hi Karen,

All good points that everyone has written above, the biggest thing I can say is take your time and do your homework! I have bought in the Maria Antoaneta development by the gondola and am more than happy. Yes it is a little behind schedule but I have been compensated for this. It is definately a long term investment, but why should it matter what everyone else says, if it is what you want then go for it! I bought for the reason that myself and all my friends enjoy skiing so I now have a location for us all to go to. Yes... due to the current financial climate I may have already lost as I bought 18 months ago, as I said before I'm in it for the long term so who really cares! So now is probably a good time to buy as prices are lower than previous!

All I can say is take what you want from these replies and do your homework!

All the best!

Matt

Ps. I'm out on the 6th March and can't wait!

Thanks again for all taking the effort to give me advice. Matt I'm interested to here about what you think to the quality and management of Maria Antoaneta, as this is one I've been considering having a look at. Is it complete? I think it was Block C where the apt was I was looking at. I do not want to rent the apt out, it's for my family and friends to visit, as we all love skiing (and I hope to come out for some sun too!), so it won't be going through a management agency - I'm happy to carry on resarching things at the mo. Have a trip in march and another planned for summer to check Bansko out in the summer. Enjoy your skiing. X

Even if you are not renting out your apartment (no management agency), the complex will still have maintenance fees and therefore building managers. For your own good please ensure that anywhere you buy has the owners committee formed and that they are choosing the complex management on a yearly basis. If the developer, their friend, or any other company (not chosen by the owners committee) is doing the complex management/maintenance you could have big problems in years to come.
A new law came into force in Bulgaria last year which means that if you have a management committee the law is behind you. If you do not have this (the reason most management/maintenance companies will not talk about it) the management companies call the shots, and long term you will be screwed!!