Typical Mistakes When Purchasing Real Estate Abroad

The most expensive mistake remains using the agent's recommended lawyer. The seller gets a commission only if the sale goes through, which is a different interest than looking after your interests. Your own legal adviser costs a small fraction of the purchase and is money well spent.

Signing documents you cannot read comes a close second. A certified translation is inexpensive compared with the purchase price. Assurances given by the agent will not help when the written text differs — the contract is what counts.

Committing to an unbuilt project blindly has damaged plenty of plans. Before paying anything, look at what the company has already delivered, the building permits, castile and leon property prices the guarantees on staged payments. Projects running behind schedule happen frequently even in good markets; unfinished projects are the exception but far worse.

Thinking only about the purchase is a subtler error. Any property will eventually be sold, and the next buyer decides what you get back. A unit with no local demand apartments for sale in playa flamenca takes longer to sell in a weak market.

Finally, many buyers underestimate the running costs. Tax filings may be required even in years with no rental income, and overlooked notices generate charges that accumulate quietly. Setting up a local tax adviser from the start prevents most of these problems.