The Portugal Buying Guide’s Top Tips for Buying Property in Portugal
With the launch of their new office in Vilamoura in Portugal’s Algarve, Portugal Buying Guide, part of the Overseas Guides Company, has pulled together their top tips to help overseas buyers or investors who are looking to purchase property in Portugal:
1. Solidly define your reason for buying property in Portugal – are you looking for a property as an investment, or a new home for yourself and your family? Will this be a permanent home, or somewhere that you will only visit for holidays?
2. Clarify what funds you have available – how will you finance your property – through savings in cash, or a mortgage? If through a mortgage, how much deposit will you require? Will you need to release equity in the UK, or obtain a mortgage in Portugal? Once you have organised how you are going to finance it, when exactly will these funds be available? If you aren’t going to be able to buy property for a year, will your budget grow in line with rising property prices?
3. Research, research and more research – it’s so important to only start looking for a house to buy once you have clarified the first two points, as this will save you from looking at properties that are beyond your budget and timescale!
4. Narrow down your location – we really recommend taking a trip to your chosen corner (or corners!) of Portugal, and before you go make a realistic list of everything you NEED for day-to-day living in the location, such as an expat community, hobbies, schools or anything else. This will really help you to assess which areas are the best ones for you and your family.
5. Lock in your ‘Golden Three’ – once you have set a realistic budget, know your ideal location AND your funds are available, you can start looking in real time. To do this, we really recommend seeking assistance from the ‘Golden Three’ – a trusted solicitor, estate agent and currency specialist.
Marina Pasquill, Country Manager for Portugal Buying Guide in Vilamoura, explains: “There are a number of things that need to be thought about in detail when you are considering buying property, and it’s a really good idea to define your ideas as soon as possible – this will reap you rewards later on as you avoid wasting both your and your estate agent’s time.
“We also cannot stress more the importance to buyers of making sure they have what we refer to as the ‘Golden Three’ – a trustworthy, independent solicitor, a reliable estate agent who really knows the area inside out, and a currency exchange specialist who understands the overseas property industry. These contacts will be worth their weight in gold, because they will support you time and time again, even after you have made an offer on a property.”