Decide what type of property you want and where, whether that’s a new construction or a used home or a plot to build, by the sea or in a town centre. Choose the one that is best suited to your needs and personal situation and contact Portimmo team who will give you several options because we really care about fiding the right property for our clients and accompanies you the through entire process with professionalism and a smile.

Visit the property. When you go to visit your potential new house, be sure to take notes about everything, taking photos of anything and everything. Take measurements and consider the room layout, which direction the property faces, how much light comes in, the ventilation in the bathroom and kitchen, the state of the wiring and how energy efficient it is, how noisy it is and the amenities available in the neighbourhood… in short, be thorough when you first visit a place!

Give the property one last look over, just to be sure, before making your offer.

Mortgage loan: Getting a mortgage, either from a Portuguese bank or one at home, using the property itself as a guarantee against defaulting, is a more common option than a one-off payment. Depending on your age and certain other characteristics, payment terms can be up to 40 years, with banks usually loaning 80% of the house’s sale price and the remaining 20% being paid from the buyer’s pocket.

 

Sign the deposit agreement (contrato de promessa de compra e venda). This is the first contract to sign and it acts a sort of preliminary safeguard for the buyer’s and seller’s rights. It means paying a 10% deposit on the house, and with this you take on all the rights and responsibilities of a buyer. If you as the buyer later decide not to go through with the transaction, you will lose this down payment. If the seller is the one who cancels the sale, though, they will have to return the deposit to you.

Sign the title deed. The signing of the deed must be done in front of a notary with both the buyer and seller present. Ensure that the deed contains a description of the property along with any outstanding mortgages or charges on the house, the sale price and the payment method, and all taxes and expenses related to the sale. You should also take this opportunity to check that all the documents are present and correct, like the Energy Performance Certificate, insurance if applicable, and invoices for the latest tax and community cost payments.

Pay the transaction costs and taxes. The main expenses when buying a home in Portugal are the IMT Property Transfer tax, VAT and Stamp Duty, not to mention the notary costs, the payment to register the transaction with the Property Register, anything owed to the estate agent if you have used one and any costs related to the mortgage.

Change the name on the energy, water and gas bills. Inform the energy companies and any other services providers that you are the new owner and will be paying the bills from now on.

Keep all the documents. Put them somewhere safe and don’t lose any of it! You’ll need them again one day when you come to sell or rent the house.

Get the keys and start moving in to your brand new home!