Buying a home abroad is an exciting and important decision. That is precisely why mistakes are costly. The good news is that almost all of them are foreseeable and can be avoided with a little method. Here are the ten we see most often, in the order in which they crop up along the way.
Before choosing
1. Buying without a clear goal
“A home by the sea” is not yet a goal. Do you want to use it often? Do you want to let it? Do you want to delegate everything? The area, the type of property and the format all depend on the answer. If in doubt, start with the comparison between an apartment and an Apart-Hotel.
2. Falling in love with the holiday, not the property
A wonderful week on the island is not an analysis. Separate emotion from assessment: go home, reread the information, compare the options calmly. If the offer is good, it will still be good in a few days’ time.
3. Never seeing the property and the area
Photos and videos help, but they do not show everything: noise, access, nearby amenities, the real view. At least one visit in person is the safest way to decide. To prepare for it, read the guide to the exploratory trip.
During the purchase
4. Skipping checks by a local professional
This is the most serious mistake. Before signing, a lawyer or notary qualified in Cape Verde should check the ownership, any encumbrances or debts and, for a property under construction, the planning documents for the project and the guarantees in the contract. The basics are explained in the guide on how to buy a home in Cape Verde.
5. Signing documents you do not understand
Official documents may be in Portuguese. Never sign a text you have not understood in every part. Ask for a translation and have every clause explained to you.
6. Paying in untraceable ways
Cash, accounts in third parties’ names, payments “to speed things up”: these are all warning signs. Every payment must go through the bank, with a clear payment reference linked to the contract. Find out more in the guide on how to pay for a property abroad.
7. Verbal agreements only
“The furniture is included”, “handover is coming soon”: if it is not in writing, it does not exist. Every agreement should be put in writing, in the contract or at least in a summary email.
After the purchase (but to be thought about beforehand)
8. Forgetting your obligations at home
If you are tax resident in Italy, owning a property abroad normally entails obligations in Italy too, and other countries may have similar rules. Speak to your accountant before you buy, not afterwards. Tax and legal matters should always be checked with a professional.
9. Underestimating management
Who checks on the home while you are away? Who handles maintenance, cleaning and any guests? An apartment you manage yourself requires time and organisation, even from a distance. If you want to let it, first read the guide on renting out your home on Boa Vista. If you prefer to delegate, consider a format with professional management such as The View.
10. Unrealistic expectations about lettings
Be wary of anyone who promises you easy, safe earnings from holiday lets. Rental income depends on the season, location, the quality of the property and management. Do your sums cautiously, and always ask what the figures you are shown are based on.
One more mistake: choosing the wrong partner
Many of the mistakes above share a common root: relying on someone who does not really know the area or who disappears after the signing. To understand how to assess the people supporting you, read how to choose who to rely on when buying in Cape Verde.
Our group has been working on Boa Vista for over 25 years, has built and sold over 350 properties and has already completed an Apart-Hotel, the White Hotel, now in operation. For documents and checks, also read the guide documents and checks for buying a home on Boavista2000.com.
Let’s talk before you decide
The best time to avoid a mistake is before you make it. If you are considering a purchase on Boa Vista, book a consultation: we will help you line up the right questions.
Frequently asked questions
What is the most serious mistake when buying a home abroad?
Skipping checks by a local professional before signing. Ownership, encumbrances and the terms of the contract should be checked by a lawyer or notary qualified in the country where you are buying.
Is it a mistake to buy during your first holiday?
Not always, but it is risky to decide on a wave of enthusiasm. It is better to use the trip to gather information and make the final decision calmly, once you are back home.
How can I tell whether promises about rental income are realistic?
Ask what data they are based on, for which area and for which type of property. Be wary of figures without explanations, and always take into account seasonality, management costs and empty periods.
Can I put things right if I have already signed a preliminary contract without checks?
It depends on what the document provides for. Contact a local professional straight away, who can assess the situation and tell you what room for manoeuvre you have.
Would you like to talk it through with a person?
Book a video call or message us on WhatsApp: we will answer your questions about Boa Vista and The View.
