The Algarve is the southernmost sun soaked region of Portugal and it is as popular with holidaymakers as it is with second home owners because of the region’s inimitably fine weather, stunning scenery and its circa thirty perfectly kept golf courses.
Buying a property in Algarve, Portugal has become a dream for many golf lovers and sun seekers and this article is a guide to the property buying process.
Because the rise in popularity of the Algarve for property investors and holiday home hunters has been so intense in recent years, property prices have naturally risen quite sharply as well. Nowadays properties for sale in the most popular parts of the Algarve fetch higher prices than well located property in Spain.
Therefore to be sure that you’re getting the best property for your money you should ensure you secure the services of a licensed estate agent. As is the case in Spain and Cyprus for example, so it is the case in Portugal that anyone from your waiter to the car hire rep will happily try and sell you a house, but only the licensed estate agents in Portugal will guide you effortlessly through the entire purchase process and assist with all the paperwork and legal side of things. If an agent claims to be officially licensed ask to see their AMI number just to be doubly sure.
The next stage of the journey to becoming a home owner in Portugal is to determine which location suits all your requirements. The first thing to think about is budget of course and where your money may go further, but equally important is thinking about why you’re buying the property.
If you’re buying a property in the Algarve for investment purposes and are hoping to let it out to tourists you will need to find a good location close to amenities such as shops and bars and also close to the Algarve golf courses and know that tourists renting apartments or villas always want access to a swimming pool and to be no more than a short drive from the sea.
If on the other hand you’re buying a property in Portugal to retire to or to holiday in yourself your requirements for the property may be quite different. If you’re looking for a new home chances are you’ll also like to be close to the main amenities but perhaps you’d also be happier living away from the main resort areas on the Algarve where the tourist influx is at its most intense.
Whatever your reason for buying a property in the Algarve make sure you tell your estate agent all about the type of home you’re looking for so they can match your requirements to the best property available within your price range.
Once you begin looking at properties for sale in the Algarve you’ll quickly get a feel for how far your money will stretch. If you require finance to assist with the purchase this should be agreed in principal before you consider making an offer on a home. Those thinking about buying incomplete properties off plan should insist on seeing a completed example of the developer’s work before agreeing to buy.
Once a property has been found that suits the property investor or home buyer’s requirements an offer can be made to the vendor. If the property is a resale the buyer should consider having a full structural survey done on the home to highlight any potential issues that could arise with the property. With houses and apartments that are located close to the sea a survey is critical because the damaging winter winds and sea salty water can cause erosion, corrosion and destruction.
When looking at properties for sale in Portugal, particularly in the Algarve, remember that in the winter a currently stunningly sunny, bright and airy property may be cold and damp and uncomfortable. So whatever you purchase think about the practicalities rather than the dream of living in that particular house or apartment all year round.
Once an offer has been made and accepted a good estate agent will ensure all the necessary paperwork and legal documentation is drawn up and a preliminary contract can be signed that is conditional to the satisfactory completion of surveys and searches. A deposit is paid at this juncture with the remaining monies paid upon completion of the purchase when the final contract is signed. Remember to always employ the services of an independent and local lawyer to assist with the buying process and to secure your rights when buying property abroad.
