5 Tips for Buyers
If you are considering buying a property in the Quinta do Lago and Vale do Lobo areas let Luke Begley, our co-founder and real estate consultant shares his top 5 tips for buying in the local real estate market:
1. Speak with a lawyer and tax adviser at the beginning of your search
There are many aspects to purchasing a property in Portugal, which a lawyer and tax adviser will be best suited to advise you on – Private vs Corporate ownership, NHR Tax Program, Golden Visa etc. Many of these factors are best discussed and decided upon at the earliest stage possible so as not to risk missing potentially advantageous opportunities.
2. If finance is required, begin arranging that as soon as possible
In an active market such as we are currently experiencing, there is generally more than one buyer for any given property, and as such, those looking to purchase via finance can sometimes find themselves at a disadvantage. One way to minimise this disadvantage is to begin the finance process prior to actively searching for properties. This will not only help you to be in position to make a firm offer, should you find your correct property, but will also help to clarify your budget ahead of your search.
3. Clearly define what are your ‘must haves’ and your ‘nice to haves’
With so little for sale at the moment, real estate agents spend a lot of their time actively searching for properties that may not be on the market on behalf of their clients. As such, a clearly defined brief is extremely helpful when trying to find you the right property. Many clients haven’t actively considered in detail what their key drivers are when looking for a property. Number of bedrooms, private pool, and general location are a start, but additional information such as whether a second entertainment room or den is a necessity for the kids, or an office for an owner who is continuing to work. Having this information also helps us in the case that we find a very suitable property that is maybe missing a feature – perhaps we can figure out a way to develop that feature as part of a renovation!
4. Be wary of Portal Websites
Portal websites are an effective way to begin one’s search when looking abroad and they definitely serve a purpose, however they can be misleading as often properties will remain on portals long after they have sold (either accidentally or in a bid to draw in potential clients). As such, they can paint the picture of a market with more for sale than is actually available, and often at prices that are no longer attainable for similar properties.
5. If you find the right property, move on it!
The market continues to be ‘hot’ right now and it doesn’t show any signs of a deluge of new properties coming to the market. With that in mind, if you find the right property and can move, we strongly advise you to move forward. The likelihood of finding a similar property at a similar price is low and you could find yourself either paying more, or missing out altogether.
If you have any questions or would like further information on buying a property, watch the full video below or contact our experienced and professional team today on +351 289 093 700.