What expenses should I expect when buying property in Portugal?

When purchasing property in Portugal, it's critical to understand the various expenses you will encounter throughout the process. Initial costs include the purchase price, but buyers should also budget for property transfer tax, which can range between 0% and 8%, depending on the property's value. Additional expenses include notary fees, which are necessary for legalising the sale, and registration fees for formalising ownership. Home inspections are another investment, ensuring the property is in good condition before closing the deal. Buyers should also consider ongoing costs such as property taxes, homeowners' association fees, and maintenance expenses that come with property ownership. If you plan to finance your purchase, mortgage fees and interest rates should be factored into your budget as well. Moreover, engaging with legal counsel to navigate property laws in Portugal can incur costs but is highly advisable for a smooth transaction. Considering insurance rates to protect your investment is also essential. As you navigate these expenses, working with a reputable real estate agent can help you get a clearer picture of all potential costs. Start by gathering information and preparing your budget, ensuring you’re fully informed throughout the buying process. For answers to all your queries, get in touch with our team today!

Friday, 21 October 2022 - Press