A Basic Guide To Buying Property In Portugal

Along with Spain, Portugal share the top spot of being the go-to destination for a large portion of UK expats. With most retiring and enjoying the sun, sea and the wine, not forgetting a quality of life that is difficult to match here in the UK. It’s easy to see why it’s a large holiday destination also.

The top spots for buying property is Portugal is no doubt split between the Algarve, Madeira and Faro. Including, other spots such as Lisbon and Albufeira which are also popular locations that people from the UK chose to reside.

But if you are thinking of buying property in Portugal there is a lot of precautions and areas that must be understood, especially since it is a different country that has different laws and regulations. Before taking the leap, let’s take a short run through the buying process.

The Buying Process and Costs Involved

In order to be able to purchase a property anywhere in Portugal non-residents are required to have a Fiscal Representative, which can be a lawyer who is a resident in Portugal, and obtain a Fiscal Number from a local tax office. This will enable the Fiscal Number to be recorded along with every document used throughout the buying process. And will used in the process of opening a bank account in Portugal.

The start of the process involves giving a deposit to the vendor or real estate agent. When buying property in the Algarve it’s worth noting that all deposits are non-refundable.

There two main stages involved when buying a property are known as the promissory contract and the final deed. The promissory contract is a document that both the buyer and vendor or estate agent write down the conditions. This will include such things as price and payment conditions.

It is recommended to seek legal advice at this point, to ensure everything is legit, and that there is no outstanding mortgage or requirements that may have been missed by the buyers, which they did not agree to.

Before the second stage, and straight after the promissory contract has been created you will be asked to pay Imposto Municipal sobre Transmissoes de imoveis (IMT), which is simply known as property transfer tax. It is on the basis of this payment that the second stage can take place.

The second stage, known as the final deed and known as Escritura in Portugal. This occurs when the ownership of the property changes hands. This requires that all parties attend the Notary office and provide proof of payment before the presence of the Notary.

It is worth noting the costs are not limited to just the IMT and price of the property. In fact there are many other considerations and costs that will be required, here is a short list of some of the additional costs when buying a property in Portugal:

– Legal fees

– Land registry fees

– Stamp duty

– Property registration fees

– VAT

– Legal fees

– Estate agent fees

All of this can make it appear very daunting, when thinking about purchasing a property in the Algarve or any other location in Portugal. But with professional legal advice, the process can become much simpler and less problematic.

How The Foundation Of A Property Is Examined During A Property Inspection

The foundation is the most crucial element of a home or business property. Prior to obtaining a new home or securing a new commercial space, insurance companies are more and more often mandating home inspections so as to safeguard the home buyer against potentially costly repairs in the future. So what exactly does a home inspector look for when looking at the foundation of a property?

The first thing inspectors do is take a look at the foundation itself and additional support components. If the foundation is actually crumbling or has moved and fractured over time this could very well be cause for concern. A sound foundation is crucial for the structural integrity of a property. Foundations can shift or bulge or even float, suggesting the soil below was not correctly packed down before the foundation was poured and now has settled, leaving portions of the foundation virtually floating in air. The type of soil beneath the property can also impact the stability of the foundation. Soil can pack down, or be displaced, or if lawn sprinklers are close to the house, water damage can gradually erode the foundation. As part of the foundation inspection, wood separation from the soil will also be checked out.

One more component to consider is whether or not an addition has been built on the existing home. If so, how is the current structure supported. Was the total foundation replaced, or was a new foundation poured exclusively to carry the expansion? If a patio was built in without having a slab or footing, what is supporting that structure?

Under-floor ventilation is analyzed to ensure it is up to spec. Under-floor areas are required to be ventilated. This takes place through openings in the exterior foundation walls. They must absolutely deliver cross ventilation and have a net area of 1 square foot for each 150 square feet of under floor area. Every single vent must definitely have corrosion resistant wire mesh with openings of 1/8-inch minimum. There must be access for folks to crawl through of at least 18″ x 24.” The under floor area must absolutely not be impeded by obstructions or ducts, according to Scribd.com.

Drainage systems, sewer lines and sump pumps will also be inspected, as they are located inside the foundation footprint. As homes shift with time, piping leading to and away from the house may be weakened.

In California specifically, seismic anchoring and bracing components will be analyzed and will need to be up to code to ensure the safety of the property in case of an earthquake.

While evaluating the foundation is just a small part of what a home inspector does, it is a critical one.

Buy My House As Is – Don’t Think It to be Impossible

Has your house been on the market for more than a month or year? Are you presently thinking ‘If someone will agree to buy my house as is?

“Hiring a professional realtor” is probably the first thing that comes to your mind when you are required to find out a potential buyer for selling your property fast. But the trend has already changed for several property owners who are now using a quick home sale buyer for selling their homes within a limited period of time.

But you need to weigh out this option carefully and ascertain that the services of a “Buy My House” company will suit your present condition and cash requirements. You can count on some extra time to check out the reviews of the house buying investors before making a final choice. It will help you know about the expertise of the company and the time frame within which it can accomplish your home sale.

