Perun Lodge Owners Forum - Bansko

[MONEYMAKER]

Originally Posted by Dotty

What is the webpage of the ski resort and properties available?

dont know the page for ski resort,someone else may advise you there..as for the property,bansko is just a mass of estate agents selling the same properties,you just have to find one who is not charging a fortune on commission,i met,,after dealing with lots of extortionists,,a fella from london name of DAVID CLARK,he owns SUNLINK,,www.sunlink.co.uk,,and he was offering me the same properties as everyone else ,,only a lot cheaper,he is also linked up to a british,,bulgarian mortgage specialist.he had studios from 35000 euro,and was dead on,hope this helps

[kmichael]

Originally Posted by MONEYMAKER

dont know the page for ski resort,someone else may advise you there..as for the property,bansko is just a mass of estate agents selling the same properties,you just have to find one who is not charging a fortune on commission,i met,,after dealing with lots of extortionists,,a fella from london name of DAVID CLARK,he owns SUNLINK,,www.sunlink.co.uk,,and he was offering me the same properties as everyone else ,,only a lot cheaper,he is also linked up to a british,,bulgarian mortgage specialist.he had studios from 35000 euro,and was dead on,hope this helps

I have also had a very good experience with Mark from MGM Properties. They can be found at this link... Properties in Bulgaria, Real estates for sale in Bulgaria, Apartments in ski and beach resorts, Golf properties, Buy property in Bulgaria, International properties. Nice to engage with a company that does care (and not just after their commission!) I believe Mark is the owner too. They have been a fantastic help with all aspects from negotiations (price) to sorting out the lawyers etc.

Karolos

[kmichael]

Originally Posted by MONEYMAKER

the cost of a studio now is 63000 fully furnished,do you recall what they were when you were out,,,of course these are ones that folk have split from larger rooms thus probably smaller than the standard studios

HI Moneymaker,

If you look at the Perun Lodge link, Welcome you can see the floor arrangements. I bought two together totalling 113.406 Sq M I recall the discount for this at the time was around 15.5 K Euro

K

[Topcat1961]

Originally Posted by MONEYMAKER

I SEE YOU HAVE REPLIED ,STATING THE WORDS ,,OF COURSE,,WHEN I CAME BACK YESTERDAY,IT SHOCKED ME ,THAT ALL OF MY FRIENDS HAVE BOUGHT OUT THERE WITHOUT ACTUALLY VISITING.THEY ARE NOW WELL BEYOND THE FIRST FLOOR,AND AFTER MEETING WITH THE BULGARIAN DEVELOPER,MAY I JUST SAY I PERSONALLY FEEL PERUN LODGE TO BE ONE OF THE BEST INVESTMENTS OUT THERE

I have bought in Perun Lodge ans believe it to be a good investment (although I feel that I paid too much (most probably because of my agent's commission).

You do all realise that furniture packages are not really thrown in. When a property is valued the banks valuer will deduct the price of the furniture from the purchase price as well as the VAT so if you bought a studio for 65,000, deduct 6,100 (or whatever the valuer thinks it is worth) also the VAT at 20% (13,000) total 19,100 =45,900 divide by say 30sq metre=1,530 per square metre.

Hopefully the valuation will be at this price but I'm finding that buyers purchases are being valued at much less by the banks, the optimum price may be around 1400per square metre = 42000 (let's hope not). If you get a 70% mortgage on 42,000 the mortgage is 29,400 add your deposit 19,519=48,919 approx. This will leave a balance of 16,081, you then have to add the VAT and the cost of furniture and find this money as well, which is 35,000 euros. I know we will have paid 40% deposit, but I'm just finding out if people are aware of this. My agent told me the mortgage would be based on the total price, but this is not the case. I bought in Florimont Spa and this is happening to the valuations at this present moment!

lt's only when the mortgages are being arranged that you find this all out. I feel my agent was irresponsible in not making this clear (in fact the information and advice given by them were totally innacurate and misleading).

I consider to be misrepresentation and unethical. If anyone feels that they will have this problem when the mortgages are due, please contact me. I would like to know who advised (or left out info) on the financials.

[Jain and Chris]

Hi Topcat

I agree, what your agent did was possibly unethical (do you have written proof of this?) - but surely, even in the UK, you would have taken independent advice aside from the agent - both lawyers and mortgage lenders. You would never have accepted an agent's opinion of the value of the property in the UK; certainly would have not considered fixtures and fittings.....

I know, it's like closing the stable door after the horse has bolted... but anyone new to overseas property purchases (not at all just in Bulgaria)..

Please, please, anyone in the same state of affairs now or considering a mortgage for buying property in Bulgaria contact Chris Downham whose details I have given or simply get independent financial and legal advice, don't rely on the agents, just as you would not do in the UK.

We've been talking about this for four years now, warning buyers to get independent professional advice and not rely on what the agent says; in effect, do just as you would do in your home country.

It's a sad tale but one from which people can learn from and recognise that you need your own advisors who are on your side and not given to you by any agent.

