We all know that buying a house is an expensive thing, both in financial terms as well as in the time we spend. But sometimes, it doesn’t matter how much you spend, or how much time you invested, you still don’t find the right property.
And that just gets more noticeable if you are willing to invest in a foreign market which you are not used to.
While working in Portugal real estate for the past 10 years, and being in contact daily with clients of all around the world looking to invest through the Golden Visa Portugal program, I’ve seen the following 5 mistakes being made, time after time.
5 Common Mistakes People Make When Searching for Properties in Portugal.
(And yes, I am going to tell you how to avoid these mistakes.)
Mistake 1: Buying a Property That Isn’t Right For You
This mistake is quite obvious. If you really want to live in Portugal, you shouldn’t buy a property that isn’t right for you.
It may seem like a good idea to buy a property that has everything you need. However, you need to think twice before doing so.
For example, if you are thinking of buying a property in Lisbon, you should ask yourself whether you would actually like living in such a big city.
Do you like walking everywhere? Do you like spending most of your time inside? Would you like to go shopping every day?
These questions will help you decide whether you would like to live in cities like Lisbon.
Mistake 2: Looking Only At Properties With Low Prices
Buying a property in Portugal is a huge investment. Therefore, you should always be careful when choosing a property.
When you are looking for a property, you should always compare prices between similar properties. This means comparing properties with the same area, number of bedrooms, bathrooms, etc.
In addition, you should also compare prices between properties that are located near each other.
Mistake 3: Thinking About How Much Money You Can Afford To Pay
Before buying a property, you should calculate how much money you can afford to pay.
There are several factors that affect the price of a property. These include location, size, condition, amenities, etc.
Therefore, you should always estimate how much money you can pay for a property.
Mistake 4: Negotiating Too Early
Negotiating too early is another common mistake made when purchasing a property.
However, negotiating too early can lead to problems later on.
For example, you may negotiate a price that is higher than what you can afford. Then, you will have to pay more money after closing the deal.
On the other hand, you may negotiate a lower price than what you can afford, which will result in you paying less money after closing the deal, but you won’t be happy with the property.
Mistake 5: Not Considering What Will Happen After Closing
After closing a deal, you should always consider what will happen after closing.
For example, will you be able to renovate the property? Will you be able to move in immediately?
Will you be able to rent out the property?
All these things should be considered before closing a deal.
Conclusion
As you can see, there are plenty of mistakes that people make when looking for properties in Portugal.
But luckily, you don’t have to make any of those mistakes. Just follow my tips above and you will minimise the risks when trying to purchase a property in Portugal.