In December 2005 I entered into buying an off plan apartment in Bansko. So far I have put down 40% of the price of the property. The project is due to complete in December 07. My next payment is due in May. After reading many posts and other articles I am beginning to feel nervous and uneasy about my investment. Could someone advise me please. Should I see the project out to completion and then sell? Should I contact the developer and start the sale process now? Or last resort, should I cut my losses before I put in any more money?
I looked at Purchasing in Bansko last year but after speak to a few investors was advised agaisnt it, too many properties are being built & i dont think the demand for them is there, dont get me worng if you sell now you will make a little profit so i'd sell asap, the hot spots for 06/07 are Brazil & Morocco!, thats my view anyway.
Originally posted by KC71: In December 2005 I entered into buying an off plan apartment in Bansko. So far I have put down 40% of the price of the property. The project is due to complete in December 07. My next payment is due in May. After reading many posts and other articles I am beginning to feel nervous and uneasy about my investment. Could someone advise me please. Should I see the project out to completion and then sell? Should I contact the developer and start the sale process now? Or last resort, should I cut my losses before I put in any more money?
I was under the impression Bansko was a better choice than Black Sea coast, so try not to fret too much.
Having paid 40% option 3 seems a bit drastic. Surely your next step should be to investigate option 2 asap. That still leaves time for either option 1 or 3.
I reckon if you went for option 2 you will come out pretty evens or maybe a small loss certainly better than cutting and running.
"the hot spots for 06/07 are Brazil & Morocco"
Well the off-plan hot spot for 2005 was Bulgaria....Those looking at Morrocco/Brazil off-plan in 07 might like to take note.
I'd say that once you opt to buy off-plan rather than second-hand, then you have to stay the course. Presumably, you opted for off-plan because of the discount you get compared to buying an existing property. The downside is going to be the hiatus before completion, and you have to live with that. Otherwise, you're throwing your money away - giving it to the builder to fund construction, after which they take all the profit.
If you feel unsure about your investment maybe it'd be better if you arrange a legal check of the developer so that you can be aware of the stage of progress.
If you'd like I'd be able to perform the legal check.
