How to avoid the pitfalls of buying a property abroad

Many people dream of buying a property abroad for holidays or retirement, but mistakes can be costly.

View of Cadaques on the Costa Brava © iStockphotos

Spain is still the most popular choice for UK retirees
(Image credit: View of Cadaques on the Costa Brava © iStockphotos)

Buying a property abroad can be fraught with expensive pitfalls, yet for such a big decision it's one that is often taken lightly. Many would-be buyers fail to do their research, even when they plan to sink their life savings into the purchase. "People who come to me are typically buying a holiday home, investing for retirement, or buying a property to live in," says overseas mortgage broker Simon Conn. "But they make mistakes because they rush into things. They are buying these properties as their dream home or retirement home without doing any research it's incredible."

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Hannah Smith is a freelance financial journalist who specialises in investment management and personal finance. www.hannahsmithjournalist.co.uk