Despite the upheaves of 2020, buying a house is a high-importance decision and it can have a huge return (personal and/or financial). "New year, new life"... Or better: new year, new house? Learn with Portal the best tips to buy a house in Portugal, for the year 2021.
Although 2020 was really rough year, not everything has to be bad. For example, some of the consequences that 2020 has brought is that it made us all a little more cautious, responsible and thoughtful. All qualities necessary when buying a new property.
In this article, you will learn some of the tips that Portal has to offer, before buying a house in the Portuguese market. But you must always take into account, when making your decision, that the world around us can quickly change and we must always be aware not only of the current economic and social circumstances, but also of the predictions in relation to them.
If your decision is already made, if you've already reviewed your future and your decision, which is so important, shall we begin?
The first thing you need to think about is funding. To buy your dream home, you should keep in mind that you should first do some simulations with different banks, as well as evaluate, buy and negotiate with them.
If credit is something you needn’t worry about, you shouldn't neglect to do the simulation anyways and try to figure out if it's more valuable for you to negotiate with your bank or transfer your possessions to another one, that goes more along with what you're looking for. Because the housing credit market is constantly changing, main reason being the competition between banks, it is possible that you can find better financing conditions at a bank other than your own.
The golden rule for you to save important annual amounts is your negotiation skills, after the correct reading of the values offered by the different banks. Little side note: 35% is the limit that an installment must represent under your monthly income value.
It should be noted that you can also negotiate other types of financial products that are usually associated with house loan, life insurance or multi-risk insurance. One of the advantages of life insurance is that it can be obtained in Portugal for a period of only one year and it is easily renewable or terminated. But keep in mind that the older you are, the higher the price of the insurance in question, so we advise you once again to do the proper simulations (with and without life insurance).
Concluding, we just want to highlight some of the expenses you will have after the house deed, related to housing credit, which are: various taxes and fees, especially IMI (Municipal Property Tax); the condominium, if you are included in one; insurance premiums. These are some examples of common taxes and expenses in Portugal that you need to keep in mind.
We hope these tips are useful, because in Portal we give priority to people. Discover all our new and used properties available, ready to buy.