Buying a property and investing in real estate can be challenging in your motherland, and things get more complicated in a foreign country. If the beautiful coast of the Adriatic Sea is calling you and you want to relocate to Montenegro, there are some things that you need to know before you go into the process. Keep yourself informed to avoid additional stress, time, and money losses. Buying a property outside of your country of origin is a big step, and it is better to think ahead.
Talk with the locals
It may sound easy, but relocating and finding the best option for you can be difficult. A lot of pitfalls are ahead of you as a foreign buyer. You may read and explore on your own, but who better to turn to than the people who already live there. It is always a good choice to ask around and get some information from the locals. They are usually friendly and in the mood to help you out. Potentially, they could save you from wasting your money by buying a property with some problems. This way, you may avoid issues like lack of sunlight, old plumbing, and even some legal confrontations.
Explore your options
Montenegro has some of the lowest property taxes in Europe. That means not only that you are saving some money, but you can also search for luxurious seaside apartments for rent in Tivat – Montenegro because of the lower cost. Whether you are looking for a house or apartment, there are several beautiful locations you can explore and choose the option that suits your needs the best. Each location has its pros and cons, depending on what you are looking for. Coastal cities are great if you enjoy beaches, the capital would be a good option for business, and there are even centuries-old towns if you prefer to live somewhere quiet.
Stay within the budget
Although you can purchase your dream home at an affordable price, there are always some additional expenses. If you have a budget, try to stick to it. First, try to negotiate a final purchase price because Montenegro is one of the countries where property owners will consider your offer even if they were asking for a higher price. Next, you should know that you need to pay some fees along with the property price. If everything looks good, you can place a deposit to ensure that the property is reserved for you and kept out of the market until you finalize your purchase.
Location, location, location
If you do not plan to live on your property throughout the year, there are ways to keep your house safe and even earn some additional money. Montenegro is a beautiful country, and a lot of tourists come every year to spend their summer holidays there. Consider purchasing a property close to some touristic cities, like Budva, Bar, Kotor, or Tivat, so you can rent it out when you are not around. Just make sure to have trustworthy agents who can help you in the process and save you precious time. That way, you will have an additional income and a great second home.
Things to be careful about
Since we are speaking about investing in a foreign country, it is imperative to be careful. You will need a good lawyer and a real estate agent. They need to check the property’s papers and make sure that everything is fine. The last thing you want is a legal dispute with multiple owners or troubles with legal access in the case of subdivided property. Check your building permits if you have such plans or restoration permits if you bought a beautiful stone ruin and want to restore it. All of these things will take just a bit of your time, but if you skip them, you may lose a lot of nerves, time, and money.
Montenegro is a beautiful country surrounded by mountains and the sea. If you are thinking of buying property there, you will not just get permanent residency. You will also get a great climate, moderate weather conditions, friendly neighbors, and a beautiful place to call home.