As per the latest update regarding the properties in Portugal, around three-quarters of people own their own homes, and surprisingly, this figure remained steady for the last decade. There are no such restrictions on foreign property ownership, and for non-EU citizens, if they buy a property worth €500,000, they get a five-year residency permit.
Additionally, if you wish to study or work in Portugal, then after five- years, the golden visa permits you to apply for permanent residency.
Image by Steffen Zimmermann
Thinking of selling your property?
The foremost thing is to make sure that every tax associated with the property is paid and updated. If you do not fulfill these obligations, it can make your property be sold via public auction to settle the claim. This determines that the property will be sold to the highest bidder and could go for considerably less than the property’s actual worth!
You will be required to ensure that every utility bill, like water, electricity, and gas, is paid entirely before the sale.
Enhance Your Possibilities of Selling
It is necessary to ensure that your property emerges against the 100 other properties in the market when it comes to putting a Portugal property for sale. When the buyers get a solid idea of the property through the high-quality photos, you offer prospective buyers of the property. It enhances the chances of a sale.
Share maximum photos of the property with the prospective buyers and make sure that it has been captured with a professional camera and a professional photographer. Ensure that the property is not filled with your personal photos. The whole idea of visiting a property is to make the prospective buyer see the property as his/her own home, which seems complicated when someone else’s personal photos are adorning the walls.
With that note, we will be discussing the tips for buying or selling a home in Portugal
Leverage an effective property market
People looking to buy a property in Portugal can do it now with ease as the possible approval of new licensing. The recovery of the construction market will make the market more productive.
Evaluate external risks
The future forecast of the Portugal economy is optimistic as it is showing signs of growth and stability. Make sure that you know the other related international issues before buying or selling the property. There is some forecast regarding the international problems that can affect the Portugal market. Hence, it’s always better to know the associated external risks.
Take advantage of low-interest rates
Along with economic strength and competition in banking, the Euribor rates are expected to remain very low, and this must make sure the alluring spreads for the customer. Because of this reasoning, the financial experts say that it is an excellent time to mortgage the property due to the lower financing cost.
Look for various locations
Where there is huge demand from foreign buyers, the property prices will increase, and there are plenty of areas where the property rates in Portugal are rising like – Porto, Lisbon, and Algarve. Hence, it has been suggested by the experts that they should broaden their search and look for property in some other areas as well.
The ultimate key is saving
Says the experts that instead of low-interest rates, saving is still substantial. It is vital to access monthly charges, and the Portugal banks only finance for property purchase up to 90%.
Avoid these things when you are planning to sell your property in Portugal
An unreal price
It has been noticed that one of the most important reasons for a property not being sold is the price. It’s important to know the value of your property and try to keep a price that is not unrealistic. Make sure you ask for the right price from the right candidate for your property.
Undesirable Location
When selling a property, the location or area plays a very vital role. Typically, properties situated near an airport, busy street, high-voltage electricity line, or next to a nightclub seems to create a problem at the time of selling. As per the agents, a bad location property can only get sold if the owner has set a low price; otherwise, it’s hard to sell it.
Shortage of natural light
Natural light is another significant factor when it comes to selling a property, as it makes the property more desirable. It has been noticed that the lack of natural light drives away the buyers and even reduces the worth of the property.
Maintenance issues
A property that has been overlooked in terms of maintenance seems to lose value and worth in the market. Hence it is advisable to maintain the property and conduct timely repairing and maintenance activity. This will not only help in selling the property but will enhance the worth of your property as well.
Unpleasant smell
It may seem very normal, but most of the time, the reason for the failure of any property deal is a bad smell. Nobody wants to buy a property where there is an unpleasant smell that can’t get away quickly. Mostly, the smell in property occurs due to old pipes or leakage in the sewage. Hence, it is vital to maintain the property to avoid these unpleasant smells and save your property from being unworthy for sale.
Structural issues
Mold and moisture in the property can harm the sale. Therefore the issues like dampness should be taken seriously when thinking of selling the property—otherwise, the value and the worth of the property decline in no time. So avoid this and make sure that you do not do anything that decreases the worth of your property.
Conclusion
Buying or selling a property can be a very tedious process not only in Portugal but anywhere in the world. If you have some issue with the property, then that can even make the process more difficult. Thus, with the above-mentioned tips and ways, you can ensure what to be done and how to be done when you are thinking of selling or buying a property in Portugal.
Reference Links:
https://www.algarvehomesales.com/blog/414-6-tips-for-buying-or-selling-in-portugal-in-2020
https://www.expatica.com/pt/housing/buying/buying-property-in-portugal-105551/
https://blog.torfx.com/general-interest/step-by-step-guide-to-selling-your-property-in-portugal/
