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Buying property on the Algarve
kevelesopnic
Posts: 42 Forumite
I am hoping to retire and would like to buy a property on the Algarve, probably around Vilamoura but would consider anywhere within 30 mins of Faro airport. I have no idea of where to start, having heard hundreds of horror stories and very few success stories. Can anyone point me towards any relevant reading matter or websites that give genuine advice on the pros and cons of purchasing property specifically for the Algarve, i.e strange laws for reclaiming your land!! etc.
Thanks in advance
Thanks in advance
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Comments
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I would like to suggest that for at least a year you take a long term rental.
Long term rental is not like holidaying and you can really find out if this is where you want to be before you sink you hard earned retirement money.
You will then from first hand experience and conversation with locals find out what are the good and bad areas, you will see them through all seasons and you will weed out the unscrupulous.
Don't buy without trying!0 -
I agree totally with ognum - and I'll bet there are plenty of ex-pats abroad who wish they had done the same. Rent for at least 6 -12 months and get to know the local housing market inside out before even considering starting to look for places to buy.0
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Defiantly rent. There are many empty properties that are a reasonable rent, as so many people have returned, including my mother after 21yrs. It took her 2yrs to sell, and then it was to a friends son. she has friends who have been trying to sell for 5yrs.
There are MANY MANY crooks out there who are just waiting to take your money, mostly English and eastern European's. Houses that were built before 1995/2000 were built with out permission or building regs. The authorities have been checking on these things and have in some cases got the property pulled down.
You need to be very careful, there is a long chain in Portugal to buying a property. The property finder, the agent, the property notary, then the solicitor. On change of contracts you are required to lodge 10/15% to the property prices, this is non returnable, if either pull out the other receives the deposit.
Just because the ex-pats live in communities, does not mean that it is a get place to live.Its like living in a British town in the sun.
many people who retire to the sun, find they have very little to do except interfere and !!!!! about other peoples lives.
Also don't forget about health care, you will not be entitled until you are a resident, this take a few ys.
Rent for at least 18mths, Villamora is not cheap, but is very busy with summer holiday makers. There are many lovely places slightly inland, but be aware of distance from amenities, Hospitals, Shops and the Airport. Good luck.This is my opinion, a little knowledge from experience.0 -
Do what we did, buy a plot and build on it ( just north of Gale). The key is to look at the area and see if the homes are empty for most of the year and all you are looking at is shutters.
http://www.algarveexpats.com/index.php/
http://www.algarveresident.comStop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
propertyman wrote: »Do what we did, buy a plot and build on it ( just north of Gale). The key is to look at the area and see if the homes are empty for most of the year and all you are looking at is shutters.
http://www.algarveexpats.com/index.php/
http://www.algarveresident.com
Propertyman I bow to your knowledge on a lot of things but to glibly reply buy a plot of land and build on it makes it sound simpler than it is.
having built a house in another country though not portugal, I would say that this does not negate the need to rent and get to know an area.
If anything building is more difficult, especially if you don't speak the language. If you build create a budget and then be prepared to pay many times over the price you decided.
Good luck and beware!0 -
Buying in Portugal?...The country is bankrupt and going to hell in a basket...I would wait,And wait..
http://www.mindfulmoney.co.uk/wp/shaun-richards/portugals-economic-situation-illustrates-the-intellectual-bankruptcy-of-euro-area-austerity/It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Can't see any reason you'd consider investing in a financially unstable country.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Propertyman I bow to your knowledge on a lot of things but to glibly reply buy a plot of land and build on it makes it sound simpler than it is.
having built a house in another country though not portugal, I would say that this does not negate the need to rent and get to know an area.
If anything building is more difficult, especially if you don't speak the language. If you build create a budget and then be prepared to pay many times over the price you decided.
Good luck and beware!
Erm not sure why you replied in the way you did.
It is a suggestion and an option for them to explore.
I also made it clear how important it is to choose the area as well.
Builders overcharging is as just a problem as is it is here.
The solution is as it is here, use an architect or designer, Portugal has its own body as does RIBA and the RICS in the country who can help with licence and consents, and specify and tender and oversee the works and control matters for you, and who speak Portuguese.
The links to the bodies can help with introductions and a friendly bit of support.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
propertyman wrote: »Erm not sure why you replied in the way you did.
It is a suggestion and an option for them to explore.
I also made it clear how important it is to choose the area as well.
Builders overcharging is as just a problem as is it is here.
The solution is as it is here, use an architect or designer, Portugal has its own body as does RIBA and the RICS in the country who can help with licence and consents, and specify and tender and oversee the works and control matters for you, and who speak Portuguese.
The links to the bodies can help with introductions and a friendly bit of support.
Sorry you are right probably a bit over the top!!!0 -
Without doubt you MUST rent for a time BEFORE you buy.
This will give you the opportunity to see the area in and out of season.
Please, please do not buy before having spent at least one year renting and living and travelling around your chosen area.There will be no Brexit dividend for Britain.0
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