If you're considering purchasing a property, there are a few important things to keep in mind to ensure a smooth and successful transaction. Here are some key things you should know before you begin the process:
1 - Research the market: Portugal's real estate market is diverse and constantly evolving. Before making any decisions, research the different regions, property types and prices to get an idea of what you can expect;
2 - Work with a reputable real estate agent: a good real estate agent can help you navigate the market, find properties that meet your needs and negotiate a fair price. Look for an agent who is experienced, knowledgeable and has good references;
3 - Understand the legal process: the legal process for purchasing a property in Portugal can be complex and involves a number of steps, including due diligence, making an offer, signing a promissory contract and completing the purchase at a notary public. Make sure you understand each step of the process before you begin;
4 - Consider financing options: if you require financing to purchase a property, be aware that Portuguese banks may require a deposit of up to 30% of the property's value. Alternatively, you may be able to obtain financing in your home country or work with a specialist lender who can provide financing for non-residents;
5 - Budget for additional costs: in addition to the purchase price of the property, there are a number of additional costs associated with buying property in Portugal, including legal fees, stamp duty and registration fees. Make sure you have budget for these additional costs to avoid any surprises;
6 - Consider tax implications: if you're purchasing property in Portugal as a non-resident, you may be subject to taxes on rental income or capital gains when you sell the property. Consult with a tax specialist to understand your tax obligations.
In The Portugal News