On the crossroad of the Sofia property marketOn the crossroad of the Sofia property market
Many young people are nowadays facing the question whether to rent an apartment in Sofia or to invest in their Sofia accommodation. Usually, people take studio, 1-bedroom and 2-bedroom apartments for rent when they do not have savings or any security in their income. People buy homes when they need to settle down, start a family or when they have saved some money. Some bankers say that at the current moment, rents are non-committing and without an interest rate if compared to the purchase. However, people should also consider the fact that the aim of the purchase of a real estate is not only to live in it but also to make a long-term investment.
Renting a property all over Europe at the moment is very advantageous as the rental levels are down and in Bulgaria they are even lower. The size of the rental units depends on the number of people that will use it and could be a one-bedroom, a 2-bedroom or a studio for rent in Sofia. When one is renting a Sofia apartment, this is connected with a higher level of insecurity, but also with a better flexibility to change he address and even the city.
When we are looking at a family however, and especially when this family comes with children, the purchase of a home is a better decision. The purchase however is connected with the possession of at least thirty percent of the property price, and also some solid and stable income, as well as other funds for furnishing. Further to that, when one owns a property this is also connected with expenses connected with payment of taxes, fees and general maintenance. Those people who are lucky to ensure a high percent of the money for the purchase and depend less on the bank, are at a good position and should act accordingly.
