Buy or sell property from government-licensed agents only; the license must have an AMI number. Licensed agents must comply with many legal requirements, regulated by www.impic.pt, that ensures both buyers and sellers are safe when negotiating property in Portugal. Licensed agents also carry compulsory liability insurance. Avoid free lancers and website based agents, insist on a physical Algarve address, that you can find and visit.
AlgarveProperty.com license number is AMI 2196.
THE PROCESS OF BUYING A PROPERTY
Buying a property is usually a large investment and must not be taken lightly. It is not only a major financial commitment but can also be an emotional experience. You must always use a licensed estate agent like AlgarveProperty.com and a licensed lawyer to represent your interests. If you need a recommendation, we will be glad to refer you to some reputable lawyers our company works with, that are bilingual in Portuguese and English.
CHOOSING THE PROPERTY THAT IS BEST FOR YOU
It will ultimately depends on your personal preference and life style whether you choose a golf-facing luxury villa, an apartment near the sea or marina, a townhouse near the beach, a lock up and go closed condominium with private pool or a relaxed country home up in the hills, with sea views. Factors such as security, privacy, maintenance, rent ability, and design must also be taken into account. But you must create a realistic idea of the property you would like to own.
“THE 3 GOLDEN RULES" FOR BUYING A PROPERTY
Location, Location, Location are the three golden rules for buying a property, but issues such as convenience, proximity to work, family, friends, schools, shopping, restaurants, golf courses, beaches and investment prospects will also be considered. Crucial however, is ensuring that you secure the correct price. Buying property in the right location and at the right price, will add to the investment value of your property.
GIVE US AS MUCH IMFORMATION AS POSSIBLE
It will be much easier to help you find the right property, if you share with us your needs, things like…
- your preferred location; resort, city, beach, golf, country
- the type of property; villa, apartment, town house, country home, plot
- number of bedrooms and bathrooms
- is pool and garden important, what size plot
- is this property for permanent residence, holidays, investment
- what is you approximate budget
- will you be using finance
- what don’t you like in a property
- do you have any specific needs
HOW MUCH ARE YOU WILLING TO INVEST
This is a very important step, now that you have a good idea of the property you looking for, you should now grab a calculator a start doing some calculations and try to find your approximate budget. How will you finance your investment? We can help you get finance at very reasonable rates here in Portugal. We can also help you by answering relevant questions about the investment.
START SEARCHING FOR YOUR PROPERTY
Beginning this search online can help save precious time since it can help you target homes that meet your search criteria and it is a good way of learning about the market conditions from the comfort of your chair. Our company property database can even email you when properties come on the market, which meet your search criteria. Be sure to create a free Property Alert
Next, identify reputable professional estate agents, like us, to begin visiting properties in person. Ask your local real estate professional to arrange a Property Tour for the properties that are in your target area and price range. When comparing properties, make sure you look at all aspects of the property and remember to keep an open mind when you are looking at properties and give honest feed back to your property consultant.
MAKING AN OFFER
After being presented several options, you have decided on a certain property; its time to get serious; now trust us to present your offer to the seller in the most professional manner. Typically, this is a very difficult and trying time since both parties have very different goals. This is when your property consultant becomes a strong advantage, it is better to have a third party, such as a real estate professional, negotiate the offer. If you have any personal interaction with the homeowner, do not give out any information about your move, your current housing status, financial status or your feelings about their property, positive or negative. This could hurt your position in future negotiations.
We will probably get a counter offer that we will present to you the buyer for further negotiation until the two sides agree on the price.
CLOSING THE TRANSACTION
Now that both sides have agreed on the price, terms and conditions, we can now proceed with the paperwork in preparation for the final deed and transfer of the property into your name. At this stage, you must appoint a lawyer to represent you; if you don’t have one, we will be happy to recommend the services of established lawyer’s offices in our area, fully bilingual in Portuguese and English.
THE DEED
You with your lawyer and the vendor with his lawyer or simply just both lawyers representing both parties will complete the final deeds in a Notary’s office. We will of course, be with you every step of the way, making sure that the transaction runs smoothly till completion.
Congratulations, You are now the proud owner of an Algarve Property!
> If you need more information about buying property in Portugal, please ask us!
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