British consumers eye Bulgaria property bargains – together with 20-bed former faculty for £170k and a four-bed fixer higher for simply £6,952

Britons tired of high property prices might be tempted to look at listings in Bulgaria – though they need to be clued up about the rules involved before taking the plunge. 

A former school in Kostandenets, a village in northern Bulgaria close to the border with Romania, is currently on the market for £170,000.

Built in around 1926, the school ended up closing as the village population dwindled over the years. 

Sonny Edwards, originally from the UK, and now running Yulson Homes estate agency in Bulgaria, told This is Money: ‘I’ve already had English buyers expressing an interest in the former school.

‘The potential buyers I have been talking to have had ideas of turning the former school into a guest house, or a school for arts. I’ve also been approached by a company who want to use it to film a horror movie.’ 

Alternatively, if fully renovated, Mr Edwards said the property could become a 20-bedroom residential home or potentially be divided into flats.  

Two self-contained flats have already been completed within the property, which spans around 1,950 square metres. 

One of the two flats, both of which have private entrances, is located on the top floor of the former school and has a balcony, extensive hallway, two bedrooms, and a bathroom with a double shower, bath, double sinks and toilet. A further one-bedroom flat is located on the ground floor. 

The property is located at the top of a hill and has sweeping views of the surrounding countryside. 

Inside the property, there are eight former classrooms with high ceilings, as well as a large former gymnasium and assembly hall. The property sits on more than 6,000 square metres of land. 

There is also the former principal’s office and a space that used to be the canteen for teachers.  

The property comes with recently fitted German-engineered double-glazed PVC windows and doors, and the roof was comprehensively repaired in 2018. The designation of the building as a school has already been removed. 

Mr Edwards said: ‘This versatile building has endless potential, whether you envision a grand castle-like home, boutique hotel, or a collection of studios or apartments.’   

He added: ‘We sold another village school similar to this in nearby Palamartsa to an English man last year who is converting it into his home.’

Buyers looking for an even cheaper option could be tempted to consider a four-bedroom house in Krivina, on the outskirts of Bulgaria’s capital Sofia. 

It is on the market via Krismerk Ltd Real Estate Agency for £6,952. 

The house would require a full renovation and offers a good opportunity for buyers unafraid of some hard graft. 

The property is just 1km away from the Danube river and close to Sofia’s airport. It is nestled within a village which has shops, a pub and a post office. 

Alongside four bedrooms, the property has one bathroom, an annexe, kitchen and dining room, as well as a garage. It sits in approximately 1,250 square metres of land.

Buying property in Bulgaria – what to know

It is easy to get carried away when looking at inexpensive homes listed for sale in Bulgaria. 

However, Britons considering buying property in Bulgaria need to be careful. Certain rules need to be adhered to, and buyers should always factor in the additional costs involved. 

Foreign nationals cannot purchase land in Bulgaria directly. If you are looking to buy a plot of land or a house in a plot of land, you would need to form a Bulgarian company for this purpose. The rule does not apply to flats. Certain rules apply in terms of how a company used to buy a house or plot of land needs to be run.  

John Howe is a director at John Howe & Co Solicitors Limited in Britain. Although no longer offering such a service, he used to deal with British buyers looking for homes in Bulgaria. 

He told This is Money: ‘You should view the property in person and never buy off-plan. You can then consider making a provisional offer before instructing a solicitor who would then check the title and make any necessary searches to ensure that you will get a good and marketable title.’. 

Howe said some estate agents in Bulgaria often try to get foreign buyers to bypass checks and put down a deposit straight away to secure the property. Buyers can also at this stage be pushed into signing a document ‘which is in essence you exchanging contracts’, Howe said. 

Howe added: ‘Do have everything properly checked before making a commitment to purchase anything and be sure that this is an investment that you wish to make and examine the reasons why.

‘Also be aware that Bulgaria is in the Schengen Area, so your ability to remain the country is limited to 90 days within any 180 day period and such time starts to tick as soon as you enter into any Schengen Area country. It does not have to be continuous.’

Yanislav Iliev, a lawyer at Sofia Offices in Bulgaria, told This is Money: ‘I have only one tip – get a lawyer, preferably experienced in the field, to monitor the process and not entrust everything on the real estate broker, if there is one.’

Appointing an English-speaking solicitor with a good grasp of Bulgarian property and land law is essential, as is doing careful due diligence before buying a property in the country.