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Finding a Property in Portugal
Finding a Home in Portugal
If you plan to rent or buy a property in Portugal, finding your property will be a major step in your relocation to Portugal. If you have not lived in Portugal, you should rent rather than buy your property in Portugal, at least for six months.
It is the best way to know not only if Portugal is the place you want to live or retire for the next few years, but also if Portugal is suited for you.
Apartments & Houses in Portugal
If you are planning on living in Portugal, it is likely that you will be living in an apartment/condo versus a house.
Please make sure that modern equipments, such as electricity and water should function to the maximum. Please double-check and make sure electrical outlets are located in every room and functioning.
Make sure you turn on the water and make sure that hot and cold water is functioning and flush the toilet, turn on the shower. Don’t count on real-estate agents in Portugal to point out the negatives of a place they’re trying to rent or sell you.
Portugal Real Estate Agencies
Real-estate agencies in Portugal advertise in local Portugal newspapers and as well on their office windows.
You should be able to notice a real estate agency in Portugal by the window full of ads for the different apartments or houses they have available for rent or sell in Portugal.
Before you begin working with an agency in Portugal, check that their fees are acceptable and that they are a member of the Portugal Real-estate Assocation. In most rental agreements in Portugal most agencies charge a month’s rent for a twelve-month rental agreement.
When selling a property in Portugal, real-estate agents in Portugal usually charge between 2.5% and 3% of the final sales price.
After coming to an agreement on a rental or purchase, both parties in Portugal sign the contract. However, it is not a legal agreement until the appropriate seals of the city of Portugal with a tax stamp has been purchased and affixed to ther agreement. You have to make sure before finalising the lease or purchase that the official seal of Portugal will be affixed to the agreement.
Renting
Real estate agencies in Portugal are the safest way if you want to rent or buy a property in Portugal. Please make sure they are a licensed agent in Portugal and very familiar with the Portugal property market.
Local newspapers in Portugal also advertise apartments and houses for rent, but word of mouth is the best way in Portugal. If you are currently an academic in Portugal, you could check local at local universities in Portugal, where apartments or rooms for rent are commonly posted.
In general rental rates in Portugal, increase by a small percentage each year in accordance with the government’s annual cost of living reports in Portugal. You can find yearly leases in Portugal, and more short-term housing is available near academic institutes or around tourism areas within Portugal.
Short-term tourist housing in Portugal is fully furnished and most of the time fully equipped. If you have the budget, you could rent a serviced apartment in Portugal.
If you want to buy a property in Portugal, I would highly suggest you to have the property checked out by yourself and hire a lawyer in Portugal to check how much debts the property has currently registered and if those numbers matched with the seller of the property in Portugal.
If you are buying a brand new property, you’ll need to pay property tax in Portugal. If your purchase is a luxury property, you may have to pay local taxes in Portugal and possible stamp duty.
Even as a non-resident homeowner in Portugal, you may become liable for all kind of taxes in Portugal, including income tax.
Portugal Mortgages
If you plan to take a mortgage in Portugal you need at least a 20% downpayment of the purchase price of the property in Portugal. Even if you generate rental-income from renting your Portugal property out, it is not considered by most lenders as you may decide to move in, at a later time.
Property Types in Portugal
Portugal Multi-Family
Traditional, multi-family residential complexes located in Portugal and suburban markets of Portugal.
Portugal Mixed-Use
Properties in Portugal that integrate and combine residential with different uses, including retail and office spaces.
Portugal Office
Traditional office or office type properties in Portugal.
Portugal Retail
Properties in Portugal with a mix of tenants that meet the convenience needs of neighborhood residents, including video stores, grocery, and financial services companies within Portugal.
Portugal Light Industrial
Single- or multi-tenanted spaces in Portugal used for warehouse, manufacturing, distribution, or research and development in Portugal.
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