THE 'ALL YOU NEED TO KNOW GUIDE' FOR BUYING A PROPERTY IN THE ALGARVE
Finding your Property
Your first step should be to find a Government licensed real estate
agent ('mediador imobíliaria') whose conduct is controlled by a legal
framework of rules. These can be identified by having a AMI number and
certificate. Take care to consider and then specify to your agent
exactly the kind of property you require. The better you can define your
property, the better are your chances of early success. Larger agencies
are usually best simply because they invariably have a larger portfolio
from which to choose. Bear in mind that smaller agencies often obtain
their properties via the larger agents and this can sometimes complicate
your negotiations (and thereby lessen your chances of buying at the best
possible price).
Once you've found the right one...
The best advice is get yourself a good lawyer and surveyor to make sure that the property is correct - both legally and structurally. It is not a good idea to try and make savings in these areas - problems here can come back to 'bite' you. For those using a bank or mortgage lender, they will be able to provide their own recommendations.
Many banks including Barclays are available to lend UKand Irish citizens secured against second homes in Portugal. Loan to value ratios are typically 70% maximum over 15 years. Interest rates are extremely competitive when compared to the UK and Ireland, with base rate (Eurobor) +0.75% a common variable rate.
Villas in the Algarve are invariably very solidly built. This is due to strict government legislation which insists upon a steel reinforced concrete frame, even for single storey properties. Modern Portuguese building specifications are therefore usually more substantial than in most other countries. Finding a competent surveyor is straightforward as there are several Chartered Surveyors in the Algarve and all are very capable. Again a reputable real estate agent will be able to provide references for these.
Your real estate agent will also help you in choosing a Lawyer and will of course give you competent advice in these areas. Most good agents will have their own recommended list of experts chosen from those who have provided a good and reliable service in the past.
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