|
Whether buying somewhere you are already familiar with or in a completely new location, finding a property will be made considerably easier by going through a real estate agent.
In most locations that attract foreign buyers, real estate agents speaking several languages are common. But buyers should be careful when dealing with agents no matter the country.
Though many people are inclined to think that an agent of their own nationality is less likely to take them for a ride than a local, it is often the other way around, particularly in places where there has been a rapid influx of foreign buyers. In such areas unscrupulous agents looking to make a quick buck abound.
Because some countries do not regulate who can act as a real estate agent it is easy for virtually anyone to try to sell property, in many cases charging extortionate amounts of commission or duping the buyer into acquiring real estate that is substantially overvalued. In such places - as well as in countries with regulated real estate sectors - other operators set themselves up as so called property developers, buying houses for cheap from locals and then attempting to sell them to naive foreign purchasers at two, three or even four times their real value without actually 'developing' anything.
Language skills that would allow you to talk directly to the seller and locals evidently help avoid some of the risks of falling foul of such scams. Hiring an interpretor is another possibility to consider. Failing that it is necessary to take time to find a good, honest real estate agent to deal with.
Beware too of agents that pretend to be a one-stop shop for buying, renovating and relocating. Though they will probably get the work you demand done, it is not uncommon for them to charge extortionate commissions to the unwary client, doubling or tripling the local price for say cleaning your apartment or renovating your villa.
Though an acceptable fee for agents in most countries is between 3% and 5% of the value of the property, in some places commissions can be as high as 10% or 12%. Make sure you always know in advance, and walk away if the agent won't tell you their commission upfront or says it is already in the price.
|
