Expat Community > Portugal

omostra06
Joined 2007
Posts: 19

Top Ten Tips for buying a property

15 years ago

Just following on with some more top ten tips.

1 Take your time. Don’t rush into signing a promessa contract until you are sure the property and location are completely suitable for your needs.

2 Take off the ‘rose coloured glasses’. Remember not to do anything you won’t back in the United Kingdom. If something seems a little out of the ordinary seek independent advice.

3 Make a checklist of requirements you want from your property in Portugal. If you are looking to retire and live abroad take into consideration proximity of local amenities. If it a holiday house you are looking for – is an airport important?

4 Ensure the legal owner is selling the property you wish to buy and that what is advertised is what is being sold.

5 Ensure on the day you sign for the property the property is clear from any debt. Mortgages and debts are registered to a property in Portugal. Until you register the property in your name debt can be added and it is up to you to pay it off.

6 If you like a property, talk to the locals. They are a great source of information and will be glad to assist.

7 Visit the property more than once and at different times of the day. What looks great in the evening sun, may not first thing in a morning.

8 Location of your property is important. If you are looking at a property close to water (river, lake, stream etc) please note it does rain in Portugal and water levels can rise dramatically within hours. Remember if you are viewing a property in the spring or summer, it does rain in Portugal during the autumn and winter. What looks like a cute rock garden, could turn out to be a dry river bed.

9 Under declaring. When you are purchasing a property in Central Portugal beware of under declaring the property’s’ true value when signing at the Escritura. The practice is illegal and it could cost you dearly when, and if, you come to sell. You will be liable to pay tax on a property if you make a profit from its sale.

10 Register your property and land as quickly as possible following the final signing. Until you register the property in your name previous owners can still lodge debt against the property.

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Expat Community > Portugal

Top Ten Tips for buying a property

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