Uninhabitable properties

According to a study by the National Statistical Institute, the number of unoccupied properties in Sofia, Bulgaria, grew by 20% in 2023. There are currently around 150,000 vacant homes in the capital, which represents around 10% of the total housing stock. This blog aims to uncover the potential of the market and encourage all readers who have properties they do not live in and manage to use our innovative platform to successfully rent and sell these properties. The growing rental market in the capital, and in all regional cities in Bulgaria, provides good opportunities for very good passive income.

But what are the main reasons for uninhabitable properties in general ?

Inheritance: many empty properties are inherited from people who live abroad or who are unwilling/do not find the time to look after them.

Lack of trust in rental conditions: some property owners prefer to leave their homes empty rather than rent them out at low prices or to strangers.

Lack of investment: Many owners cannot afford to renovate or modernise their homes to make them attractive to buyers or tenants. 
 
Vacant unused properties have a negative impact on the real estate market as a whole. They reduce the supply of housing, leading to higher prices.

Our Dealehome Platform has been developed specifically for owners who only wish to manage their property for Rent, Sale and Accommodation. Benefit from:
Convenient Interface: We offer an easy and fast way to upload listings and find suitable candidates for rent with precise search filters. 
Security and Trust: our platform ensures the security of listings by protecting photos, which optimizes the quality of transactions and provides trust.
Trust your future tenants and rent your apartment in Dealehome !

The issue of concerns towards the people who would live in your apartment can be solved quite simply. For starters, put yourself in the tenants' shoes for a moment and consider how much freedom and how comfortable you would feel. Accordingly, look for a clear profile of people, which will make it easier for both you and others who will contact you without wasting time. Once you have a sense of positive communication with a potential tenant, you also have the opportunity to secure your peace of mind by drafting a specific tenancy agreement so that you feel as protected and confident as possible in the process.

We give you a few pointers to think about what you can expect and get from some good tenants.

1. Long term passive income is the main plus! Renting out an apartment that you are not using provides the opportunity for a very good steady passive income. This financial incentive can help your budget or be reinvested to renovate or purchase other properties. Also think about how this would be a perfect way to save easily and monthly.
2. Improved Property Security is another important point as the presence of permanent tenants can improve the security of the property. Tenants act as additional "eyes and ears" for the security of the property and the neighborhood.
3. Diversity in the Neighbourhood: By renting your apartment, you contribute to the diversity of the neighbourhood, especially in blocks where few or only elderly people live. This can be a huge plus in initiating processes in the management of the block such as replacing doors, insulation, cleaning, repairing lifts, roofs etc. Even small charges for your property that you are not using will be borne by your future tenants. No small savings !
4. Improved property condition. Diligence and care on the part of tenants for the property can result in improvements and maintenance of good condition of the property. This can save on repairs and maintenance costs in the future. When there is a problem with electricity, leaks, water or anything else in the apartment, it is always nice to have someone on site and have it fixed on time. Be positive and keep in mind that there are many people who want to be comfortable in their rental apartment and enjoy it for a long time, because the process of finding and moving to a new place takes time and energy. For this reason, we have no doubt that you will find a profile of tenants who would be happy to look after the welfare of your property. Believe in the power of mutual trust. Good tenants value the opportunity to live in your space and care for it as their own.
5. Helping the Housing Market may be the ultimate motivation for you, but consider that by renting out your apartment, it is beneficial to both you as an investor and society as a whole as you are providing a home to someone who is in need at that moment.

If you are faced with a situation where you have an apartment to rent or sell but lack the investment to renovate, you can consider the following options :
 

    Evaluate needed repairs and improvements and determine those that are absolutely necessary to increase the value of the property. Prioritize those that can be accomplished on a minimal budget but have a large impact. Prioritize the repairs by creating a budget for the work that includes all material, labor and incidental costs. Decide whether you can implement incremental financing for the repairs or use your own funds. 
    Improve the Visual Appearance: Focus on improvements that can quickly catch the attention of potential buyers. Spaces like the kitchen and bathroom usually play a key role in a buyer or renter's decision. Organize a brigade of friends who could help you for free with various repairs so that even a small property can be brought up to a fair appearance.

Attractive Financing Options: explore financing options that can help you when funds are not available. For example, you may consider loans or borrowing if you estimate that you will be able to cover the costs after the sale of the property. If you are struggling with funds for renovations, you can team up with friends as investors or directly share the cost with prospective tenants, as there are quite a few who are willing to renovate your home and deduct the renovations from the next few months' rent. This approach can provide an ideal opportunity to seriously renovate the property and have it ready to sell or rent again in the future.

    Do not exclude the option of offering the property "As Is" ! Lack of funds for repairs should in absolutely no way cause you to leave your property uninhabited. If necessary, you can choose to offer the property "as is" and reflect this in the price. In such a case, it is important to highlight the potential for improvements that the new owner may introduce.  If you haven't thought about selling an unoccupied property, there's nothing stopping you from consulting an estate agent or building surveyor who can provide advice and help you make the right decisions. It's important to simply get on with managing your property and not waste any more money by leaving it empty and unused. Repairs and improvements can be made to make it as profitable as possible to sell or rent the property in your particular situation.

Trust the process of renting and selling through Dealehome by selecting responsible and reliable tenants, attractive buyers who have responded to your listing with us. Your listing will not only provide you with an attractive additional income, but will also contribute to the upkeep of your property or get you funds upon sale, for future investment. Believe in the possibility of mutual prosperity in the world of renting and selling homes.