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9 THINGS YOU NEED TO KNOW BEFORE BUYING A PROPERTY IN PORTUGAL

 

This video blog will explain the basics of choosing your new property in Portugal and the intricacies of making a purchase.

 

1. Why buy in Portugal?

Portugal is a safe, welcoming country with a beautiful coastline and nature. The mild climate makes a living here very pleasant.

2. What kind of property will suit you?

Consider where you want to buy, should it be a coastal property, a country house, a city flat, or a villa. There are different types of properties to choose from. You can get almost everything from this palette: e.g., estates for permanent residence, holiday homes, investment, buy to let, hotels, B & B's, business premises, etc.

3. Get help from professionals with local market knowledge.

It is recommended to look for professional assistance, choose a real estate agent you trust, contact a lawyer for the due diligence, set up contracts, and all necessary for the final deed.

4. How to get a mortgage?

Bank loans for properties in Portugal are possible up to 80% of the sales price. If you consider getting a loan, you can hire a financial adviser.

5. How to do an effective property viewing?

Start with online research and observe the property's areas and surroundings in question. Make, e.g., sure you have all needed amenities in easy reach.

6. About making an offer.

Try to put a lower offer than the asking price, but don't overdo it. A reasonable price reduction is between 5 and 10%

7. Should you get a professional property survey?

If you are not sure about the property features, you can get a survey from an engineer. You have to support these expenses.

8. How to realize and legalize the real estate purchase?

Your offer was accepted. The first step now is that your lawyer draws the promissory contract. By signing this normally is a deposit between 10 and 20% of the sales price requested. This contract stipulates the timeline and all conditions for the final deed.

9. What taxes are to be expected?

Buying property in Portugal implicates Taxes (IMT) which vary between 5 and 8%. You have to count on these coasts and be sure your budget covers them.

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Sergey Malinka
Sergey Malinka Property Consultant