Introduction

Varna Property Sales - Management, provides a range of letting and management services based on the experience, skills and expertise of our lettings team. You can be assured that we have a detailed understanding of the lettings and management sector and will ensure that you are given the best possible service. 

People from all walks of life are looking to become involved in the overseas rental market whether Investors, Companies, or Individuals. Increasingly, large numbers of people are entering the ‘Buy to Let Abroad’ sector as an opportunity for investment.

As a result, Landlords have come to expect extensive knowledge and expertise from the Agency they choose to act in their interests.

WHERE TO START?

1. Local Lettings Agent – we would suggest you find a local agent who has vast knowledge in this region. In choosing us, you have come to the right place. Varna Property Management and rentals in Bulgaria was formed for you.

2. Having chosen your agent, you will be required to prepare you property for rental and below we list a few guidelines to assist you:

The rental market as with any other is competitive therefore, in order to obtain the best possible Tenants; you must present your property in the most effective way.

• Interior walls should be neutral colours and laminates/carpets plain.
• Fabrics and Furnishings (if any) should be able to withstand reasonable wear and tear and be of suitable quality
• Animals and their odours should be eliminated
• The front door should be clean and the Entrance Hall clear of any obstructions as first impressions are important
• The entire property should be clean and well-aired and the garden tidy.
• If the weather is cold, heating should be turned on and, in warmer conditions, windows opened
• For any other advice contact your Agent

3. Other important considerations for Landlords before Letting

• Your Insurance Company must be notified that the property is to be rented out and appropriate insurance obtained for a tenanted property. There are specialist insurance companies who can provide this and we would be happy to assist you.
• The National Agency of the Incomes must also be informed within 6 months of letting your property, flat or apartment in Bulgaria and failure to do so will incur penalties, interest and other consequences. The National Agency of the Incomes are apt to deal harshly with Landlords who do not declare rental income and it is always best to seek advice on tax planning and Capital Gains Tax from a fully qualified Accountant.
• Further copies of keys will need to be provided, at least two if you have Management Agents acting for you.
• Utilities such as gas/electricity/water/telephone & Local Municipality Tax will have to be transferred to the successful Tenant.
• An Inventory and Check In should be drawn up. This is an important legal document which forms an integral part of the Tenancy Agreement and, as such, it is a false economy to prepare your own in most cases.

The Inventory is required whether the property to let is furnished or unfurnished and accurate descriptions of the overall condition of wall/floor coverings, kitchen and bathroom fittings to name but a few are essential. Amounts cannot be withheld from the Tenant’s deposit unless the loss or damage is proved to have been caused by the Tenant.

In the event that any dispute concerning loss or damage to your property is not amicably resolved then the matter will be referred to the Courts and arbitration but should be noted that any judgement will be on the basis of written documentation – the Inventory.

4. FURNISHED OR UNFURNISHED - Most professional Tenants prefer the property to be furnished in Bulgaria. Holiday lettings also require furnished properties, for help, please see our furniture packs section.

5. MARKETING/FINDING A TENANT – you will need to decide whether you require your agent to simply market your property and find a Tenant or whether you would prefer to engage the services of their Managing Agents.

Whether you chose to opt for a Managing Agent or not, Varna Property Sales as your Letting Agent will firstly provide colour property details and a rental valuation which will be based on the popularity of the area, proximity to transport, rental price of similar property handled and decorative condition to name but a few.

It is important to price your rent fairly but realistically in order to attract the most suitable Tenant.

Your rental property will be regularly advertised in the local press and publications dedicated to the letting industry as well as displayed in our offices and feature on our website and Property Magazine to ensure maximum exposure. We also contact any listed prospective Tenants, local companies and relocation agents.

Should you decide to employ us as your Managing Agent, we will also field calls, arrange viewings, vet prospective Tenants and obtain references, draw up contracts and advise you on your Safety and Repairs obligations.

6. REFERENCES – these can be obtained through us as your Managing Agent and include references from the Tenant’s employer and previous Landlord.

7. DRAFTING OF TENANCY AGREEMENT/LEASES – the Letting team at Varna Property Sales can prepare and supply you with all legal documentation and give practical general legal advice.

8. DAMAGE DEPOSITS – This is usually equivalent to one month’s rent and is taken from the Tenant to be held in our Client Account until the end of the Tenancy. Upon vacation of your property, there will be a re-inspection and any refunds will be made within a maximum of 28 days, provided that there are no disputes and all utility accounts have been settled.

The costs of everyday repairs and maintenance are the responsibility of the Landlord but, if we are instructed to manage your property on your behalf, we will pay the contractor out of the Tenant’s rent. We can also organise quotes for approval on any major repair as this becomes apparent.

If the property is not in a good state of repair at the commencement of the Tenancy, the Tenant has the right to insist that repairs are carried out and, in the event that the damage is serious, the Tenant will be entitled to consider the letting as terminated as the Landlord will be in breach of his obligations.

9. COLLECTION OF RENT – this is usually done on a calendar monthly basis and is forwarded to the Landlord via any previously approved method after any agreed deductions have been made for contractors etc.

BRIEF GUIDE TO SERVICES:

• Advice on letting your property
• Rental evaluation, provision of property details with colour photographs
• Advertising of your rental property in local publications/on our website
• Accompanied viewings and finding of a suitable Tenant
• Status enquiries and references of prospective Tenants
• Obtaining security deposit/rent guarantee
• Obtaining competitive quotes for insurance
• Organising/preparing the Inventory and Check-In (additional charge)
• Preparing Tenancy Agreement and Legal Notices
• Arranging transfer of Utilities to Tenant’s name and establishing Council Tax and Water Rates in Tenant’s name
• Collecting monthly rental payments and providing monthly accounting to Landlords
• Periodic inspection of the property and reporting of any problems
• Obtaining competitive quotations and, upon approval, arranging for necessary repairs/maintenance to be carried out
• Contacting the Tenant and arranging for renewals

Other important facts - worth considering.

Buy to let in Bulgaria is just beginning to emerge.

Where best to buy a property suitable for letting in Bulgaria?

For the serious investor, it is very important to buy the right property at the right price in the best location possible. The best locations for all year round rental properties are Varna city centre, Alen Mak, St Constantine, Briz, Evskinograd,Trakata and St Nikola residential areas of Varna These areas are highly sought after locations suitable for foreigners and locals alike.

If you are looking at holiday rentals then almost anywhere will be suitable. Dolphin Views apartments in Alen Mak - http://www.blackseadolphin.com/ meets short or long term rental requirements due to it's unique location. Also you will have the chance to buy at pre construction prices, if you buy now.

Apartments in Varna available see http://www.vps.bg/

Apartments in St Constantine see http://www.vps.bg/

Apartments in Evskinograd see http://www.vps.bg/

Apartments in Briz see http://www.vps.bg/

Apartments in Trakata see http://www.vps.bg/

Apartments in St Nikola see http://www.vps.bg/

Apartments in Golden Sands see http://www.vps.bg/

Property in Bulgaria see http://www.vps.bg/

Varna Property Sales offers all clients who buy property to let from us, free inclusion in our rentals section in our Bulgarian Property Magazine, free inclusion on our websites http://www.vps-management.com/ and http://www.vps.bg/ we will also advertise in various Bulgarian Property newspapers until the property is let. Property to let in Varna and surrounding areas, is Bulgaria's best areas for investment