Purchasing a residence is an undisputedly a serious and important decision. This, however, does not mean that it has to be a difficult one, accompanied by headaches and troubles... This is why our team is trying to publish useful articles and materials connected with the purchase of new property in order to help You - our clients.
In order to facilitate your decision on the purchase of an apartment in Diamond Beach Gated Complex we have prepared a list of the questions most frequently asked by our clients, together with our answers:
1. Where is the Diamond Beach complex situated?
The complex is situated in the seaside suburb of the city of Burgas - Sarafovo, 2-4 Laguna Street, Blocks 32 and 34. Its top location - right on the seashore, on a hill, does not hide even a portion of the magnificent sea view of the Burgas Bay.
2. How can you reach Diamond Beach Gated Complex?
- You can reach the complex by public bus transport - city route №15. The bus stop is approximately 700 metres away from the complex.
- You can also reach the complex by car...
...by using these coordinates:
- GPS Longtitude: 27.53127761
- GPS Latitude: 42.56032927
3. Do I owe a commission when purchasing real property from Artstroy 1 Investment EOOD. in Diamond Beach Gated Complex?
The Diamond Beach Gated Complex is a part of the portfolio of Artstroy 1 Investment. When purchasing a residence in the complex you will be politely serviced by the sales consultants of the company. For the professional advice provided by them, as well as assistance during the viewings and the purchase of your property you will NOT owe a commission!
For more detailed information, please call +359 886 611 666.
4. What sum will be specified on the title deed for the property?
The actual selling price of the property will be indicated on the title deed.
5. Is the VAT amount included in the price of the real property purchased by me?
The prices shown on our website and in all advertising, materials are with the VAT included. Despite this, in order for you to be certain that the price you are looking at is valid, please always contact us.
6. What condition are the properties in Diamond Beach sold in?
The residences in the complex are offered completely furnished - ready to live in or to let. Each residence has its own WC, fridge, water heater, air conditioners, furniture, kitchenette. The two-room apartments and almost all studios in the complex have their own balcony with different views. Only one one-room apartment is sold without furniture.
7. Do you render the service of letting the property purchased by me?
Artstroy 1 Investment is a partner of Artstroy Facilities, a company dealing with facility and property management, and also a part of the Artstroy Group AD family. If the future owners wish to let their properties, we shall make an offer for managing and maintenance of the property prepared by our partners. We have prepared three investment proposals, which our clients can avail of. For more information – contact us +359 886 611 666.
8. If I decide to let my residence, what equipment do I have to have?
If you wish to let your property on the grounds of a contract for maintenance and management, we shall provide to you a list of the equipment required for the property to be let. If you wish you can replace the available equipment, but it has to be in compliance with the requirements for letting through Artstroy Facilities.
9. I do not wish to have this furniture, can you take it back and make a discount on the price?
The properties are sold furnished. If you wish you can purchase the property without the available furniture. We shall render the service of vacating the residence, but the price remains unchanged.
10. What will my expenses for the transaction be?
Tax and notary fees amount at approximately 4-4,5 % from the price of the property. It is important for you to know that when you purchase property with a sales consultant of Artstroy 1 Investment you do not owe a commission! Our polite consultant will offer you full cooperation and assistance without your having to pay additionally for their services and assistance. You only pay a fee for processing documents by an attorney and notary fees.
11. Is it possible to purchase property and pay in installments?
Yes, this is possible.
Period of 3 months:
20% when the parliamentary contract is signed;
80% of the due sum can be scheduled for payment over a period of 3 months. This time period starts to run from the date of signing the preliminary contract.
We also offer assistance in obtaining a bank loan. Artstroy 1 Investment works with Bulgarian banks: DSK , Post Bank and UniCredit Bulbank, and can assist you in obtaining a loan and receiving more favourable conditions.
12. Does the complex have maintenance fee?
As any gated complex and in compliance with the Condominium Property Management Act there is a maintenance fee for the complex.
Excerpt from the Act/Section 2. (1) The management of the common parts of building in a condominium property regime built in a gated complex shall be arranged by way of a written agreement between the investor and the owners of the separate sites, with notarised signatures.
The maintenance fee amounts to €9 per square metre per year or €0,75 per square metre per month, VAT included. (this is calculated by multiplying the total floor space of the apartment by €9 per month and this is divided by 12 months).
Example: an apartment with a total floor space of 50 sq. m. -> (50*9)/12 = 37,50 €/month.
The fee is fixed in the contract, and it includes:
• Cleaning and maintenance of the common parts;
• Cleaning and maintenance of the pool, poolside chairs and umbrellas, the children's playground;
• Maintenance of the green areas and the gardens in the complex;
• 24/7 security and CCTV in the complex and at the entrance of the underground parking...all services included in the maintenance fee are listed in detail in the contract signed with Artstroy Facilities.
13. When I purchase property for investment, can I rely on high return and how could you provide it for me?
The return depends on the investment package that you will choose. If you choose a package with guaranteed return, you will receive guaranteed 5% return of your investment for the next 3 years /on annual base/. We predict that the percentage of return will be higher for the next years if the good economic situation on the market remains.
If you choose another package from the ones we offer, we shall try to advertise your property in established communication channels and to provide the highest possible return for you; we, however, cannot promise a definite percentage.
