There are a number of questions you need to ask yourself before deciding on what sort of property to look for.
If you go through this check-list first you will save yourself a lot of time, trouble and money.
Don’t be led by the nose by real-estate agents who want to show you everything they have whether it is what you are looking for or not. A weekend viewing trip can go by without seeing anything suitable unless you are focused.
Use this check-list to get focused
……Is the property for my exclusive use or do I want rental income?
If you want rental income…….
Your property must be within easy reach of the beach. Your future clients won’t drive more than a maximum 15 minutes to hit the beach.
Your property must already have a swimming pool or access to a shared swimming pool or room in which to build a swimming pool.
Your property must have two to five bedrooms.
Your property must be in a pleasing location.
Check that there are professional property management companies with a great track record of dealing with the cleaning, gardening and pool maintenance that renting requires. Don’t be tempted to rely on neighbours, no matter how well-intentioned they seem at day one. It always ends in tears.
Do I Want an Apartment or a Villa?
A villa brings costs of gardening and pool cleaning and external decorating costs. An apartment brings condominium costs and a lack of control over your immediate surroundings; if you really want an apartment do speak to other owners in the complex to make sure that the condominium is well-funded and functions well. This is really important.
A villa is easier to rent and brings in more income. There is a greater demand for private villas.
Do I Want a New Property, a pre-owned Property or Land to build on?
If you buy a new, completed property do your homework on the builder. If possible speak to other clients of the builder to check what problems they have had. A new property has yet to reveal defects that only become apparent after 12 to 18 months.
A pre-owned property means that you can see what you are getting but at a price. A seller wants to make a profit and you pay for this.
Buying land and building is economical but needs input and a reliable project manager is essential unless you have the time and skills, both building and language to supervise the builder. You can design the building of your choice, within reason, and the process can be a lot of fun but won’t take less than two years no matter what anyone else tells you.
Buying a property for renovation is a good option if you are attracted to the appearance and location of the property; older properties have the best locations. It can be a good bet economically as Portuguese buyers are not usually interested in renovation projects so properties in need of work go cheaply. However you need a first-class project manager who has the skills and time to supervise the renovation process. Costs can be indeterminate as there can be unknown elements from a construction perspective which are not revealed until work is under way. You can end up with a charming property with some attractive features.
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