Inherited property in poor condition 1

Inherited apartment in poor condition

Our client contacted us regarding inherited an apartment in Sofia city, Bulgaria. For years, his elderly parents lived there, unable to refresh and repair it. As a result, he inherited an apartment in poor condition, from which he would hardly earn any income, given his condition and location. At the same time, our client works as a full-time civil servant and does not have sufficient funds and time to invest in his own property.

Inherited property in poor condition 2

Answer

  • Our team visited the apartment in Sofia city. The flooring in the corridor was found to be mosaic and the flooring in the rooms was with an old carpet. The kitchen, however, had peeled and broken terracotta tiles. The walls of most of the rooms were yellow and torn with wallpaper. The furniture was wasted.
    After the inspection, our team offered the client two options. The first was to let the property in this condition, and the second option was to refresh and repair the property and then rent it out.

    Of course, the client chose the second option, in which he received a regular and higher income from the home, and at the same time the inherited property became a pleasant, cozy and modern property, attractive for the real estate market.

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