Buying a home in Portugal is exciting to say the least! However, it is a big decision, both logistically and financially. Here are 5 things to consider before you buy a property to make the process go as smoothly as possible.
1. Why are you buying a property in Portugal?
Sit down and ask yourself exactly why you want to buy a property in Portugal. This will enable you to put together a wish list for your property and help narrow down your search. Some reasons could be: “We want a place to spend quality time with family in the sunshine”, “we’ll get more out of pension in Portugal than back in the UK” or “the kids have left home so it’s time for some us time! ”.
2. What do you want from your property?
Exactly what you want from a property will influence the type of property and region that would suit you best. For instance, do you want a sprawling rural villa where you can host friends and family? Are you after an apartment in a city for a more cosmopolitan life? Or, do you want a coastal resort property you can easily access on the weekend?
In addition, if you plan to rent out your property, you will need to ensure it is in a tourist hotspot.
3. What is your budget?
This is probably the most important one. Your budget should not only cover the price of the property but also any additional fees, taxes and costs you might encounter during the buying process.
Also remember that you won’t get the ‘interbank rate’ that you see on currency exchange sites and the news, so you need to account for swapping currencies in your budget – allow for a percentage point or two above or below the standard rate.
Finally, remember that you also may be able to knock a little of the property price if you research the market!
4. What are your must-haves for your property?
Be realistic for your budget – what MUST it have for you to be truly happy there? Is outdoor space your top priority? Do you want to be within walking distance of the beach or would a pool suffice? How many bedrooms do you need? Make a list and ensure each property you view ticks the appropriate boxes.
5. What are the deal breakers?
Lastly, what would be a deal breaker on a property? Perhaps a pool would be too much maintenance or maybe a big resort would be too busy. Would you be happy in an area with limited public transport meaning you would need a car every time? What about if you want to bring your pets – is this feasible?
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If you would like further advice on the buying process in Portugal, download your free Portugal Guide.
Why not split the cost and double the fun of owning a holiday home in Portugal by buying with family or friends? Read our guide to Buying Abroad with Family
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