Bulgaria Ski discussion board

6 places - ouch, Im guessing thats incl furniture & fees about £300k!

As an indication Im receiving over 6% of price I paid for it incl the 20% VAT.

The clear problem like all others for the time being is that were going to be funding any shortfall which means a lot of forign money tfr's at a time of historically low £ to Euro.

I have 2 one complete and rented/rentable one to be completed later this year. So clearly rental income is a concern.

One thing to remember is on your self assessment form to pay the UK tax due on this income its a real pain you need proof of payment of local income tax and if you have not paid it then you might have to fill out a bulgarian self assessment tax retrun!!! Grr it is time consuming and you have to be organised.

One good thing which you are allowed to do is offset flight costs so when I go out there Im inspecting the flats even though its a holiday there is a proportion which is for checking them out and given that you can guesstimate x% of the flight cost and meal cost while out there towards the inspection of your assets - just like your allowed to claim business miles for inspection of your UK rental property.

800 Euros a month for the year 9600 Euros..
The best rental periods will be the winter season, in fact your only rental period in which you may make a reasonable rent. The developments you mention are well placed and of a good standard (supposably ??) so the potential is there for prospective guests. Market your apartments, have them professionally photographed and staged, offer little inexpensive extras like welcome packs, laundry service, explanations of local ammenities, bars and restaurants and promote the facilities of the complex and the benefits. Use the service of a decent management company and keep your finger on the pulse.
Basically you want to provide better accomadation than the competition for the same price, be flexible on your prices. Your returns will be in proportion to your effort.
I am supposing you know all this already....
It is going to be made more difficult this season with the possible `late deal' offers that are likely to appear from major tour operators and possible discounting from the large hotels. The late spring and summer months ?? you might command because of the facilities 250 Euro a month plus bills on a long term rental to an ex pat, though 150 is the norm..... then again, who knows ??

Market dictates im afraid, im not saying that you will not be able to rent through the summer on the same basis as the winter but your target market is a lot less. People will holiday in Bansko in the summer, they are now, and hopefully in the future as the area improves and the facilities improve that market will grow. I am stating a fact, i am renting a one bed for 160.00 a month furnished, i have been offered others for less and am considering them. I did state that you could command more because of the facilities your complexes offer but their position actually is a disadvantage in the summer as to their local to the main town. There are people who hoped to double their money, all their hoping is not going to make it happen........... not for a while