Common Mistakes When Buying Property Overseas
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The costliest error remains relying on the seller's lawyer. The developer gets a commission on completion, which is a different interest than looking after your interests. Your own legal adviser costs a modest share of the price and is the single best safeguard.
Putting your name to untranslated contracts ranks close behind. A sworn translation is a small expense next to the purchase price. Verbal assurances carry no weight when the written text differs — only the signed text matters.
Purchasing off-plan on trust has ruined many budgets. Ahead of a deposit, examine what the company has already delivered, the planning approvals, and whether payments are held buying land in greece escrow. Delays happen frequently even in good markets; unfinished projects are less common but far worse.
Forgetting about resale is a quieter mistake. Any property will eventually be sold, and lipari real estate the next buyer matters. A home with no local demand takes longer to sell when sentiment turns.
Last of all, many buyers underestimate the running costs. Local tax returns are often required even in years with no rental income, and overlooked notices lead to charges that grow over time. Putting in place a local tax adviser at the outset prevents most of it.
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