If “Buy My House” is your top priority, then you can consider using a real estate agent. With the valuable insight of the realtor, you might be able to find a prospective buyer for your home sooner or later. You will have to consult with the realtor over the phone. He/she will then visit your home, analyze the situation, take photographs, and evaluate the property and its price. In the next week, your home sale ad will get promoted through the conventional print media, the realtor’s contact list, and also through his/her own website for grabbing the attention of more number of prospective buyers. After a few days, someone interested may call you and want to visit your home. Many of these buyers desire for a home in tip-top condition and may not like to buy yours especially if it is distressed or poorly maintained. It may add to your level of disappointment and force you to think about the option of home repair and maintenance. There are “Buy My House As Is” investors who can minimize the wastage of time on multiple home visits. If you want your house sale to get confirmed without going through lengthy and tedious home selling process, then you can make a call to an experienced quick home buyer right away!

With fast home investment companies, you won’t have any risk of your home sale getting delayed due to legal documentation or any other reason. They will neither pull out of the deal at the last moment nor will try to take advantage of your situation. Some of these investors are known in the industry for bringing fair deals to home sellers and confirming the sale in as little as one or two weeks.

Your “Buy My House As Is” plan can be successful especially if you subscribe for the service of a specialized quick home selling company. The investor will focus on to give you a suitable cash offer on your home sale within 24 hours. From providing a guaranteed cash offer and removing any tension of buyer’s pull out to paying for legal charges or repairing costs, it will do all that can give you the best possible satisfaction.

In addition to this, a “Buy My House” investor will offer the best possible value for your home on sale according to current market situation. It may give you the option to sell and rent back your home. It will allow you to take your home on rent for a monthly payment even after selling it. It will be the perfect solution if you want to leverage the equity in your property without relocating to anywhere else. In this way, you can meet your cash requirement and avoid the anxiety of relocating to a new place.

Strategies On Selling Your House Quickly

When you’re considering selling your home, there are certainly a number of steps you have to do first to be able to get it ready for viewing. Besides recent economic difficulties, the number one cause why homes take a very long time to sell is because the potential buyers can’t see themselves living in that space. There are many tricks of the trade that can improve a home’s visual appeal, yet there are also several other things which the seller can do to get their house sold fast. The following is a short summary of exactly what sellers must be doing to sell their property in the current competitive market.

The most important thing you can do is disconnect yourself from the feelings you put in making this house your home. Even though it might be hard to do that, selling your house for a very good price is the most important consideration. In order to take yourself out of the house, you should make it anonymous to customers. This means giving up your forest green walls and wedding pictures for natural tones and more impersonal art. Next you must (we reiterate, must) eliminate all mess and keep the house clean. Now, that is actually easier said than done, because many people actually live in the home even while attempting to sell it. When cleaning up and de-cluttering, it is very important not to overlook the yard spaces and garages as well. Whatever you do, whether it is hiding items under a bed, removing fallen trees, or packing early, you have to make sure that your home is presentable. After all, potential customers are judging every property in comparison with the others.

House upgrades to the most vital rooms in the home, like the bathrooms and the kitchen, are guaranteed big money makers. If it’s not in your budget to do these improvements, you might need to consider allocating some allowances for price negotiation concerning these spaces in your contract. Beyond the physical looks, key issues to the home, like a leaky roof or an awful furnace, need to be fixed before selling. Once again, if they cannot be, then you will have to divulge these issues immediately and leave room for them at the negotiation table.

Listing your home with the right agent is also something that directly affects how fast you will sell your house. Trustworthy real estate agencies like Remax and Keller Williams have extensive marketing programs where they publish listings for your home. These listings create leads for your property. It’s your realtor’s responsibility to market your house honestly and to the suitable demographic. For instance, if you have a small condominium for sale in Louisville, Colorado, it could be wise to try to sell your home to new families or working professionals. Your realtor should be able to suggest things like staging the second bedroom as a nursery or an office/guestroom.

Missing in Action

Since the age of 5 my parents kept us on the road, moving from one home to another. My father was a South African political activist and my mother a British nurse which meant that I spent most of my childhood in between airplanes and safe houses.

When I reached the age of 13, my mother shipped me to a Zimbabwean boarding school which I hated as much as I hated doing my own laundry. I spent the rest of my academic life moving to African countries that had a somewhat politically unstable atmosphere.

By now you should be able to tell that I had to learn how to fend for myself at an early age, adapt or be abducted was my guiding principle. It’s 2012 and I am now a working professional, struggling to live up to the expectations that my parents had set however after all my years of travelling I have yet to explain the greatest question of my nomadic disposition. Why do people always lose stuff when moving?

My childhood was not the only thing I had lost upon my life’s travels. It started out with my Paddington Teddy Bear then my kitchen utensils until I started losing entire furniture pieces.
When I moved to Australia in 2008 to do my internship at a local ISP, I made a calculated decision to pack very lightly. When I got to Perth airport my entire luggage followed, along with a very expensive airport bill. When I arrived at my new place of residence, I unpacked everything immediately only to find that my underwear was missing. I could have sworn that I had packed it in with my personal luggage but nothing was to be found. “Who on earth steals underwear” I thought, so I waited few days to see if it would resurface.

After spending two days without underwear, I realized that most moving companies often leave a trail of frustrated customers especially if you are undergoing international relocation. If your goods are not missing then they are damaged and to make it worse you end up paying ridiculous charges for insurance that doesn’t cover anything at all. There are some cases where families moving abroad have lost everything due to poor service provided by shady moving companies. If you have ever lost your wallet you should know how paralyzing that makes you feel, now try to imagine yourself losing all your possessions?

I often lose things on my travels, I don’t know how or why but it just happens. I am pleased to say that moving homes is something I will not be doing for a very long time. My wife is responsible for most of the detective work around the house; she is especially good at find a missing sock which is another phenomenon that I could never explain.

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