Advertising feature written by Ideal Homes Portugal
Buying property overseas can be a daunting prospect, but in these times of freelance working and flexible lifestyles, living and working overseas has never been more easily achievable.
Even if it is not for a permanent move, many people are discovering the joys of second home ownership and retreating to their holiday home by the sea to escape the pressures of an increasingly hectic world.
One such person is former Dragons’ Den star Duncan Bannatyne, who recently purchased a five bedroom villa in Portugal through Ideal Homes Portugal. Though he had never been to Portugal before, he knew almost as soon as he arrived that it was the place he had been looking for. He comments,
“Last year, I decided I’d look around the world for a holiday home. I had never been to Portugal before, but as soon as I got to the Algarve, I loved it.”
Duncan opted for a detached villa with pool in the Algarve’s Vale do Lobo area – an idyllic spot where celebrities and golfing pros rub shoulders as they enjoy the world-class golfing facilities. By using an Algarve-based real estate agency, he avoided any potential pitfalls in purchasing a property overseas.
Chris White, Founding Director of Ideal Homes Portugal, explains the process for would-be buyers,
“Buying property in Portugal is actually more straightforward than many people assume. Essentially there are three stages to the process. Firstly, the buyer puts an offer in. If accepted, a promissory contract is signed and the deposit paid. Finally, the rest of the purchase price is paid and the title deed is signed over to the new owner.”
Deposits in Portugal generally start at about 10% of the property price, though they can be much higher. They are used as a means of confirming the intentions of both parties, as if the buyer changes his mind, the deposit is non-refundable. However, if the seller changes his mind he has to give the deposit back to the buyer, plus the same amount again. Thus the promissory contract and deposit stage of the purchase process tend to be reached only when both parties are fully committed to the sale.
Property taxes in Portugal are numerous and include property transfer tax, land registry fees, municipal property tax and stamp duty. A reputable real estate agency will work with buyers to guide them through the whole process, including the fact that purchasers are required to obtain a Portuguese fiscal number before they buy.
For more information on easily buying a property in Portugal, contact Ideal Homes Portugal on 0800 133 7644, +351 289 513 434, enquiries@idealhomesportugal.com or via www.idealhomesportugal.com.