Buying property on the Algarve

kevelesopnic

Thanks to everyone for your helpful replies, certainly given us some food for thought. Just to clarify, we are not intending to move, we are looking to purchase a second property for anything from long weekends to 3-4 months at a time. We have visited the Algarve 2-3 times a year since the early 80's so have a reasonable idea of where we want to buy but have concerns about the buying process and things we need to watch out for.

Our intention is to buy outright or with a very small mortgage and have no intention of letting other than to family so rental income is not a factor.

The idea of renting for a period is a good one and something we will definitely do.

Thanks again for your input.

ognum

kevelesopnic wrote: »

Thanks to everyone for your helpful replies, certainly given us some food for thought. Just to clarify, we are not intending to move, we are looking to purchase a second property for anything from long weekends to 3-4 months at a time. We have visited the Algarve 2-3 times a year since the early 80's so have a reasonable idea of where we want to buy but have concerns about the buying process and things we need to watch out for.

Our intention is to buy outright or with a very small mortgage and have no intention of letting other than to family so rental income is not a factor.

The idea of renting for a period is a good one and something we will definitely do.

Thanks again for your input.

Sorry to say just because you have been on holiday somewhere three times a year you have no idea what it's like to own a property.

All the issues about maintainence, bill paying, bank accounts, property taxes, car ownership, insurance, MOTs, legalities, residency.

The one thing that is absolutely true is when you go to your home abroad it won't be a holiday, it will be like being at home dealing with the issues of home ownership.

There is absolutely nothing wrong with owning homes in the sun as long as you have your eyes open when you start.

Every single person I know and there are many who own second home in other countries describe them as a blessing and a curse, most say given their time again they would think more seriously!

seven-day-weekend

We bought our house in rural Spain and lived in it for eight years (and have since sold it), but would still recommend renting first in the present European economic climate.

If you do buy, keep a place in the UK, even if it is a studio apartment or a mobile home (and I would have given this advice BEFORE the economic crisis).

gfplux

Now you have made your situation more clear I would still reccomend renting a property for your short and long visits. If you want a easy life let the owner have the problems and not you.
As said by another poster, owning a holiday home is a blessing AND a curse. As you get older dealing with the problems of a holiday home become less and less fun!!!

propertyman

For many one of the most significant problems of long term living even for a few weeks or months is the lack of belonging to an area and knowing the people.

Learning the language certainly helps but its an odd feeling feeling home sick when you are at home.

tim123456789

Fire_Fox wrote: »

Can't see any reason you'd consider investing in a financially unstable country.

That's simple

You make sure that the property you are buying is priced as a property to live in, not as an investment.

I've not actually looked at this area, but in most places the difference is between buying something 'normal' that a local would buy and not buying something on an estate aimed at ex-pats.