To think about buying a property in Portugal?

[NeoMaxiZoomDweebie]

It's so frigging beautiful there....the properties are so cheap atm. I want one! DH is all surprised because I am not the adventurous type.

I would want us to have it for holidays and maybe retire there one day. I work from home (self employed) and at the moment am the main breadwinner so actually, if it weren't for two DC in full time education I would probably live there now...my business can be done anywhere.

I fantasize about being self sustainable...growing stuff...eating our own fish and veg and fruit....am I silly? I have only been to Portugal once and have no idea what the infrastructure is like! I did hear that healthcare isn't much cop.

Where I am rentals have remained fairly steady, although the season has got shorter in general, we just haven't been able to increase prices much

It's difficult to say with offers - there are still some distress sales around, but generally I'd start at 10-20% off the asking price, maybe more if you get the feeling the owners are desperate to sell

In the development we are looking at there are quite a few now on the market which is good for us as buyers.

Great advice. Will look at starting at 20% and take it from there...

Why is the season shorter??

I think the restrictions on taking children out of school have had an impact on the early and late bookings, as it's only those with pre schoolers or no children that can now come in May/June/October (apart from half terms of course). Good luck!

Hellosomebodythatiusedtoknowyesithink that is the same company and also didn't name them for the same reason!

Costa that makes sense. We would aim to appeal to golfers and tennis players in shoulder season based on location. There does seem to be a lot of competition though. i just want to cover running costs rather than make a huge profit so even renting to friends and a few outsiders should help.

Purple, the first time i used them at a friend's recommendation I was very nervous especially with the cash only payment but it has always been fine and several people we know use them too. Had a problem once and they sent a new car very quickly. Wish they would clean the cars better but I have had that with hertz etc too and for that price I can live with it!

my family live on the Algarve. it is great.

sorry now shall add more. bought house in 1994 and it has gone up in value but selling it at present would be an issue. It is at the Western end of Algarve and eating out cheaper there than in the resort towns.

electricity is expensive and mum gets frustrated by the length of time it takes to get things done. However Portuguese are delightful - we have always felt safe and welcome.

I love Lagos, Silves, portimao, Aljezur, Barao Sao Joao, then beach areas such as Arrifana.

I would say that because they live there it is rare that we ever do the tourist things!

We go twice a year to near Vilamoura and love it although I think we will continue to rent rather than buy. DH plays sport when over there and a lot of the retired chaps he meets have told him that you can rent for next to nothing out of season.

We are also having problems getting flights at reasonable prices, the prices have gone up a lot over the last few years. Now our local airport has stopped flights so we now have further to travel too which adds more costs (and no more being home and in the kitchen within half an hour of landing :( )

For anyone thinking about buying and renting out, the laws on this change frequently, with new regulations coming in at the end of this month so make sure the property already has, or can get, a tourist licence, and that the management company or your accountant can make sure the income is declared correctly

Costa, what time of year do properties tend to come on the market if there is a pattern e.g. end of summer and spring?

I'd rent for a long period (6 weeks?) to see if I likes it a bt more first.

I don't think holiday homes are a great investment, they rarely make you money. But if you want it as a 'home' and want to go back to the same place all the time then great, as much easier twitch your stuff there and having you children and their future families etc

For what it's worth, I stood next to a lady in a shop the other day who was explaining to customer service whilst returning an item about how she lives in Portugal but comes over here to the UK from November to March every year as it's really boring there otherwise. She seemed very nice and was in her forties with DC.

tbh I'd find it boring to live in the Algarve all year too but I'm used to a big city. The weather is not great in that period - better in Southern Spain even as it's less exposed.

The winter is a good time to look at property, as if it has been rented out then it will more than likely be empty now, trying to view in summer can be a nightmare

I love the winters here, July and August are the price we pay for being here the rest of the time .

We can still have lovely warm days, then put the logburner on in the evening, and after 4-5 months of constant sun and high temperatures I look forward to some rain and feeling cold!

It's much calmer, you can park, you can get into most restaurants easily, still have lunch outside - lovely. I actually couldn't live anywhere with a constant summer, that would be boring - we still have seasons (although more like two or three than four) and spring comes early as the almond blossom starts in mid Jan

We own a property on the " Spanish Algarve" ( arrive at Faro and turn right)
Property and everything else is much cheaper there than in Portugal.
We rent it to Spanish families over the Summmer and sometimes get English or Irish renters at Easter too. It doesn't totally cover the costs but it helps.
We tend to go at Spring bank, Easter ( if no rental) and October half term. It's a bit hot for us in August.
We have found that we can't use it as much as we used to before the DC started school and we haven't made any money on it but we love going.
If you want to buy down there consider that area - it's known as Costa De la luz.

'Spanish Algarve'???

Hilarious, either it's Spain or it's the Algarve

to be honest my family have a more exciting life in portugal than they did here. they are off the beaten path so avoid the tourists when they want to. my mum and dad like to keep themselves to themselves. they have a lovely house, plenty of lush walks in the area for the dog. my brother and sister have a great time. just as here, it's what you make of it

Hopping, I've been to the Costa de la Luz and it was beautiful but we have a specific resort in mind for assorted reasons.

Another question to revive this thread, maybe someone out there such as Costa can answer it: how long from making an offer to completion typically? Do things move slowly or akin to the UK?

I can only talk of my experience - Decided beginning of April on the property, opened bank account, got official card and appointed solicitors. No mortgage, so just a matter of paperwork. Nothing happened for 5 weeks - so I called the solicitor, and within two days she called me back to ask for the money as we were completing in 2 days times.

It's usually much quicker than the UK - when you buy a property here you have all the legal documents relating to the property (deeds, property registration, habitation licence etc) so you don't need any searches, the solicitor just requests updated copies. The buyer puts down a deposit, usually 10%, and a promissory contract is signed, similar to exchange of contracts in the UK, if the buyer changes their mind they lose the 10%, if the vendor changes his mind he has to return double the deposit. Completion, or signing the escritura, happens at a mutually agreed time, it can be weeks or months away.

It is actually a very straightforward process and can be done and dusted in weeks, in fact I found a lot of UK buyers were taken aback by just how quickly it all happened, as soon as an offer is accepted, the agent/vendor will be asking how quickly you can send the 10%, which takes people by surprise, but is perfectly normal, it doesn't mean they're putting any undue pressure on you.

If it's difficult to come over to sign the promissory or escritura in person, you can give your solicitor power of attorney to sign on your behalf, also perfectly normal here

Let me know if you have any more questions!

Costa and Fait - that's fantastic info thank you.

One thing I was wondering and couldn't find info on on Google is buildings surveys - are they done there?!

You can get surveys done, not strictly necessary here but there used to be an English guy who did them, can't remember his name but I think he was in almancil

You can get surveys done, although they're not as 'normal' here as in the UK, there used to be an English guy in almancil who did them but I can't remember his name now. The estate agent should be able to help though

Sorry for the double post, it didn't seem to go through first time!!