Common Mistakes When Buying A Home In Another Country

The most expensive mistake remains relying on the seller's lawyer. The agent earns money only if the sale goes through, which is a different interest than looking after your interests. An independent lawyer represents a small fraction of the purchase and is money well spent.



Putting your name to untranslated contracts ranks close behind. An official translation is a small expense next to what is at stake. Assurances given by the agent mean nothing if the written contract says otherwise — the contract is what counts.



Purchasing off-plan on trust has wrecked a great many buyers. Before paying anything, examine previous developments, the planning approvals, apartments for sale in side and how deposits are protected. Projects running behind schedule are normal with even the best developers; unfinished projects are less common but much more damaging.



Forgetting about resale is a quieter mistake. A home bought abroad will one day be sold, and the next buyer determines the price. A unit that only appeals to foreign buyers is harder to move when sentiment turns.



Last of all, plenty of purchasers misjudge the ongoing obligations. Local tax returns can be required even buy property in colorado years with no rental income, and overlooked notices lead to fines that accumulate quietly. Setting up a local accountant from the first year avoids most of it.