Avoid mistakes when buying property in Portugal
Buying Portuguese property can be emotional, exhaustive, time consuming and comes with a myriad of details that need to be taken care of. Some clients who buy Portuguese property who are caught up in the excitement of buying a new home tend to overlook some of these important items with their home purchase then turning into an expensive and not so nice experience.
Errors generally fall into three areas
Paying too much
Losing your perfect home to another buyer
Buying the wrong home
To avoid these errors when you buy Portugal property it is highly recommended that you have a systematic plan before you shop and try not to allow your emotions to carry you away. Here are some suggestions that may help when buying a home in Portugal.
Bidding without sufficient information
What is the right price to offer the seller? Is the seller’s asking price too high? Is it a fantastic deal? Without market research and comparable home pricing, you could lose thousands of Euros. Before you make your offer to buy Portugal property, be sure you have researched the market thoroughly.
A professional realtor can offer an unbiased and professional opinion on the value of a property before you buy, based on market information, the condition of the property and the neighbourhood where the property is located. Without local knowledge of the market, your offer could be too much, or worse, you could miss out on a great buying opportunity.
Buying the wrong home
What do you need and want in a home? It is imperative that when you buy Portugal property that you have clearly identified your needs and that you are bringing an objective view to home shopping.
Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.
Before you sign any document, be sure that the Portuguese property you are buying is free of all encumbrances and actually belongs to the seller. It is recommended that when you purchase a property in Portugal that you always use the services of a professional property lawyer. No matter which country you originate from we can help you find a lawyer that speaks your own language.
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbour’s new fence which is extending a boundary line, etc).
For five to eight hundred Euros a professional surveyor will conduct a thorough inspection of the home you intend to buy in Portugal. This way you will have an idea of the current condition of the property and the cost of any future repairs. It is always recommended that you make the final contract subject to a favourable report.
Get your funding first
It only takes a few days to get financing pre-approval. When you are shopping for a home in Portugal, this gives you more power. A seller is more likely to consider an offer from a serious buyer who already has funding in place.
Whether you have your own funding facilities or whether you are just putting them in place, why not let us see if we can find you a better deal. We work with a number of financial institutions and in many instances can offer our clients funding with better spreads and conditions.