Looking for a home – or a whole new life – in the sun? Then buying property in Portugal could be the perfect way to achieve your dream. But, before you start your search, ensure you have all the essential information about the purchasing process.
At Infinite Solutions, we’ve helped people buy their ideal Portuguese home for more than two decades and assisting over 500 families move here, giving us an unparalleled expertise in the market. And, with the help of our network of trusted partners, we can ensure your relocation goes exactly to plan.
Take the first few steps of your journey by finding out just why you should buy a house in Portugal, and when you’re fully convinced, you can follow our step-by-step buying guide to get the ball rolling. This post may additionally add value https://www.infinite-solutions.pt/post/living-in-portugal-your-ultimate-guide-to-europe-s-sunniest-country
If you need advice or need to ask a question, you can contact us on our mobile / WhatsApp number +351927035152; or by e-mail antonio.infinitesolutions@gmail.com, or additionally schedule a call at your convenience on our calendar through Calendly https://calendly.com/antonio-infinitesolutions/30min
Should You buy property in Portugal?
Delicious food and wine? Check. Easy to get to? Check. Excellent healthcare? Check. Portugal really does have a lot to offer those looking for a home abroad. While it’s often overlooked for it’s bigger neighbour Spain, the country can offer a very similar climate and an outstanding quality of life, all at a much more affordable cost of living.
If you’re still on the fence, take a look at my top five reasons to consider Portugal as the location for your property purchase below:
❖ Portugal offers a variety of lifestyles
No matter if you’re looking for a fast-paced city life or some rural peace and quiet, you’ll find that Portugal has it all. There are high-tech hubs in Lisbon, while Porto is one of the most dynamic and exciting student cities in the world. Yet, this is still a country where farmers go to work on a donkey. And why not, with such beautiful and tranquil countryside? And, it’s also much less densely populated than most other countries in western Europe — there are just 113 people per square kilometer.
❖ There are low taxes
When it comes to residing and paying tax in Portugal, the country offers are very good deal for overseas residents. The country’s non-habitual resident (NHR) scheme gives special tax benefits to new arrivals for up to ten years. It was introduced in 2009 with the aim of attracting more people to the country by offering them a great financial incentive for becoming a resident.
For instance, if you work in Portugal, you will pay a low income tax rate, or, if you receive investment or pension income in the country from abroad it will be tax free. You will also be able to pass on your wealth without needing to pay gift or inheritance taxes. We think this generous tax scheme is a great reason for considering Portugal as a destination for your big move.
❖ You’ll find property and living affordable
In Portugal, you’ll find that the property market is very affordable when compared to other Western European countries like the UK, France, and Spain. This means that you’ll be able to get a lot more value for your money if you choose to invest in a Portuguese property.
For those in search of some sun, this is great news. When Infinite Solutions cross-referenced weather data with holiday home prices across Europe to find where sunshine costs least, the Portuguese Algarve was far better value than any other Western European hotspot. We found that a 50m2 property cost at least a third less than in the Costa del Sol (Spain) and half that of the Cote d’Azur (France), while having higher levels of sunshine than either!
But it’s not just property that’s cheaper. Generally, the cost of living for expats in Portugal is low when compared with many other countries, even in the cities. This means you can look forward to your money going much further should you decide to relocate to Portugal!
❖ Portugal is easy to reach
Another major benefit of Portugal is its fantastic connections to the rest of the world. There are three main airports at Porto, Lisbon, and Faro, offering easy access to the country all year. Some routes are seasonal, but plenty run year-round (unlike to many Mediterranean destinations). In Portugal it really is possible to nip down for a weekend off-season, from the any destination in the world.
Even when you arrive, travel and transport in Portugal is convenient and comfortable. There are buses, trains, and internal flights that can get you to where you want to go within the country’s borders. If you plan on driving, you’ll find the road system well developed and easy to adapt to. So, even when you’ve put down some roots in Portugal, there’s no reason you can’t get out there and explore the rest of the country too!
❖ Portugal is very expat-friendly
The US or Britain and Portuguese have been friends and allies for hundreds of years, and this has allowed both countries to develop a deep understanding. This is most evident in the large number of people from the US and UK that are residing in Portugal so there’s a thriving expat community to be experienced. This means, while you’ll be living in a foreign country, you’ll never be too far from a friendly face or a little slice of home, especially in the expat heavy regions like the Eastern Algarve or Tomar in central Portugal. On the other hand, if you want to immerse yourself in Portuguese culture, there are plenty of locations where there are less expats to discover.
Does Portugal still not sound like the ideal place for you? Don’t worry, there’s still other countries you can move to! Reach out to us to find advice on buying property anywhere in the world, as with our global network of REALTORS®, we will find your place in the sun to call home!
Now that you have taken a look at my top five reasons to consider Portugal as the location for your property purchase let me share with you how to buy property in Portugal with a six-month plan.
