Top tips for buying property in Portugal

Top tips for buying property in Portugal
 

• Acquiring a property is always a big investment and entails some nervousness. For everything to run smoothly, you should do market research.

• Whether you are selling or buying a home, you must always be aware of other similar existing offers. As a buyer, you should always take into account the amount you intend to spend and try not to exceed that budget.

• You can always count on the help of a real estate consultant; they will know from the outset which properties best identify with what you want and they make light work of the negotiation.

• It is important to make a list of the various properties you have visited, whether rustic or urban, and analyze aspects such as the size of the house, year of construction, parking, location and surrounding area.

• When making a proposal, be fair, if the property is priced accurately, keep the overall value the same. Quality and price should hold hands.

• Don’t be caught off-guard by subrogation. This assigns any debt to the property rather than the debtor; if you are not careful, you could be held responsible for unpaid taxes.

• Dispersion of property is another possible snag, especially in rural properties. If there are several heirs to a property, some may be absent from the country and uncontactable. This situation can delay the sale for weeks, months, or it may not even materialize.

• Trying to carry out the business, particularly with the owner can bring several setbacks, such as the documentation not being in compliance and, as a consequence, not buying what you had thought you were buying.

• It is so that situations like this do not happen more regularly, that it is beneficial for the buyer to go to a real estate agency because its agents know the area, its properties and its characteristics; they work for the satisfaction of the buyer, looking for the property that best adapts to the requirements and at the best price; handles documentation; if any disagreement arises with the seller, regarding restoration works, contract modifications or any other matter, the real estate agents or the various departments can intervene calmly and professionally; they speak several languages, which allows for more personalised and effective service.

Read all of Catarina's candid guidance and know-how on the buying process in Portugal in her guest article: The buying process in Portugal with insight from a real estate expert.