Hidden expenses of property purchase in Bulgaria

You may be scared thinking of how much you should pay for your interest in a foreign realty. But don't be, cause it's really not that much to worry about:

• The notary's fee depends on a price of your property. It rarely exceeds 1%.
• The local real estate transfer tax is paid to municipality of your property’s location. It is about 1.5-3.5% from the property’s cost in the notary act.
• State fees for registration of real estate take about 0.1% of the price of your property. 
• The fee for a licensed translation is €50-60.
• After-sale registration of real estate. Takes up to €250, depending on the agency. Theoretically you can do it yourself, but it is problematic without language. This is why a real estate employee usually is involved in registration.

Calculation example for a secondary market property

Furnished apartment, 50 sq.m.
Sunny Beach, a private seller. 

Price - €30 000
Local transfer tax - €880 (2.9%)
Notary fee - €30000 х 1% = €300 (+ VAT 20%) = €315
State fee - €30000 х 0,1% = €30
Translation - €50
After-sale registration - €150
Bank commission (for a transfer from abroad, depends on a bank) - up to €50
Total amount of extras: €1475

All additional costs depend on the property cost specified in the sale contract.

Additional payments are calculated from the cadastral value, if the cadastral value is higher than the market one. But services of a broker are paid from the market value of your property by default.

Quoting conditions of Prian.info materials