Despite the obvious appeal of idyllic circumstances, it’s still important to step back and consider every aspect of moving to and buying in Portugal, before you jump in with both feet to make this beautiful country your new home.
There are a number of things that need to be thought about in detail when you are considering buying property, and it’s a 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 to buyers the importance of making sure they have what we refer to as the ‘Golden Three’ – a trustworthy, independent solicitor, a reliable estate agent who 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.
PortugalBuyingGuide.com’s top tips for buying in Portugal:
1. Why are you looking to buy property in Portugal?
Are you looking for a property as an investment or second income, or a new home for yourself and your family? Will this be a permanent home, somewhere to rent out, or somewhere that you will only visit for holidays?
2. Exactly what funds to do 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. How much research have you actually completed on Portugal?
Once you have clarified the first points (and only then) you can start to research areas, types of properties and everything else you need to know to make that move. This has to come third, so you can ensure that you aren’t looking at properties that are beyond your budget and timescale.
4. Where exactly do you want to live?
We 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 help you to assess which areas are the best ones for you and your family.
5. When will you 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 recommend seeking assistance from the ‘Golden Three’ – a trusted solicitor, estate agent and currency specialist.
PortugalBuyingGuide.com, part of the Overseas Guides Company, recently launched their second international office in Vilamoura in Portugal’s popular Algarve region. A joint venture with Smart Currency Exchange, the new office aims to offer advice and guidance on the ground for overseas buyers or investors looking to purchase property in Portugal.