The location of Diamond Beach is in close proximity to the airport. The complex is in a more remote area of the suburb of Sarafovo, city of Burgas, which provides peace and quiet to the people living and relaxing in the complex. It is a much preferred place for stay by those arriving by plane throughout the year and because of the beautiful view right on the sea shore. Compared to winter resorts, with a season which is 2-3 months long, tourist flow into the gated complex lasts during the whole year – this is a guarantee for high return!
14. If I provide my residence to the maintenance company, when can I use it?
It depends on the package you have chosen:
- Guaranteed Income package – without being able to use your residence for the contractual term – 3 years.
- 50/50 and 70/30 packages - in the contract a date will be specified for each calendar year, until which you have to specify the period when you would like to book your property for you, your friends and/or your family.
15. If I have provided my property to the Management Company, do I have to pay for my stay?
If you have chosen 50/50 and 30/70 packages you will be able to book your stay until a specified date before the active season of the calendar year and to use your property without paying anything, of course, except for the bills for water and electricity that you have consumed.
If you choose 5% package of guaranteed return, in order for us to be able to guarantee this return for a period of 3 years we shall manage and maintain your property.
16. How is the 5% of guaranteed return per year made up?
The guaranteed return is 5% of gross income from the full cost of the property paid by you to Artstroy 1 Investment. The annual tax of the property, as well as profit tax are for the expense of the owner.
17. Do I owe taxes to the state if I let my property?
Anyone letting their property in Bulgaria owes 10% tax on the profit from the property to the state, by virtue of section 8 from the Natural Persons Income Tax Act, clause 5. If you choose any of our packages for management and maintenance, in compliance with the legislation and for your expense the accounting department of Artstroy Facilities has to pay to the state and in advance the tax on the profits received for the first, second and third quarter of the year and to prepare a certificate for this for you.
If you have income from the fourth quarter you have to fill in the tax return yourself, in compliance with the legislation, and to submit this tax return to the offices of the National Revenue Agency. You will be issued a certificate stating the taxes paid for your property by us. By virtue of Natural Persons Income Tax Act you have to mandatorily demand this certificate from the accountancy department and to submit your tax return to the offices of the National Revenue Agency on time. For more information please seek the advice of an Artstroy 1 Investment sales consultant.
18. When are the proceeds from letting the property paid?
Proceeds from letting the property shall be paid after the end of the active season and the drawing up of the reports for the income receive and the costs and expenses incurred.
19. If I do not sign a contract for management and maintenance, will I have return?
The gated complex is a much-desired destination with a high rating in Booking. Of course, you have the right to let your property independently, but in this case we cannot guarantee return. The management of your property will be your concern entirely. Make the most of our investment packages and we shall give the possibility to receive passive income from your property without your being involved in the process of letting, cleaning, etc.
20. How can I be sure that there is a sufficient number of tourists in the complex, from whose stay I shall receive income if I choose to let my property?
Due to its proximity to the Burgas International Airport and its location on the sea shore, the complex is a popular and much-desired destination. The gated complex welcomes its guests not only during the summer season but during the whole year as well. In order for us to be able to provide return for you, we have drawn up investment packages for 3 years.
21. How will you provide the security of my property, if I choose to let it to the Managing Company?
The complex has CCTV and security 24/7 and this is included in your maintenance fee. Even the entrance to the underground parking in the complex is provided with CCTV. We do our best for our owners and guests to feel as safe as possible in the Diamond Beach gated complex!
22. What contracts do I have to sign when I purchase an apartment in Diamond Beach and when I provide my apartment for maintenance and management?
• Preliminary contract for sale and purchase;
• Contract for maintenance;
• Lease contract. – not mandatory!
23. Do I have the right not to sign any of the contracts?
Lease contract shall be signed only if the owner wishes to use our packages and our special package for guaranteed return. All others are mandatory.
24. Services – cleaning, laundry, consumption of electrical power, etc. – are they free?
• If you are owner and use your property, then you have to pay for these services;
• As regards the Guaranteed Return package - if you have purchased the residence for investment and decide to let it through Artstroy Facilities, our partner company will pay the expenses;
• If you choose 50/50 or 70/30 packages, then the expenses will be divided between the managing company and the property owner in accordance with the terms and conditions specified in the respective contract.
25. What is the heating? How do I pay costs and expenses for heating, electrical power and water
Heating and cooling in the complex are by electrical power.
With the packages that we offer we pay the bills, after which, according to the package, these are deducted from the income received. If you wish to manage your property on your own, the bills shall be paid in accordance with the manner provided by law.
26. Which of the services in the complex will be paid?
Detailed information on additional services that we offer can be received at the reception desk.
27. I am a foreign citizen of a country that is not an EU member. How can I purchase property in Bulgaria?
There is no obstacle for purchasing property in Bulgaria by foreign citizen. You can acquire possession over any kind of property but not over land. All documents for the transaction shall be executed in two languages, and you will be assisted by our consultants in all stages of the purchase without owing a commission.
28. What will happen after the expiration of the Contract, and the period, during which you provide guaranteed return?
The managing company Artstroy Facilities will offer you to sign a new contract. According to our survey we predict that the profitability in the complex can reach even higher percentage of return. When the agreed-on period expires, analyses and research shall be made and a new investment proposal will be prepared. It is possible that your future contract turns out to be even more attractive for you.
29. After the expiration of the contract for management and maintenance of my property do I have sign again with the Management Company?
Upon the expiration of your contract you are under no obligation to sign a new contract! This will happen only if you wish to do so, and if you approve the proposed terms and conditions.
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