Bulgarian Completion Standard
When talking about newly-built properties - mostly apartments in purely residential areas (not resorts), there is a term in Bulgaria called "Bulgarian Completion Standard" [pronounced "shpaklofka i zamaska" in Bulgarian], which describes the state in which an apartment is handed over to the client. This is the most common finish for Bulgarian property buyers when purchasing a new home - apartment or house. They would acquire the property in a condition where internally it is not completely finished, while the building externally and all its communal areas are completely finished. It is usually the choice of the Bulgarian buyers, because most of them prefer to have the freedom to make the interior design of the property to their own standard and taste, and exactly to their budget.
But what does this standard mean exactly?
Bulgarian Completion Standard means that the building will have fully finished common parts and façade, while the apartments will be handed over in the following condition:
• Ground coat on the walls;
• Rough plaster on the walls which in most cases will require another layer of plaster before laying the latex paint/putting the wallpaper;
• There is front door and double glazed windows;
• The floors are concrete as in some cases another final layer of concrete may be needed to even it out before laying the foundations for the flooring and the flooring itself;
• The bathrooms are unfinished which means that there are no tiles, no accessories and furnishing. This means that there is water and sewerage system in place but the installation ends on cap;
• The property does not have any lighting fixtures, but there is wiring for electricity which is installed and ready to be used;
• The property does not have any sockets or switches placed, only the designated places for them with the cables coming out of the wall and the entire electricity system is installed.
You would be right to notice that this option is a far cry from the turn-key apartments which one can buy and start living in immediately. However, in many aspects these apartments with Bulgarian Completion Standard finish do have a number of positive features that are beneficial both for the investors and the future buyers. Firstly, the buyer will be able to make the interior design of their property according to their budgets. Not only that, but the buyer will also be given the opportunity to be creative, to choose their own tiles, floorings, colours, curtains, furniture, etc. Secondly, and this is just excellent for those buying the property for investment purposes, the apartment can be bought and then locked up without any additional work being done. The investor will then keep the property for some time after it is completed and then resell it at a profit. The investor will have no worries related to apartment maintenance or management. The next owner will have the complete freedom to design the home in accordance with their wish and taste without having to do any repair works first or the usual interior changes when buying a completed property. Thirdly, an apartment like that will be extremely easy for the buyer-investor to maintain as there will be, in fact, nothing to maintain at all, so it would be the perfect investment as the property will be bought at the minimal possible price and will be a good value for money. Apartments finished to Bulgarian Completion Standard are approximately 150-200 Euros per sq.m. cheaper than a property completely finished to an ordinary standard.
BulgarianProperties are adding a new option to their portfolio which will include the purchasing of apartments and villas under the Bulgarian Completion Standard, as we believe that these properties present really great opportunities for sound investment and flexibility for a future re-sale.
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© Bulgarian Properties Ltd. 2011.
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