3 things you need to know before buying property in Portugal

Portugal is a popular destination for retirees and second-home buyers from all over Europe. With its temperate climate, stunning scenery, and relaxed lifestyle, it's no wonder that Portugal is such a sought-after place to live. If you're thinking of buying property in Portugal, there are a few things you should know first. In this blog post, we'll go over three of the most important things to keep in mind before signing on the dotted line.

1. Know the market.

Before you start looking at properties, it's important to have a good understanding of the Portuguese real estate market. Research prices in different areas and get a feel for what kind of property you can get for your budget. It's also a good idea to chat with a local real estate agent to get their insights on the current market conditions. They'll be able to tell you which areas are hot right now and which ones might be worth waiting on.

2. Learn about the buying process.

The process of buying property in Portugal is different from what you may be used to in your home country. For starters, there's no such thing as "pre-qualifying" for a mortgage—you'll need to have the full purchase price available upfront in order to buy a property here. Additionally, all real estate transactions must go through a notary, who will oversee the sale and ensure that everything is above board. Make sure you understand all of the steps involved in the buying process before getting started so there are no surprises down the road. However, keeping up with the economic calendar and daily exchange rate lookup can help you to avoid the impact of currency fluctuations on your purchase.

3. Consider the costs of ownership.

In addition to the purchase price of your property, there are other costs that come with owning real estate in Portugal. These include annual property taxes (known as IMT), utility bills, homeowners insurance, and general maintenance costs. Be sure to factor these additional costs into your budget when considering whether or not you can afford to buy a particular property.

Conclusion: 

If you're thinking of buying property in Portugal, there are a few things you need to keep in mind first. From understanding the real estate market to being aware of additional costs associated with ownership, doing your research ahead of time will help ensure that you find the perfect property for your needs—and avoid any unwanted surprises down the road!