Many people dream of living in Portugal, and who can blame them since this is a country with many sunny days right by the water. Some would even say that that’s how they imagine paradise to look like. If you share their opinion, then maybe you should consider purchasing a property in this breathtaking country. Now, if you’re a foreigner, then things may not be as simple as you’d expect them to be.
That’s precisely why you need to conduct thorough research, to provide yourself with some helpful information that will help you find exactly what you need. And that’s what this article will offer today.
Beneficial Tips To Acquire The Loveliest Home In Portugal
The Paperwork
Just like everywhere else, this is something that everyone who is a foreigner has to go through to complete the purchase. Can Americans buy property in Portugal? The answer is yes; they can!
But that doesn’t mean that you can skip the paperwork. Now, you need to obtain a Portuguese tax number before you’re done with purchasing a house. You will have to go to their local tax office and apply or visit their financial department where you will have to pay a small fee.
If you do not have a residence in this country, you can give them your attorney’s address. Furthermore, if you live in a country that isn’t part of the EU, you’ll have to designate a tax representative. Still, your advocate will likely be contacted first.
Portuguese Banks
This section refers to those who want to borrow money from Portuguese banks. Is it possible? It sure is; however, bear in mind that they will lend you up to seventy per cent of the value of the home you’re planning to purchase.
So how does this whole process work? Just go to the local bank and apply for the loan. Now, if you do not speak their language, it would be recommendable to hire a mortgage broker who speaks your mother tongue to communicate for you.
Another great advantage of hiring a mortgage broker is that they are going to be able to secure you a better deal precisely because of this.
What Else Must Be Known?
Make A Great Offer
Well, that’s logical, right? But unfortunately, a lot of people overlook this, thinking that whatever they offer is going to be acceptable for the seller, and that’s not the case. It would be best if you made an offer that will stand out from the rest and something he/she will never refuse. So what are you supposed to do?
- For starters, check out the Property Registry to gather all information regarding the house and then create an offer that looks pretty appealing yet reasonable.
- Make sure that the mortgage is in place to make that offer.
- If you’re not one hundred per cent sure that it’s precisely what you’re looking for, then give it one last look before you make any further steps.
A New House Or An Old One?
This question cannot be quickly answered because there are positive and negative things about both types. For instance, if you purchase a new house, you will get something of high quality, plus you will get a five-year guarantee.
On the other hand, a negative side of this purchase is the location, since it’s not always the best, plus you may be obligated to pay a high premium. What does it mean? The best example of it is, for instance, a two-bedroom apartment on a Porto do Mos beach are more than 300,000 Euros. However, you can always stumble upon resales for approximately 200,000 Euros that usually require lots of renovation and may not have a swimming pool.
Find A Good Agency And/Or Agents
There are a couple of paths you can take to track a suitable property in Portugal, and we are about to list some:
- You can contact a real estate agent, which in their language is called Inmobiliaria, and see what can be done. All of them must show you’re their license number.
- Visit a reputable website that will be able to put you in touch with sellers.
- Word of mouth
As you can see, purchasing a property in this country isn’t that difficult. Of course, the circumstances are a bit different since you’re a foreigner, but with the help of these tips, you’ll successfully go through this process.
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