It is common knowledge that buying property is an earnest decision and often leads to disquieting times. Imagine if it were to be in a whole new country whose language is alien and there were no contacts on the ground.
A situation like this can easily put one off of the idea entirely. Where to begin then?
STEP 1: Find the answer to ‘WHY’?
It’s important to acknowledge and understand one’s purpose to acquire a property. This answer to ‘WHY’ is quintessential to the hunt for the right bid in the property market. It helps to refine one’s search by figuring out further important aspects such as type of property required, desirable location, and an appropriate budget.
Whether it’s relocating to the Algarve, investing to generate an extra income, or getting the best of both worlds, figuring out the end goal is the first logical step to buying property overseas.
STEP 2: HOW to go about it?
Alright. Once the ‘WHY’ is in place, the process might get tricky from here on. If someone in Portugal and wants to go about finding out all information on their own. Why not save the trouble as there are professionals out there ready, willing, and able to help with the best service possible.
WHO can help me?
Why overwhelm yourself when there are professionals out there who can take the hard work off of your hands and make this an exciting experience for you? So WHO can help you make this process an easygoing one?
Real Estate Agent – Good real agents will not throw properties in the client’s way. They will want to give them a call, listen to their needs, ask important questions, make recommendations, and help narrow down the search. Keeping Buyers’ best interest in mind, they can also give valuable information on locations, lifestyle, and also the finer details of buying property overseas.
Mortgage Broker – applying for a mortgage is one of the most popular ways for ex-pats to purchase property in the Algarve. Of course, they can do it on their own, but let an expert deal with it. Mortgage Brokers know financing, they know the banks, and they’ll get the best deal out there, period. Even better, find a reputable real estate agency with an in-house mortgage broker and Buyers are as good as gold!
Lawyer – A lawyer is a huge help in buying property overseas. A lawyer can help buyers apply for NIF (or tax) number, essential for purchasing property
– Act as their fiscal representative, particularly important if they are not living in Portugal full time.
– Carry out due diligence and oversee the promissory contract
– Assist buyers in the signing of the deed.
– A great real estate agent can put buyers in touch with a lawyer, and take that burden off of their shoulders as well!
WHERE to buy?
If one doesn’t know the Algarve, they´ll want to figure out their personal goals first. If they´re looking to relocate, they´ll need to ask themselves what kind of surroundings and lifestyle they are looking for. Would they prefer being close to the ocean, or on the peaceful hillside? Also if they are coming out with their family they´ll need to look at schools. A great real estate agent will be able to recommend the best places based on their personal needs and give insight into the locations that will best suit them.
If someone is purely investing and looking for the best locations to generate income, some places are tried and true, like the Central Algarve. But if someone wants to get the most ROI, they may want to consider the Western Algarve. The lack of hotel rooms in the area, plus the ever-growing popularity as a tourist destination, makes this one of the best locations for a sound investment.
WHAT does the buying process look like?
If someone´s got a great team working for them, the buying process is pretty straightforward. Here are the steps to go through:
Reservation – take the property off the market with a deposit. This is a refundable deposit that is held in escrow by a lawyer, while the due diligence process is being done.
Promissory – here is where buyers commit to the terms of the sale. A second deposit is completed and at this point there is no looking back, as if the seller decides to back out, the buyer will be refunded double the amount of the deposit. On the other hand, the buyer will also be committing to the purchase, as this deposit is non-refundable and the buyer will lose it if they decide to back out.
Deed – The final step to the buying process (and the simplest), the signing of the deed will legally give the buyer full ownership of the property.
For more information, visit: https://www.idealhomesportugal.com/about/news/how-to-buy-property-in-the-algarve_1135
Company Name: Ideal Homes Portugal
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