Find your new life
With its sunny climate, beaches as far as the eye can see and attractive cost of living, Portugal is attracting more and more foreign buyers looking for a new home or second home. But be warned: while buying a house in Portugal may seem like an achievable dream, it's essential not to rush headlong. Legal errors, hidden fees, administrative pitfalls... It's better to be well informed before signing! To avoid disappointment, here are the most common pitfalls to avoid and our tips for a successful purchase.
Problem: Some properties in Portugal have legal irregularities, including extensions or undeclared modifications.
Solution: Don't count on the notary to verify this information, in Portugal, it's not his job! Hire a real estate lawyer to check if the property is in order (building permit, cadastral compliance, absence of debts, etc.).
Problem: Purchase costs go beyond the posted price:
Solution: Make a detailed estimate of the actual costs before buying, this will save you from unpleasant surprises.
Problem: You will need a NIF (Tax Identification Number) to buy a property, open a bank account and manage tax payments.
Solution: Get your NIF from the Portuguese tax authorities before you start your process. Your lawyer can help you get it remotely. You could also read our article on obtaining the TIN!
Problem: Some buyers fall in love with a place without checking:
Solution: Visit in low season and talk to the locals to get a better understanding of local life. Also do several visits at different times (day, evening, weekend) and if you can't make it, hire a trusted property hunter.
Problem: We sometimes don't think about it as much when we buy abroad and yet it's like everywhere: if you buy an apartment or a house in a residence, there can be high loads (swimming pool, elevator, maintenance...), which can quickly become burdensome at a distance.
Solution: Ask for the condo accounts before buying and check if there is any work to come.
Problem: If you are financing the purchase with a Portuguese bank, be aware that the conditions may be stricter for foreigners.
Solution: Compare loan offers between French and Portuguese banks, and consult a local real estate broker.
Problem: Buying a property does not automatically mean having the right to live there permanently.
Solution: If you are non-European, find out about the different residence visas. Even if it is no longer possible to obtain a Golden Visa via personal real estate investment, there are still other ways to obtain it, and other residency visas to take into account!
Problem: Official documents are in Portuguese and misunderstandings can be costly.
Solution: Hire a bilingual lawyer to translate and explain each document before signing.
Buying a house in Portugal is a great adventure, but it's better to prepare yourself and surround yourself with the right experts to avoid unpleasant surprises. A specialist lawyer, a good real estate agent and knowledge of the local rules will allow you to buy with peace of mind. And above all, take the time to visit, compare and project yourself into your future living environment. With the right advice and a careful approach, you will soon be able enjoy your home in the sun to the fullest!
