This is a superb opportunity to acquire an individual building plot on a small development.
All real estate agents need to be registered with the government and display a licence number (Associacao de Mediadores Imobiliarios). You can find out whether your agent is registered by contacting the Instituto da Construcao e do Imobiliario.
Real estate agents in Portugal work on behalf of the seller on a commission basis, so while you won’t need to pay estate agent fees when buying a property in Portugal.
When considering purchasing a property in Portugal, you’ll need to have a Personal Fiscal Number (Numero fiscal de contribuinte), which you can obtain from the local tax office. If you choose to open a bank account, you’ll be automatically assigned a Personal Fiscal Number. While you don’t necessarily need to open a bank account, it can be useful when transferring money and making regular payments during the home buying process.
If you have cash to buy your Portuguese home – either through existing funds or a remortgage of your UK home you are in a very strong position and your ofer isn likely to be taken very seriously . If not, you will need to consider your borrowing optionsavailable to you . This expertise can be provided by a local bank or independent mortage broker .
You’ll need at least a 20% deposit, although some banks require up to 35%. As in the UK, the bigger cash deposit you have, the easier you will find it to secure a loan at a lower interest rate. Portuguese mortgages tend to be on a capital and interest (repayment method) only , unlike the Uk, where interest only options are available if a repayment vehicle is in place to reapy the loan at the end of the mortgage term.
Contact the Algarve Retreats team today.
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