Buying your house in Portugal
There are many houses for sale in Portugal with the capital city Lisbon and the second city of Oporto having the largest markets.
The Algarve to the south of the country is also quite a lively market, accommodating to both the Portuguese and foreign buyer.
Although Alentejo is the largest area of Portugal, the number of houses for sale is quite limited.
If you are searching for a house to buy in Portugal, the first thing you will need to decide is where you wish to buy.
The second choice on your list should be, what do you wish to buy?
Generally when searching for houses for sale in Portugal online, most of the properties will be designated by location and type.
This should make finding your home easy, right?
Unfortunately not. Portugal doesn’t have a Multiple Listing Service, where you are able to find all the houses for sale in one place.
This will mean that you will need to search multiple websites and platforms to find your ideal home.
Alternatively, you may build a relationship with a trusted broker whom you may instruct to search on your behalf.
Choosing an agent in Portugal
There are a number of points to be taken in to consideration;
Are they a legally licensed broker?
Do they speak your language?
Can they offer you referrals or recommendations from current clients?
How much knowledge and experience do they have?
Where are they located?
Could you work with them?
Houses for sale Portugal
Important things to consider prior to purchasing your home.
Is the home under guarantee?
Are there any structural surveys available?
Is the property documentation up to date and legal?
Does the documentation match what you have seen and been told?
What is the neighbourhood like?
Are there any nearby developments planned that you should be aware of?
Closing the sale
So you’ve searched multiple houses for sale in Portugal and have finally made a decision on what you wish to buy.
You’re working with a broker who you like and trust.
The seller has agreed to your price and terms.
So what happens next?
Note: It is important that you hire a lawyer to assist you with the purchase and closing of your transaction.
You will need to obtain a Portuguese Tax Number.
Generally, you will need to open a bank account.
If you are looking to fund the purchase of the property, now is the time to talk to the bank, although, this should have been done already.
Make sure that you have accounted for the additional expenses when buying a property which will include;
Notary and legal fees.
Generally, you should account for an additional 10% on top of the purchase price to account for the above fees. (This will ultimately depend on where and what you buy and the cost).
Prior to moving in to your home, you should also make sure that you have the details of the utility companies and service providers, so that your move can be smooth and efficient.
Buying a house in Portugal is not difficult as long as you have the right team around you.
Make sure before you start that you have made a check-list and plan and that you stick to that, as much as you can.
My wife and I purchased our first house in Portugal in 1998 and have since bought eight more homes.
We set up our brokerage in 2010 focusing on real estate in and around Comporta along the Alentejo Coast.
It is common knowledge within our industry that we are by far the most experienced agents in the area with a background in international real estate dating back to 1984.
We are able to provide you with many references and work for our clients as we would like to be treated ourselves.
Please feel free to send us an email or call us at your convenience.