Steps to buy a property in Portugal

1. Evaluate your financial capacity

First of all, it's important to evaluate your financial capacity, and realise whether or not you need to take out a mortgage loan.
To apply for this loan, you can talk to your bank or contact a credit intermediary, who will present you various options, allowing you to analyse and select the one that makes the most sense for you at that moment.

2. Define the location and type of property

The choice of location is the most important when it comes to buying a house. At this point, factors such as should be considered:

- Accessibility to work, schools, and frequented locations;
- Available shopping and healthcare services;
- Security;
- Cultural/leisure offerings: periodic events, cultural initiatives, understanding the development perspectives in these areas;

Regarding the choice of the property, we recommend making a list of the characteristics you are looking for, that is, what type of property you are looking for (house/apartment; number of bedrooms, if it has outdoor space, etc.). It is important to consider your current needs versus desires.
 

3. Choose a real estate agency to assist you

Buying a house requires a lot of time and knowledge about the legal procedures involved in this transaction.
A real estate agent will be a fundamental help at this stage, as they will be someone with experience and extensive knowledge of the area who will dedicate their time to assist you throughout all the steps of the property buying process, making this experience smoother and safer.

We share with you some advantages of using a real estate agency:

- guidance and advice according to what you are looking for;
- legal and administrative assistance;
- deep knowledge of the current market and the desired area;
- exclusive access to properties that often don't even come online;
- efficiency in the negotiation phase;
- post sale support, ensuring a smooth transition to your new home;

4. Reservation

After finding the house and agreeing on the price, the property is reserved. At this stage, the property will be taken off the market and you will have time to verify all the documents and licenses, making sure everything is correct.

5. Promissory contract

With all documents checked, it´s time for the promissory contract. It includes all the important points of the sale and a complete description of the property. 
The amount paid at this stage is variable, ranging from 10% to 20% of the final price.

If the property is completed and licensed, it is possible to skip steps 4 and 5 and go directly to step 6.

6. Deed

The big day has arrived! At this stage, the remaining amount of the property sale price is paid and it is registered in your name, making you the owner of a property in Portugal!
Usually

Usually, on this day, you will also change the titularity of the following services:
- Electricity;
- Water;
- Gas;
- Cable TV/internet/phone

Your real estate agent will also help you in this process.

Aware that buying a house is one of the biggest investments we make in life, at Homaze we approach each process seriously, professionally and through our specialized knowledge and proven experience, we advise our clients in the best way possible.

If you are thinking about buying or selling a property, contact us today!