Mortgage application fees -am I being ripped off???

Coney Island

With mixed feelings I pulled out from this investment today. The main reason is that I did not like the idea of losing about 5,000 Euro due to the dual pricing discussed above. My agent was very understanding and I got my deposit back in full.

Thanks "BG knowhow", your advice that CGT 20% has to be paid in Ireland even after 5 years has been the key point.

Well, not sure what to do now with all this cash....but was very stressed because of this for the last 4-5 months, so I believe 2 weeks holidays to South America are on the way

RainyDay

Coney Island wrote:

With mixed feelings I pulled out from this investment today. The main reason is that I did not like the idea of losing about 5,000 Euro due to the dual pricing discussed above. My agent was very understanding and I got my deposit back in full.

You won't regret it - I promise you.

Coney Island wrote:

Thanks "BG knowhow", your advice that CGT 20% has to be paid in Ireland even after 5 years has been the key point.

So my point in this post wasn't key, I guess;

You've spoken about the Bulgarian tax impact, but not the Irish tax impact. Will you also get hit for Irish income tax and/or CGT?

Coney Island

RainyDay, the overall thread as been useful as well as the information I found on mybulgaria.com message board. I mentioned Bg knowhow because he gave some specific info about Bulgarian properties.....I hope you are not offended

I am very open minded and don't take things personally, I was just posting looking for info and even if I don't agree with something I take note of it and try to use them on my advantage.

Now I will take a few months break and then will start looking for some investement opportunities elsewhere.

garred

Sorry to hear about it Coney. Did you have to pull out, could you not of amended some of the wrongs. If it did'nt feel right to you well then you probably did the right thing. Good luck with your next venture. Can I recommend Las Vegas, put it all on black!!!

Bg knowhow

I really don’t know what to say. I am not sure what to feel either.

I had hoped to help clear up a few issues and dispel some misinformation in relation to buying property in Bulgaria.

I can however state the following. Bulgaria is a great place. There are good properties on the market and at good prices. There is an unrealistic expectation in Ireland in relation to property in Bulgaria.

I stick by my advice to have your own Bulgarian Lawyer who is not connected to the developer. There are several good agents in Ireland selling Bulgarian property, they should be able to answer all your questions and provide the right advice. Research the market and all the implications prior to purchase.

I may be wrong but I think you had some doubts and uncertainty in your own mind already.

It can only help to reduce the messing with dual pricing if more people say that they are not willing to accept it and do not go along with it. Which is better for all in the long run. Start right and you will finish right.

It is important when purchasing property to follow your true instinct. If you have more than the normal level of concern and nerves then pull out. You are trying to tell yourself something. This is especially true if it is for pure investment purposes. If its your dream place then you can accept extra effort and hassle.

For investment property you must determine the level of risk and potential you are willing to accept. Define it and stick to it. Do not have unrealistic expectations.
Don’t write off Bulgaria just yet maybe look somewhere else or go half’s with some one else.

I wish you all the best and good luck in the future.