Hello to all Narcis owners.

My BDB property in the Grand Bankso is - so I am told - ready to be issued with Protocol 15 which means that BDB want my final payment.  This property is already well past the completion date stated in my contract and so I am sceptical. 

As Narcis owners have already been through this process Iwould be very grateful for any advice/warnings you can give me.  For example, I am surprised at the high fixed cost of heating and air con- 40 euros per week in the high season and 20 in the low season.  Does this sound reasonable to you?? Water and elec are on a meter and apparently we pay the utility co's charge plus 15% - I need to find out from BDB what this extra 15% is.  On top of the maintenance charge, which is increasing next January,  this is - for us - turning out to be an expensive 1 bed apartment to maintain!!

I have heard that when the Narcis was open for use, after Protocol 16, there was still some unfinished work and very shoddy workmanship (balcony missing in one case??)  I am concerned that once we hand over our final payment we won't be able to correct these things.  How has BDB dealt with these problems?

Would be very grateful for any advice/warnings you can give  us.

Hi

It seems many of us have made full payment on apartments bought in Narcis II as early as December 2006.  I have letters from Pirin stating that the complex would be ready in March 2007, and even though the apartment is complete and complex was apparently up and running from december 2007 I still dont know how much its being rented out for.  I would like to sue the arse off these people for time wasted, stress and loss of rental income.  Im in touch with a solicitor In Bulgaria to see if this is possible.  Too many promises, too little action.  Please feel free to contact me if you have had similar problems, you never know a bigger voice might get something done.

Mr Kym Daniels

Hi to all purchasers of BDB properties from Welshie , the Grand Bankso.

TAke a look at www.holidaylets.net  if you are thinking of marketing your apartment privately.

Have been thinking about this - although  The Grand is nowhere near ready for letting yet!

Problem is that independent holidaymakers will have to find their own way from the Airport to Bankso.  Also, how would we organise cleaning of the apartment, handing over the key to new renters etc.  I am hoping that there will be an organisation all ready set up in Bankso that we can pay to do this, if we should let out privately. If not, surely there will be one soon?

Regards

Hello.  I have bought a 1 bed apartment in the Grand Bankso, built by the same developer as the Narcis.  When I did my inspection flight, I viewed the show apartment in the Narcis and it looked good, so I went ahead and started the buying process for the Grand.  It is very useful for me to read all your comments on the progress and  finished product by the same developer - forewarned is forearmed as they say!!!!

My apartment was supposed to be completed and fitted by December 2007 - but I have now had a letter from BDB stating that the date will  e April 2008.  (but I am not convinced!)My friend has bought in Two Rivers - by the same developer and seems to have experienced the same problems as you guys.  BDB are very quick to claim 'force majeure' when there is a delay and very quick to chase for their money and remind me of my 'contractual obligatons' when they say payment is due!!!

Have any of you been hit with 'hidden' charges which were not discussed during the inspection visit or contained in the contract.  My Two Rivers friend has been told that a payment of 20 euros per month is due for the communal heating and air con also another separate payment for the 24 hour reception.  It appears that these payments are not part of the maintenance charge outlined in the contract!!!  My friend who bought in Two Rivers is still waiting for the certificate which allows the apartment to be used - and he paid in full ages ago and was expecting to use the apartment last Easter!!

Can any of you recommend a good Bulgarian law firm/solicitor?  My contract for purchase was signed in April 2006. I suspect that my apartment won't be available for personal or rental use by December 2008. This means another ski season missed and the potential for rental income.   Three years is a long time to wait for a rental return - I only hope that there has been some capital gain.

Is this long development time with delays typical for Bulgaria - or is it the developer??

Hi I bought on narcis 1 and am reasonably happy with the standard of workmanship, having sighned the rental agreement for 5% for two years after completion of the apartment , still waiting to be paid for the first year!! let alone for the second year.So not really sure if the rental agreement means to much!!

  I have also paid for the apartment in full and all the notary taxes ,but still not got complete ownership of the property(waiting for the deeds)  ,seems to be a very slow process but they are very quick of the mark when money is due !!!

I suppose it all takes a bit longer in Bulgaria !

Let me know if anybody else has  similar problems

                                                                               regards Mikey D

Hi,

I am in Phase 1 and have taken ownership of my property,although I have held back on 10% and have re-negotiated the price.... but that is another story.

I took the 5% on offer asI have oother properties and haven't got the time to organise this. I am very glad I did. The hotel opened last December for business but it wasn't ready - there were issues with lifts not working, the fittings not put inproperly, balconies not being in place, the pool being out of operation etc etc.

From what I can gather the apartments will be nice when complete but there have been a multitude of problems. For example, I am in the loft and half of my bedroom falls below 1.8 metres floor to ceiling. In the long run we will all do OK out of this but there will be a lot of pain in the short run until all the snagging is sorted.

I am aware Balkan Holidays willnot be using Narcis in 2007/08 which I was told is due to their rates being uncompetitive - don't know if this is true.

Also, if you read the forums on Bansko most of the apartment owners who have been taking rents themselves have mostly said they cannot fill their rooms. Personally I am happy with handing it all over and getting 5% as I have been able to plan and have reduced my risk.

Good luck to you all. 

Hello - I am new to this site - so here goes

I too have an apartment in Narcis - 2        1 x 1 bed apartment

I am interested in anyone's comments regarding rental yields and who they contacted to organise a rental agreement?

Thank you

Hi Marty, I have bought an apartment in Narcis2 and was wondering if you had any success in renting your apt and if you now have any advice on renting now

cheers

Mike

Hi,

I have bought my first appartment in the Narcis development, Bansko. I was wondering what is the best way to rent my property. I have bought the appartment as an investment and i do not intend to use it. I know i can get a guarenteed 5% yield risk free, or go with a tour company and possibly get 7 - 8% return. hopefully some one can help me, and advise me on my options.

Thanks

Marty