In this post, we have brought a practical guide to the process of buying a property in Portugal. Here are the main steps:
1 – Define the purpose of the purchase
Do you want a property for investment? Do you want to live in Portugal? Do you want a second home for your vacations?
Depending on the purpose, the characteristics of the property are different. In the case of properties for Airbnb, it is important to pay attention to the laws and zoning that allow such practice.
2 – Where do you want to buy in Portugal? Choose the city and neighborhood
If you are still considering where to establish your new home in Portugal, we have created a guide highlighting the best places in Portugal to call home. Portugal offers a wide variety of locations, some of which are particularly suitable for expatriates due to various factors such as favorable amenities, cultural diversity, and welcoming communities. Let us be your reliable guide in identifying the perfect place to buy and settle, ensuring a smooth transition to your new life in Portugal.
3 – Choose a trusted real estate consultant
Choose a consultant who is experienced, accessible, and trustworthy. Give preference to consultants who are already familiar with the Brazilian audience and their needs.
Avoid speaking with multiple consultants at the same time. In Brazil, it is common to talk to various consultants to have access to a greater number of options in the market. In Portugal, it does not work this way, and it can lead to conflicts. The Portuguese real estate market functions differently from Brazil.
4 – Property value and financing
At this stage, take into consideration the resources you already have available and that you can finance up to 70% of the property value through banks in Portugal (with low European interest rates and terms of up to 30 years). If you choose financing, this is the moment when you will need, with the guidance of your real estate consultant, to apply for a mortgage pre-approval.
5 – What the property needs to have (characteristics)
The characteristics of a property in Portugal can be very different from what we are used to in Brazil. Did you know that many buildings here do not have elevators or garages? That’s why it is crucial to define the main features that your property needs to have: number of bedrooms, bathrooms, garage, elevator, terrace, whether it is part of a condominium, etc.
6 – Evaluate the options and make an offer
At this stage, you will already have your pre-approved credit from the bank (if you have opted for financing) and your consultant will have sent you the available options in the market that match your criteria. Evaluate them, with the help of your real estate consultant, and make the purchase offer!
7 – Promissory Contract of Purchase and Sale (CPCV)
The time has come to sign the purchase and sale contract. It is usually at this stage that a deposit is paid to the seller.
8 – Closing
This is the final stage of the buying and selling process, where the remaining value of the property must be transferred to the seller. It is during the deed that the charges and taxes related to the purchase of the property are paid, and the deal is finalized between the parties, with the transfer of ownership to the buyer.
Plannig a move to Portugal?
We invite you to explore our ultimate guide on moving to Portugal. Packed with invaluable insights, practical tips, and expert advice, our guide will be your trusted companion as you navigate the intricacies of relocating to this beautiful country. From visa requirements to finding the perfect neighborhood, from understanding the healthcare system to embracing the vibrant Portuguese culture, our guide covers it all. Don’t miss out on this essential resource for a successful and seamless transition.
About CAP International
CAP International is a global real estate agency specializing in Portugal. If you want to learn more about properties in Portugal, contact us now and have a chat with me on WhatsApp: Click here to start the conversation now via WhatsApp (My name is Bruna Barros).