Where nomads can buy an apartment for €10k to have a base in Europe
Due to running Coworking Camp for multiple years, attending multiple workations, building a coworking space and traveling to digital nomad hubs, I have met a lot of location independent friends. Recently my facebook feed fills up with stories like Cynthia’s who decided to start building a nest and Erica’s who decided to play house for a while, while others like Mirje who even settled in Finland to deliver a baby.
Constant travel is nice for a while, and I enjoy it a lot. But I also see why my friends are longing to have a permanent base that is not their parent’s basement. (not linking anyone here)
We are spoiled by geo arbitrage opportunities when we work for customers in high cost countries but then travel to much more affordable places. So obviously a nomad base should be cost effective, especially when we use it only for one part of the year. I have described my reasons to choose Bansko as this base in this article a while ago and my friend Dominic is talking about tax benefits here. Since several people have asked me if it is really possible to buy an affordable apartment for around €10k, not as a downpayment — the full purchase price, I have decided to show you some opportunities that I spotted in the last few months.
€6,990 for an unfurnished studio outside the town on the way towards the golf area. With the car about 5 minutes.
Full listing: http://excelpropertybulgaria.com/property/3153
€7,000 for an unfurnished 40m² studio about 5 minutes walk from the coworking space.
€9,950 for a furnished studio close to the golf course, about 10 minutes by car to town.
€11,495 for a furnished studio inside a 4* hotel complex, about 4 minutes walk to the coworking space. Unfortunately already sold, this is really an amazing deal.
€13,000 for a furnished studio at the end of the village and a little bit up the mountain. Car preferred, but I ride my bike about 10 minutes to the coworking space.
So, yes, it is totally possible to get apartments in Bansko for around €10,000. You need to do a little bit research about the complex:
- maintenance fees (and how many other owners in the complex pay them). Typical is about €4 to €10 per m² per year depending on facilities.
- heating (mostly electric and not great insulation)
- any issues with permits (Act 16) or pending legal action against initial developer (a lot of them went bankrupt, so no warranties)
- Is there a rental scheme for them complex that allows you to rent out your apartment? If so, how much money do the other owners make with that scheme (generally best to not plan on any rental income from your apartment as there is a lot of competition that drives down prices and a lot of regulation for short term rentals)
- what facilities are in the complex or nearby? Open year-round or only during the winter season?
I have built a small custom tool for myself that gets data from most real estate agents in Bansko and shows everything in a nice table with filter and sort functionality. Feel free to use it for your research: http://homepricing.guru/
For me it was a no brainer to buy something in Bansko to have a base for my travels. Nearby Sofia airport has many cheap flight options.
Where else in Europe can you become a home owner in a nomad friendly destination with amazing climate and lots of fun activities in the mountains for about €300/m² ?