How to buy property in Portugal: Your six-month plan
Just can’t wait to start your new life? Well, you’ll be pleased to know that both buying a property in Portugal and relocating only takes six months if your move goes smoothly. To help you keep all those loose ends on track, we’ve put together an overview of the buying process below.
To start with, think about the ideal date that you’d like to get all moved in, then take this end date and work backwards to establish your monthly milestones.
With six months to go…
❖ Think about the big picture of your move: what are the reasons you want to move? Which region do you want to buy in? What type of property would you prefer?
❖ Start to assemble your property buying team by getting in touch with the right property professionals you’ll need to get through the process. You will need to hire an estate agent, solicitor, and currency specialist, though you may also require a financial adviser.
❖ Work out a budget for your move.
With five months to go…
❖ Begin your detailed search — look at our property for sale in Portugal to get started. You should also think about how you will structure any purchase. You’ll be able to act quickly and decisively if you already have this in mind.
With four months to go…
❖ Start speaking to your REALTOR® about properties you’re interested. Then, narrow them down to a shortlist for your viewing trip.
❖ Get in touch with your lawyer and currency specialist again to confirm that your structure and deposit plans are in place.
With three months to go…
❖ Research any matters that you need to take care of, such as legal, tax, or inheritance issues and speak to specialists to help you deal with them, if necessary.
❖ Make any additional viewing trips you need and put in an offer when you find the perfect property in Portugal.
❖ Once you’ve made an offer, get in touch with a notary to oversee the deal.
❖ Begin arrangements for how you’ll pay for the property and transfer the money. You might want to use a forward contract via a currency specialist, which will fix an exchange rate for 12 months, protecting you from any fluctuations in the currency market.
❖ At this point, it’s wise to book in a building survey for the property.
With two months to go…
❖ If it’s requested, go ahead and sign a reservation contract.
❖ Sign the deposit contract, which is locally known as the contrato de promessa de compra a venda, then pay your deposit.
❖ Contact necessary companies to ensure utilities are all connected.
❖ Receive your keys and move in. Your new life in Portugal awaits!
Reach out to us for our tips on settling in!
What should you consider before buying property in Portugal? To make your Portuguese property hunt go as smoothly as possible, it’s vital that you sit down and think about what you want from your new home. With a clear picture of your needs, you’ll be able to act much more decisively to make the buying process more efficient. Things to consider First, you’ll have to ask yourself five main questions. We find these considerations work again and again to help define what you’re looking for: Why are you buying? Knowing you want a property in Portugal is just the start. Sit down and analyse what it is that you want in detail, then put together a wish list for your property. Some of these could include: ❖ “We want more space for the family to enjoy the sun.” ❖ “We’ll get more out of pension in Portugal than back home.” ❖ “The kids have left home – so it’s time for a new adventure!” ❖ “Lisbon and Porto look like great property investments, especially with uncertainty back home” ❖ “We don’t want to look back on life in later years and regret not having dared.” Have you registered to receive our newsletter?… Receive our new posts in BLOG first! https://www.infinite-solutions.pt/blog What do you want from your property? Consider what you want to get out of your property purchase as this will affect what type of property and what region you should be looking at. For instance, do you want a sprawling rural villa where you can host friends and family? Are you after an apartment in a city for a more cosmopolitan life? Or, do you want a coastal resort property you can easily access on the weekend? Also, consider whether you plan to let out your property, as you will probably need to choose an appealing rental hotspot. What is your budget? It’s so crucial to define your budget right from the start. Rather than searching for a property in Portugal, finding one you like, and then trying to work out how to afford it, you should set your budget and work within that. Don’t forget that you won’t get the ‘interbank rate’ that you see on currency exchange sites and the news, so you need to account for swapping currencies in your budget — allow for a percentage point or two above or below the standard rate. Additionally you can trying making an offer on the property as you may be able to knock a little off the property price. Can’t hurt right? What are the must-haves for your property? Think about your ideal property within your budget range – what must it absolutely have? This will help to define exactly what features are required to help narrow your search. For instance: ❖ Does it need outdoor space? ❖ Would you like proximity to beach or do you prefer a pool? ❖ How many bedrooms or bathrooms do you need? ❖ Do you want a terrace or a garden? What would a deal breaker be for you? It can be quite cathartic to think about what you can’t stand! Decide what you really don’t want to know what to avoid when you move to Portugal. This will be a home you love, so don’t miss anything out! Think about things like: ❖ Would cleaning a pool be too much maintenance? ❖ Would you find being in a busy resort too much? ❖ Do you need somewhere that’s serviced by public transport? ❖ Do you need a pet-friendly property? Feel free to schedule a call at your convenience on our calendar through Calendly, and let’s see where we can add value to your move or additionally investing in Portugal, as our trusted lawyer; loan broker and currency exchange broker will be able to add value to your buying process!
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