Buying a property abroad is a unique investment for many people, but also a challenge, especially when something as important as a house or apartment in Montenegro is at stake. This country, known for its beautiful coastline and charming towns, is becoming more and more popular among investors from Poland. However, buying a property in a foreign country carries risks that can surprise even experienced buyers. In this article, we will discuss the most common mistakes that real estate buyers in Montenegro make and how to avoid them to make the buying process safe and satisfactory.
Lack of thorough verification of the legal status of the property
One of the most common mistakes made by buyers of real estate in Montenegro is the lack of thorough verification of the legal status of the selected property. This error can lead to a number of problems, such as mortgage charges, third-party claims, or difficulty obtaining full ownership rights. Buying a property without full legal documentation is a risk that is worth avoiding.
How to avoid this mistake?
To ensure that the property you choose is liabilities-free, it is essential to carefully check its documentation. Particular attention should be paid to the Land and Mortgage Register, which contains information about possible mortgages, restrictions on use or rights of third parties. It is also worth checking whether the property owner has all the documents confirming the right to sell.
Here the help of a professional real estate agent can be invaluable. Experienced brokers have the knowledge and legal contacts that allow them to quickly and efficiently carry out a control of the legal status of the property, thanks to which you can avoid problems resulting from hidden liabilities.
Underestimation of additional costs
When buying a property in Montenegro, some costs can be easy to overlook, especially when we focus mainly on the purchase price. It is often the case that buyers do not take into account expenses such as notary fees, acquisition taxes, legal costs, as well as future fees related to the maintenance of the property. Underestimating these costs can make the purchase more financially taxing than initially assumed.
How to avoid this mistake?
Before making a purchase decision, it is worth analyzing all potential costs in detail. In addition to the purchase price, it is necessary to take into account the one-off tax on the purchase of the property (which amounts to 3% of the market value), notary fees and other administrative fees.
A professional real estate agent can help you prepare a full breakdown of the costs associated with the purchase. This will give the buyer a clear picture of all expenses and will be able to plan their budget without worrying about hidden costs.
Negligence of the technical inspection of the property
A common mistake buyers make is skipping a technical inspection before finalizing the transaction. Failure to thoroughly check the technical condition of the building can lead to costly repairs or the need to carry out renovations immediately after purchase. Even properties that appear to be in good condition at first glance can hide hidden flaws such as installation problems, a leaking roof or structural damage.
How to avoid this mistake?
Before signing the contract, it is worth commissioning a thorough technical inspection, which can be carried out by an experienced building inspector. The specialist will assess the condition of the electrical and plumbing system, the structure of the building, thermal insulation and other relevant elements, which will allow you to identify any problems before you make a final decision.
A real estate agent with experience in the local market can recommend proven inspectors who will thoroughly assess the technical condition of the property. This will ensure that the buyer is making a safe purchase and that any defects are identified at an early stage.
Lack of knowledge of local laws and procedures
Buying a property in another country involves understanding the local laws, which may differ from those in Poland. Montenegro has specific regulations regarding the acquisition of real estate by foreigners, and the buying process can be more complex if you are not familiar with local procedures. Lack of knowledge about this can lead to legal issues or delays in completing the purchase.
How to avoid this mistake?
Before starting the process of buying a property in Montenegro, it’s a good idea to familiarize yourself with the basic regulations, such as property registration requirements, the need to obtain a purchase permit (in some cases), and an understanding of local tax requirements. It is also a good idea to consult with a local lawyer who can help you understand all the legal aspects.
Working with a professional real estate agent who knows the local regulations well can make it much easier to go through all the formalities. Brokers with experience in the Montenegrin market help not only in filling out documents, but also in dealing with local offices, which saves time and avoids unnecessary difficulties.
Buying under the pressure of emotions and marketing tricks
Buying a property is often an emotional process, especially when it is a house in a dream, picturesque place like Montenegro. A common mistake is making decisions under the influence of emotions or marketing tricks used by sellers. Beautiful views, promises of quick profit from rental or approaching dates of promotional offers may tempt you to act quickly, which is not always the best solution.
How to avoid this mistake?
It is worth approaching the purchase of real estate in a strategic way and not succumbing to time pressure. Conducting a cool analysis of the investment, comparing several offers and a detailed assessment of all costs are crucial to make an informed decision. It is also important to think carefully about whether the property meets all your needs and whether it will really suit your lifestyle and expectations before finalizing the purchase.
Working with an experienced real estate broker can help you avoid impulsive decisions. A professional can provide reliable information about the real potential of the investment and help in the analysis of offers, so that the choice will be based on facts, not emotions.
Is it risky to buy real estate in Montenegro?
Buying a property in Montenegro is an exciting, but also demanding investment that requires careful preparation. Understanding the most common mistakes, such as failing to check the legal status, underestimating additional costs, neglecting the technical inspection, lack of knowledge of the regulations, and buying under the influence of emotions, allows you to make a more informed decision. Thanks to careful planning and, if possible, cooperation with a professional broker, the purchase process can go smoothly and without unnecessary surprises, and your dream property will become a safe and satisfying investment.
