Porto is the city with the 2nd largest population in Portugal. Some people prefer it to Lisbon because it is a bit more authentic and traditional. The city also has breathtaking views, and it is famous for its wine as well as the culinary scene. It is therefore without a doubt one of the best cities to invest in real estate in Portugal.
When investing in Porto real estate, it is important for you to be aware of factors such as where to invest, how to find the property, costs involved, etc. Here is a guide to help you when investing in Porto real estate.
Know What You Want
This is the first and most important step in any investment. You need to be clear on the kind of property you are looking for and why you need it. This will influence where you buy the property and who you approach for guidance. Write down the specific details of what you need. This will save you from getting confused when you go looking for the property. It will also save your time.
How to Get the Property
If you are not familiar with Porto real estate market, it is advisable that you hire a good real estate agent to guide you. The local agents have the expertise and knowledge of the market thus they will help you decipher what you want and help you get it. All real estate agents in Portugal must be registered, and they should possess a license. Ensure that the agent you choose meets these legal requirements
You will not be required to pay the agent since the property owners pay them. Ensure that your decision is independent of any influence or persuasion by the agent.
With a good agent, you might not need a lawyer since the agents know all the legal formalities involved. The other advantage of using an agent is that if you are investing in the property for rental income, the agency can help you get tenants and manage the property.
Making an Offer and Contracts
Once you have found the property that meets your needs and you have decided to purchase it, it is advisable that you look for an independent solicitor. The person will make arrangements for the house survey to ensure that nothing is wrong with the property and he will also verify the contractual information.
Once you accept the offer, the law requires you to employ a notary who will inspect the transaction details and verify the property details with the Land Registry as well as Inland Revenue. Once satisfied, you will sign the contract, upon which both parties will be legally liable to finalize the
Taxes and Fees
You need to think about the required down payment and other costs involved in buying a house. When buying property in Porto and any other part of Portugal one is required to pay some taxes and fees which amount to about 10% of the property value. They include property transfer tax, land and registry fees, and stamp duty.
Finding property to invest in, shouldn’t be as hard as paying for it. With this guide, investing in Porto real estate will be easy.…