The Most Common Mistakes When Purchasing Real Estate Overseas

The biggest one involves taking legal advice from the other side. The developer is paid when the deal closes, which is not the same as acting for you. An independent lawyer costs a small fraction of the purchase and is money well spent.



Putting your name to untranslated contracts comes a close second. A certified translation is a small expense set against what is at stake. Verbal assurances will not help if the written contract says otherwise — the contract is what counts.



Purchasing off-plan on trust has damaged a great many buyers. Ahead of a deposit, examine the developer's completed projects, the building permits, lapta real estate and the guarantees on staged payments. Late deliveries are common even in good markets; stalled projects are less common but genuinely ruinous.



Forgetting about resale is a quieter mistake. Any property will eventually be sold, and the pool of future buyers decides what you get back. A unit that only appeals to foreign buyers is harder to move when sentiment turns.



Last of all, many buyers underestimate the running costs. Annual declarations are often required regardless of whether the buy property in portugal earns anything, and missed deadlines generate charges nobody warns you about. Arranging professional help from the first year prevents the majority of these headaches.