All the best

[Topcat1961]

Originally Posted by Jain and Chris

Hi Topcat

I agree, what your agent did was possibly unethical (do you have written proof of this?) - but surely, even in the UK, you would have taken independent advice aside from the agent - both lawyers and mortgage lenders. You would never have accepted an agent's opinion of the value of the property in the UK; certainly would have not considered fixtures and fittings.....

I know, it's like closing the stable door after the horse has bolted... but anyone new to overseas property purchases (not at all just in Bulgaria)..

Please, please, anyone in the same state of affairs now or considering a mortgage for buying property in Bulgaria contact Chris Downham whose details I have given or simply get independent financial and legal advice, don't rely on the agents, just as you would not do in the UK.

We've been talking about this for four years now, warning buyers to get independent professional advice and not rely on what the agent says; in effect, do just as you would do in your home country.

It's a sad tale but one from which people can learn from and recognise that you need your own advisors who are on your side and not given to you by any agent.

All the best

Of course I wouldn't do that in the UK! But it's a psychological con trick, I had never even considered a Bulgarian mortgage, I wanted to buy outright but I was 'reasoned' into buying an investment with a mortgage. They had their financial advisors and lawyers all present, it all seemed correct. It's only when I came back that I realised all the information was incorrect and by that time I had paid reservation fees for 2 properties! You are so afraid of losing what you have paid out so far that you invest more, you don't want to lose your trip fare so you believe that you're doing the right thing, then you don't want to lose your reservation fees so you pay the deposit, it's crazy but it works, only on inexperienced investors-so that is who they target.

I know you are trying to be helpful but I know I have been silly but I didn't think a huge property agents would resort to such misleading, innacurate information, just for commission. Luckily I didn't buy any of their developments.

Yes, I have the workings on a piece of paper and I am going to go legal etc but I am more concerned that this unethical practice is stopped.

Some people that view your forum only tend to start being active when they realise that something is wrong. There needs to be some sort of site purely for inexperienced investors that outline all the scams and difficulties that they may come across. I expect there are some people who have invested that don't even use the internet. This company preys on the vulnerable and if they feel that you are not in that category they resort to deceit!

It's called Corporate greed.

[Jain and Chris]

Hey, not it's not a psychological con-trick. You just said you wouldn't do that in the UK, so why fall for it anywhere else? We've had media coverage for more than 20 years about the Costa del Crime.....

Where was YOUR lawyer and financial advisors as they would be in your home country? And then moan when it all goes wrong? As you said, you would not do this in Britain. This is the same any country in the world, especially emerging countries.

Hey, this is not our forum. This forum belongs to totallyproperty.com and has no relationship with Quest Bulgaria magazine.

We have spent more than four years trying to explain to buyers of Bulgarian property the pitfalls and advising them what they should do. Are you a subscriber to the magazine and taking advantage of the advice?

You need to take, as every buyer, independent advice - someone who acts for you, which we have continually supported.

After all, you would never trust an agent in the UK with all its laws, so why on earth would you trust and agent in Bulgaria (or for that matter in Romania, Egypt, Morocco, etc....?)

Sorry to be so hard on you and I don't want to be . I would really like you get things sorted - have you contacted the mortage people we recommended or the independent lawyers we suggested who can help you?

All the best, Jain

[Jain and Chris]

Hi Topcat

Couldn't agree more with what you say - buyers need to be helped. You are not at all ignorant fools. And I certainly do not mean to be hard on you.

I just wish the information we present would get through to people. We do our very best - and have done for four years - to inform and advise people how they should go about buying a Bulgarian (or any overseas) property. We spend some 600 pounds a month on PR and advertising in the UK press but we are a Bulgarian based expat business and cannot afford more to promote our advice and knowledge.

I don't mean to be hard on you and I'm sorry if it comes across this way. Sometimes, when I think that we have been working really really hard for many years now at no profit and nobody will listen to us but then goes on a forum and complains, I do wonder why people are not willing to spend the pittance of 50 euros (for printed mag, or just 12.99 pounds for online mag) for a whole year to get independence advice, not only to get the magazine but also with a members forum which has independent lawyers, accountants on it and more who they can pose their questions to.

I really wish our advice and those of our experts would get to everyone... then we could possibly stop Bulgaria becoming the "costa del crime" of all those years ago (remember Spain???) and help investors like yourself.

If there is anything more I can do to help, please let me know.

All the very best

[kmichael]

Just back from Bansko.. I have loads of pics of Perun Lodge. I spoke with the builders and they took me inside and showed me the apartments, including the two show flats. All seems to be going well.. when I left this morning the place was crawling with workmen. Scheduled finish time is still December !! To be honest, with that amount of workmen I would be suprised if it isn't.
If someone can tell me how to post pics with this forum I'll share them

[Bravo]

Originally Posted by kmichael

Just back from Bansko.. I have loads of pics of Perun Lodge. I spoke with the builders and they took me inside and showed me the apartments, including the two show flats. All seems to be going well.. when I left this morning the place was crawling with workmen. Scheduled finish time is still December !! To be honest, with that amount of workmen I would be suprised if it isn't.
If someone can tell me how to post pics with this forum I'll share them

Hi, we bought a studio in Perun Lodge too. Would be very interested in seeing the pics. Not posted any before but I guess you just use the ‘Insert Image' button?!?!