For one example of the different expectations. I think there's going to be more expectation to fix up your apartment yourself (like a house) than most people assume comes with an apartment.
And I don't get the impression Mathias is the hand holding sort in anyway.
That will leave a number of people needing to put more money and time into this than they expected.
Anyone thinking this is a simple buy to let are going to be disappointed, it's a fixer-upper.
And finding 200 people wanting a remote Bulgarian fixer-upper will be tough.
I'm not surprised they're struggling to sell them all even at the extremely low prices on offer.
Definitely some challenges in this project for Matthias. I think he will manage the people and expections side of things pretty well given his co-working experience.
A renovation package is planned that buyers can opt in to. The estimated cost is about €10K. Buying goods/services/trades in bulk should drive down the price for those that participate. Going with this option should be simple.
And when apartments are all refurbished to the same standard, they should be easier to let out.
Alternatively, apartment owners can DIY their apartment renovation themselves if they wish - probably only simple if you're a local or have time and experience on your side.
Also, apartment renovation can be postponed, pending funding or for other reasons.
would be so nice if they could make these projects a little more suitable for families. but I might need to see this when it's done anyways :)
Units are now on sale and selling fast.
Call me old school. I live in hotels and serviced apartments. Couldn’t fill one half of a room of in apartment with my possessions.
The apartments will be managed and serviced by the co-op. The apartment owners will be paid rent and maybe dividends from the co-op.
Apartment owners can stay as much or as little as they like.
Owning an apartment there could be a good permanent base for nomads. Benefits include mail forwarding/handling and taking advantage of financial residency in Bulgaria (10% income tax).
If your lifestyle is nomadic, it will be a great place to visit and invest in - no need to live there permanently.
For banking and tax/government purposes I find it best to keep a mailing address with opening/scanning/forwarding in my home country. My US banks wouldn't accept an address in Bulgaria. Possibly a useful perk for some people.
Good luck, may check it out sometime.
