8 Top Contacts You Need to Buy a Home in Portugal
To purchase a property in Portugal there are a few experts you're going to need, allow us to introduce you to your team.
You can find the related website links to the above companies and a brief description of how each can help you as follows.
1. Estate Agent and Property Manager
We are your English speaking Real Estate Agent, registered as a small business in Portugal, licensed to sell properties established for over 25 years. As your Real Estate Agent, our services to you are completely free to homebuyers. We can offer you a personal or virtual Live tour of your chosen neighbourhood and property. We can advise you on the lifestyle available to you for health, leisure, enjoyment, shopping, schools, hobbies, where to eat and things to do and see.
Ensure you purchase a property that is fit for your purpose, for example if you are thinking of renting it out as a holiday home to make some income, ensure that you are allowed to do that with your chosen property particularly if you are buying in a condominium. Also if you are looking for an investment where you can add value to, to re-sell quickly, ensure that the local laws allows you to do that with the improvements you make. Property documents are quite complex and all in Portuguese, so we advise both buyers and vendors to acquire the services of a Portuguese lawyer. From Offer to Completion is a two step process and can be done within 2 months.
If you are going to be an absent homeowner in Portugal as you live overseas, we can offer you our Property Manager services where you benefit from management of not just your property but also your vehicle including tax, MOT, insurance, service, valet as well as delivery and collection of your car to/from Faro Airport. We can help prepare your property with our handyman service, decorator, builder, architect, plumber, electrician, setting up utilities, alarm, locksmith, furniture purchase, interior designer and so much more.
Once set-up, we also pay all your utility bills preparing regular statements for you detailing your monthly expenses including pool cleaning, garden maintenance, maid and laundry service, weekly property checks, guest and family concierge service and delivery of your groceries for your arrival. If you want an income from your property we can offer a fully inclusive property management service to take care of all aspects of holiday lets and long term lets with payments direct from the guest/tenant to your bank account. Just let us know how we can help you feel confident that your property is being looked after, when you return to work and your normal family life, and we will prepare a bespoke quote just for you.
Here are some of the professionals you will need for your property purchase and ownership journey in Portugal, we can recommend them as we know them personally and professionally and have worked with them for years. We can liaise with all these contacts on your behalf, copying you in all correspondence taking care of everything for you. We also have some money saving tips for you.
We will find the right property for you, just contact us to let us know your wishlist and we will do the rest. Let's get on with your dream home search.
2. Lawyer
For your lawyer handling your property purchase in Portugal, we recommend you set aside another 10% on top of your property price, to cover your costs, including their fees, Government fees and taxes. We have a few lawyers we can recommend, the one that we most regularly recommend to our clients works just less than half a mile from our shop. This lawyer speaks English and Portuguese and will correspond with you in English.
To begin your property journey, acquire the services of a lawyer in the Algarve, get a quote from your chosen lawyer to help with your property purchase, ask for a set price to include setting up your NIF number, opening a bank account, due diligence for and completing on your property purchase. There are also some tax and citizenship benefits when buying a property in Portugal, which your lawyer can advise and support you with.
The good news is, especially useful in these times during Covid travel restrictions, you don't need to be in Portugal during your property purchase process, part of our role is to progress the sale for you keeping you up-to-date communicating with you in English. It is very common for your lawyer here in Portugal to act on your behalf with a specific Power of Attorney for your property purchase, so you do not need to be present to sign any of your documents for the sale and purchase of your property. You can contact our local village lawyer on her Linkedin page.
https://pt.linkedin.com/in/sandra-laginha-miguel-5aa1775b
3. Bank Account
You will need a Fiscal Number (sometimes referred to as a Contribuite Number) in order to open a Euro Bank Account in Portugal. We recommend Millennium Bank for several reasons, we have personal experience of their service for our business and personal finances, they are a major Bank operating in Portugal with branches found in many towns and cities with cash points easily found and they offer online banking wherever you are, in English.
https://ind.millenniumbcp.pt/en/Particulares/Contas/Pages/aberturaconta.aspx
4. Surveyor
It is actually not as common to hire a surveyor in Portugal compared to the standard procedure when you purchase a property in the UK. This professional qualified independent surveyor is English speaking and produces his report in English, he has a set process to follow but you can also ask him for anything specific you want checked and reported on.
http://www.peterdensham.com/
5. Foreign Exchange Transfer
Once you register with our Affiliate Company, it is quick and easy to transfer thousands of pounds (or whatever your currency) into euros, you could find you save yourself hundreds maybe thousands, all with no transfer fees, sending funds from your regular bank account via your affiliate company to transfer direct into your personal euro bank account in Portugal or vice versa, within 48 hours or less. Find out for yourself, why not check what transfer fees and exchange rate your regular bank will charge you, compared to our affiliate company?
We have used this professional foreign exchange company for many years. They organise our personal and business finances and many of our international clients happily used them to purchase their property with us and continue to use them to send money internationally. You can use their free services to purchase a car, purchase a property or send smalller amounts for everyday living expenses such as buying shopping, paying bills or nights out. For us we have had a really good service from this company and great customer experience.
http://www.diamondpropertiesalgarve.com/index.php/ar/show/postdetail/35/Need-to-Send-Money-Abroad?
6. Insurance
We use the services of a small friendly family business next to our shop in the Algarve. We find their services are very cheap, quick, helpful and personal. They are Portuguese which is why they may sometimes be cheaper than some English speaking companies. Sometimes you do pay a premium for English speaking staff and having documents in English rather than Portuguese. As your Property Manager we can liaise with them for you to get quotes to set-up your insurance for your building, contents, car and health. If you don't mind paying a bit more for an English insurance service, we have a choice of contacts for those too. Just let us know what you want.
7. Government
You will need to get a NIF number (sometimes known as a Fiscal or Contribuite Number) to open a Bank Account, purchase a property, own a car etc. This is a Government Tax number from the Finance Department assigned free of charge to every part-time or full-time resident in Portugal. It is a tax number so that you are legally registered with the tax department to meet your obligations in Portugal.
Some people like to do their own research and complete their own online forms direct on the Government websites in Portugal, though many topics are translated into English the majority of the Government information, guidance, instructions and forms are in Portuguese. It is quite common to acquire the services of your lawyer to complete forms and apply for requirements on your behalf, according to Government legislation.
https://info.portaldasfinancas.gov.pt/pt/docs/Conteudos_1pagina/Pages/portuguese-tax-system.aspx
8. Removal Company
There are several English and Portuguese speaking removal companies. We regularly use this English speaking one regularly, who have a base both in the Algarve and one in the UK in Essex. They collect and deliver your furniture and other home items from your home wherever it is in Europe. They can offer a one-to-one service or arrange collection of your items along with other clients collections and drop-offs to keep your costs down. Contact them for a quote. https://www.algarveexpress.com/
Let us know if you found this information useful to begin your property ownership journey in Portugal and contact us with any questions or to get started.
www.DiamondPropertiesAlgarve.com
