Where to start when buying property in Romania

As many Britons are increasingly keen to invest in property abroad, whether as a holiday home, a permanent year-round residence or as a retirement property, houses and apartments in Eastern Europe are becoming far more sought after.

With this in mind, Amanda Billige, PR & marketing director for Ashton Billige Property Marketing Ltd shares her top ten tips for buying property in Romania.

1. As Romania is one of a number of countries set to join the European Union this January, investors are significantly turning their interest towards investing in the country. This will inevitably lead to price rises so if possible, purchases should be made sooner rather than later.

2. If buying anything other than an apartment, investors will need to establish a Romanian foundation or company via which they can own the land on which the property sits.

3. An independent survey should be carried out for resale property.

4. When budgeting, there will be associated extra costs that should be accounted for. This should allow for an extra 3-4 per cent of the original purchase price. This is to include the lawyer and notary costs, as well as state taxes. Be aware that there is also an annual property tax payable in Romania.

5. Choose your location carefully. Some areas are beginning to become very saturated, and as a result it will be difficult to guarantee year-round rental when there are so many other properties available to choose from. It is always best to visit a site before you commit to buying - find out how easy it is to get to it, and what amenities are nearby.

6. Look for any hidden costs. Remember that apartments will have an annual maintenance charge built in.

7. It is not currently possible to obtain a mortgage to purchase a property in Romania, either in the UK or Romania, although this is likely to change in the near future and in all likelihood will be possible by the time Romania becomes part of the EU.

8. It is always best to use a reputable agent to help you separate the wheat from the chaff as there is so much choice with regards to buying in Romania.

9. It is by far the best to use an agent with local knowledge as this can help to bridge the gap between foreign buyers and the sellers or developers who may not speak English.

10. Speak to Romania Revealed (www.romaniarevealed.com) on 0845 054 8697.