In short this means that until you are handed the title deeds you will not run any economical risk.
The following text should be considered as a guideline with tips and ideas for you to consider when buying a holiday home abroad.
Make sure that:
- You are not dealing with an illegal estate agent who is not authorized to engage in real estate sector.
- To ensure that deposits and installments can be returned to you in case the seller breaches the agreement.
- That you do not pay the full purchase price to the seller, without your payments being financially secured.
- That all material provided by brokers and agents are available in a language that you understand.
- That you have your own advisor in the transaction. Choose someone you can trust.
Other tips:- Use the holidays to find the right area.
- Take a walk in the evening. Some areas will change appearance completely in the evenings.
- Beware of open and free views that may be obstructed. If there are any empty plots in front of your building, there may be construction at a later stage.
- Consider buying a completed product, instead of a off-plan project.
- Decide for yourself how much you want to spend before viewing properties.
- Check all installations - eg. if there are heaters and appliances included.
- Make sure that the contracts clearly state what is included in the price – eg. Costs of trade.
- Be aware that "one bedroom" is a 2-bedroom, etc.
- Consider how often and when the property will be used.
- Beware of "rental guarantees" that seem to get costs to disappear.
- Talk with other foreigners on site who have already purchased.
- Find out what it costs to resell the property if you change your mind.
And finally the best advice of all:
Behave in general as the critical home buyer, as if you are in your own country!