Is it any surprise so many people are looking at buying property in Portugal? It has a gorgeous climate, friendly people, a low cost of living and communications are good.
Add the fact that property prices on the Algarve are low compared to the UK, and that there are glorious beaches, culinary delights and culture to experience, and you might think about going, too.
Moving to Portugal or buying a holiday home there involves different legal and financial processes, but its not complicated. The most difficult part will be choosing your dream home from so many beautiful properties!
Will you select a villa close to the sea? Perhaps a home next to one of the countrys glorious golf courses? Or how about an away-from-it-all rural property, complete with land and vineyard?
Read on for some information you might find useful.
Once youve got an idea of type of property youd like, where youd like to be based, and have a budget in mind, its worth contacting an agent based in your area of choice area and make use of their expertise to help with your search. Speak to them about what you’re looking for, the aspects you’re willing to compromise on and things you can’t live without. Then you can get to planning your trip, it’s assumed youve been to Portugal at least once before, so combine your local knowledge with a holiday to view some properties.
When deciding who to work with when you go out to Portugal, make sure your agent speaks good English and Portuguese, this will be invaluable when it comes to negotiating the finer details with costs and legalities.
You should always keep an open mind. While you might enjoy beach holidays, would you want to live in a resort during the busier holiday periods? Similarly, if you like the idea of a secluded villa in the countryside make sure you won’t miss the abundance of local amenities and local community feel in the winter months.
Once you’ve considered these aspects and still love the thought of buying property in Portugal, and youve found your ideal property, you need to hire a local lawyer to put in an offer (make sure they speak English).
Your lawyer and agent will help you through each step of the process. But essentially these are the stages to go through, from making an offer through to getting the keys to your dream property.
If youre buying a new build, you may be asked to pay portions of the price during stages of the build.
As a rule of thumb, its advisable to have 10% of the purchase price available for extra costs. Usually, these come in at a maximum of 7%, and often less, but its as well to be prepared. Your lawyer or agent can advise on each of these. For example, taxes vary for new builds, and if you intend to purchase a holiday or full-time home.
The extra costs to buy a house in Portugal are made up of:
Removal costs come on top, and this can amount to thousands if youre shipping everything you own to a new property in Portugal.
Now all you need do is relax and enjoy your new life in the sun!
Do you intend to open a bank account in Spain? This might be because you’re planning to emigrate to the Iberian peninsula with your family, to start a new life in Marbella or the Costa Blanca. Alternatively, this could be because you want to buy a Spanish holiday home, to enjoy year-round escapes to […]
By Jessica Roberts
Excellent service, clear and unambiguous advice and I was given an expert insight into currency fluctuations and the potential for gains as well as losses. Ultimately, they saved me money which is always a bonus when your uncertain about who to trust with your money. My advice? Don’t use your bank, it will save you thousands by using Foreign Currency Direct.
Having tried Transferwise and HiFx, Foreign Currency Direct is cheaper whilst still providing a very personal and professional service. I now wouldn’t use anybody else.
They are patient, constructive and always seem to look for the best possible way to assist their clients. Importantly, they do what they say they will do in the time frame they commit to. Emails and phone calls have a quick response – communication has always been excellent. Foreign Currency Direct plc will continue to be my first choice.
Good honest advice, simply the best.
Brilliant, fuss free service as always. They always deliver exactly what they say and in super fast timescales. Reliable, helpful and approachable.
FCD keep you informed and are there when you need to talk to them. Add to that the excellent rate and speed of transfer and you have the perfect company for your money.
Excellent experience every time. I always feel as though it is a personal service with the staff getting to know me as a person rather than just a customer. Special thanks to Dayle Littlejohn.