Many people dream of having an apartment or house in Portugal. When you are one of these people, you will need useful information about the process of buying real estate in Portugal. Key facts about the real estate market in Portugal are worth knowing. The reality in the Portuguese real estate market is somewhat different than in other EU real estate markets. Prices may seem similar, but the condition of apartments and houses differs depending on the final value of the property. Property status is extremely important when looking for the right real estate. In Portugal, you can find very attractive family houses and apartments. Many places make you feel Portuguese. The country house looks like a dream. If you can put your energy and money into it, the result will be impressive, new apartment for sale in Quarteira, Portugal in great demand. Some buildings do not have heating or thermal insulation. When buying an apartment or house, check the condition of the walls and ceiling. Check for humidity as it is very common here. Prices always vary by location. A renovated two-room apartment in a popular location costs about 400,000 euros and more. Prices in the less touristy areas on the outskirts of Lisbon start at €100,000 for an apartment. A home can be worth that much or more depending on its location and current technical condition. Some houses are destroyed and cost from 40 to 50,000 euros. But you will have to spend a lot of effort, time, and money to restore such a house to a habitable condition.
What types of property can you buy in Portugal?
In Portugal, you can buy apartments – studios or multi-room apartments. The apartments are located in old city buildings or new buildings. A detached house in the countryside or on the outskirts. A neglected house is a house that has fallen into disrepair over time and has never been maintained. These houses can usually be bought in the villages at cheap prices. You can also buy property in Portugal under complete renovation. Newly built apartments and houses are in demand, but there is a risk of delaying the completion of the project, so it is important to approach the choice of a construction company with maximum care. Land – in Portugal you can also buy land to build a house.
Buying an apartment or house as a non-resident in Portugal
In case you do not live in Portugal, you will need to submit similar documents. Identity card – it is important to have your identity card and passport with you. The passport has a signature, so this option is always better. TIN – Find out how to get a Portuguese TIN without proof of residence in Portugal Registration certificate from the country of residence in English. When you live abroad, you must provide proof of local registration. However, be aware that this may not be enough and you may be required to provide more formal documents. Confirmation of employment in English. Data on taxes paid last year in English. Bank statements for the last 3 months. To translate such documents, it is best to hire a professional.
Key steps for a successful property purchase in Portugal
Check the price and reliability. First, check the price carefully and find a price you can accept. What is the budget? How much can you spend out of pocket to buy the 4 walls of your dreams? Before applying for a bank loan, it makes sense to check your credit rating. Go to the bank and find out if you can get a loan and how much it will cost. It is also worth checking which institutions support the loan. When applying for a loan through an agency, it is important to remember that you will only receive offers from some banks, not all banks will give you offers for consideration. Where would you like to live? This is a very important question. It’s not just about how much money you spend, but how far you want to be from entertainment, shopping, or the airport. Living in the Portuguese countryside certainly has its key advantages, but there are no shops nearby, and the nearest grocery store can take half an hour. Review the available offers as carefully as possible and choose the best one that fully meets all your needs.
Actively work with a qualified real estate agent in Portugal
A good representative who protects your interests is worth the money spent. Ask your friends and friends of friends if they know someone who can help you. It’s also worth calling your agency and asking or talking to someone to find out which of the available real estate options is right for you. Get a Portuguese NIF and open a bank account. When you don’t live in Portugal, you should do two important things immediately: apply for a Portuguese tax identification number and open a bank account. This is not an easy task, so it is important to first learn more about obtaining a taxpayer number and opening a personal bank account. A property may look great, but if you are buying an older property, you may find that there have been many alterations and renovations. Such apartments and houses should be viewed by an electrician, plumber, or expert who knows the secondary real estate industry perfectly. Visit the selected property several times at different times of the day. Check if it is safe and quiet near the property you have chosen. You should be attentive and careful.
Check all legal documents carefully
Property documentation should be checked by your agent. Not having the right documentation in Portugal can cause real problems. That’s why it’s good to have a reliable and qualified agent, especially if you don’t speak Portuguese. Your agent and notary will make sure that the real estate documents are in order and that the real estate sale process goes smoothly. You can apply for a loan and tell the bank that you want a loan. The bank will send an appraiser to the apartment or house, who will check whether the price corresponds to the seller’s condition of the property. The score affects the amount the bank can lend you. So if they decide they need to lower the price of the property, they will automatically reduce your loan amount. If the property is in good condition, the difference between the appraised value and the asking price is not significant. However, if the difference matters, you should consider buying. The buyer also pays the bank authorization for the property.
After evaluating the property, you can suggest that the seller proceeds to the next step. You can also wait for an offer. When you talk to the agent beforehand, they should tell you if there is room for negotiation or if the price can be lowered. For example, in an apartment building, the stairs were not reconstructed and the building was not repainted. Everything is important. So literally everything is worth paying attention to. When you make an offer and the seller accepts it, go to the bank and get a loan. First of all, it is advisable to ask the bank what loans can be obtained and what documents must be provided. Applying for a loan through an agency makes the process a little less stressful.
Prepare for the next step, which will take a month or two. Sign the real estate purchase contract and get the key to your dream place. You may be asked for many other documents in the coming weeks. It will take weeks for the bank to complete. In the last step, the date of the meeting of the parties at the notary is determined. Here you spend about three hours signing stacks of papers that relate to the sale of real estate. When you do not speak Portuguese, you will be accompanied by a representative who speaks Portuguese fluently. It is important to choose a responsible person who can help you. At this point, you will receive the keys to the Portuguese property of your dreams.
What should be considered when buying real estate in Portugal?
There are a few key things to consider when buying property in Portugal. Documents – houses often do not have all the documents. If your home consists of two separate buildings, one may have everything you need, and the other may not. This means that you cannot get a full loan to buy a property, you will only buy a property with a high deposit. Use the services of only verified real estate agents in Portugal. Do not experiment and do not trust anyone who does not work in the agency. In case you have any problems with your loan application, you have a money-back guarantee. In such cases, the seller can, of course, leave a deposit. You can build a house on the land you bought in Portugal. Buying an apartment or a house in Portugal is not so difficult.
