Relocating and buying a home in the Algarve
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- Опубликовано: 27 июл 2024
- Hi, I'm Nick and I've lived in the Algarve, Portugal for over 20 years. Many people have asked me about the real estate industry here in the Algarve and as I'm not a professional I roped in my friend, Chris to help us out. He's been in the industry here for 12 years and runs a great company.
If you'd like to get in touch with him, drop your email over here:
www.algarveaddicts.com/chris
Thanks for following along, I'm loving making these videos and have tons more to make. Please look out for them every week and share them with people you think may find them useful. Thanks!
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➣If you really need a hand and would like to chat to me, I do 45 minute sessions, charged at US$100. Book a slot here:
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Some of these links may give me a small payment if you purchase (at no extra cost to you), so if they help you, they help me. Thanks for your support!
Thank you & Chris for this video - very informative.
Thank you disuye
Thanks, property market videos are very interesting! Keep 'm coming!
Thank you and if there’s anything you would like to ask let me know thanks Chris
This is an Amazing Video with lots of great content , well done Nick impressive 👏
Thanks, Angelo?
Love the rawness of your area
Thanks. Raw is a good word.
Thanks for your videos. They are so informative. I just watched the one on Cascais. I’m hoping my family and I will visit Portugal soon. I have the thought of moving there, but I don’t know how realistic that is without visiting a few times. We also have three young kids and family here in the US, etc., but we both work digitally, so in that sense there’s no issue. My heart is drawn to Portugal for some reason. It just seems so lovely.
You're welcome, thanks for watching 👍🏼
Great content, thanks for sharing.
Cheers from Australia 🇦🇺
You're welcome Mark, thanks for watching 👍🏼
Thanks Nick huge help.
Fantastic Ben, I'm glad it did. Hopefully I can make more of these.
Really informative please keep Chris onboard, interested if his company cover other areas in Portugal.
I certainly will Christine, I love working with them. The whole team are fantastic and I'm going for a socially distanced beer with them soon and I'll check. I know he does Spain too.
Great video, I´m now an "Addicted" Thanks to you Nick! ;-)
Thanks Mikael👍🏼
Nick on the nature catwalk...great video again
Thanks Gus
Very informative video. Thanks to both of you.
Cheers Logan! 👍🏼
Thank you ☺️
Thanks for a great video on a very important topic. Chris' microphone wasn't up to par since it was hard to understand - sometimes had to play a segment 2x or 3x and I'm from USA (so I'm fluent in English and have no problem understand British, Aussie, etc.). Suggest follow-up videos on this topic since it does change over time. Thx.
This was an experiment, as it's a departure from my normal "town" video but definitely something I'd like to get better at. Duly noted on the sound quality, I'll make sure that doesn't happen again. Thanks Cornel! 👍🏼
Hi Cornel, I’m sorry about this if we do another video I will make sure we improve this and in the mean time if you need anything this is the form
Yes, I couldn't unterstand Chris unfortunately. I can understand you very weil, would be so nice if you could make a sort of summary after such Interviews
Thanks Nick!
You're welcome Tom👍🏼
Thanks for the useful information!!
You're welcome Christian👍🏼
Thank you
Thanks for the video. I have seen this gentleman on other videos. His company is pretty active on RUclips and they have lots of info for foreign buyers. Thank you and keep up the good work.
Can you share his Company? I would like to check out their RUclips channel. Thak you!
Hi Caroline, it's called Ideal Homes. He's answered a few comments here through his RUclips channel.
Thank you martin and we also offer a buying guide you can sign up here and we can send it over
@@AlgarveAddicts Thank you so much !
Not surprised to hear Lagos is so popular with shoppers, it is a great town.
Thank you so much for this video, super helpful! Looking forward to your video on Carvoeiro.
Me too, I love that place. My first home in the Algarve. Thanks Janys. 🙂
@@AlgarveAddicts You're up early 😉
Thank you and I love Lagos 😀
Always! 😁
‘Keep a look out for a bargain’ 👏👏👏. Definitely. Prices are so high now you gotta do your homework on locations, different property types etc.
Generally in the US the buyers agent lists the home on the (MLS) Multiple listing service. The public can only see very limited information. Every buyers agent scans the MLS with the criteria of their client to find suitable properties. The average commission is 6% of the sale price. This is shared between agents. Usually 3.5% Selling agent and 2.5% buyers agent. Much of the legal paperwork is done by the agents unlike In Portugal where after an offer has been accepted you will need a lawyer. A good lawyer (which i have a great one) can help you with everything at a reasonable price. With power of attorney everything was done form the US.
Very informative. I’d love to hear an update since this video is a year old and we know things have changed dramatically.
Working on it 😁
This is a terrific video with lots of information. I would like to see a similar video about renting in the Algarve. Buying makes a lot of sense for younger people or people who wish to invest. But older people who wish to retire in the Algarve may be better served by renting. What are the prices for one bedroom or two bedroom apartments? Are there agents who specialize in helping people to find rentals? Thanks a lot Nick. These videos do help.
Good idea 👍🏼
Good point. With prices the way they are, that could make sense. Especially if you could get a deal for a medium to long term rental
I would be happy to do a rentals video thanks Chris
Rentals video would be interesting, especially when I hear that long-term rentals are hard to find. Perhaps that applies mainly to the larger cities, such as Lisbon and Porto. BTW, I don't think that the desire for rentals breaks down by young vs. old.
I have lived in the Algarve for a little over a year. Just bought a two bedroom apartment in Carvoeiro but have been renting a two bedroom townhouse in Ferragudo up until now. Was paying 800 euro a month for the townhome with a small garden near the beach. It seems it was easy for the owner to find a new tenant because a group came to see the townhouse a few days after we notified our landlord that we planned to leave. My experience is that it is indeed very difficult to find a long term rental, but we got lucky with our place in Ferragudo. Some people had some very surprising requests that we pay many months rent in advance or commit to renting before even visiting the place (even though we were in the area!). I believe the long term rental market may be better in cities that have more housing for locals; Ferragudo and Carvoeiro are both tourist towns with a lot of vacation rental homes. For instance, portimao seemed to have more options for long term rentals. Anyhow, just my personal experience. I don’t have a great sense of the big picture of the rental market across the Algarve.
Brilliant video
Obrigado Carlos👍🏼
Thanks for all the great info! We are having issues finding any info on schooling in Algarves and any info on that would be super helpful. Thank you 🙏
Hi Dave, I have 2 kids in different schools I would be happy to have a call with you and explain our experiences thanks Chris
@@IdealHomesPortugal Thats very kind of you and that would be great and certainly much appreciated!
Please let me know when this may be possible to chat. Time zone is a pacific for me.
@@IdealHomesPortugal Thank you for sharing, I am looking for school in Algarve for my daughter, may I have some advices from you? Both school and property. Thanks Park
Hi again, Nick. And welcome, Chris. Interesting topic, essential watching for potential buyers. When I lived there, Quarteira was going through a really bad patch and people couldn't even give their properties away. Prices certainly have changed. My question for you both is, due to Brexit (sorry to bring it up), how easy is it for a Brit to purchase a holiday home now? Thanks, guys.
Hi Glenn, thanks for commenting. I'll ask Chris to jump on tomorrow and answer your questions.
1st 🏆 😁 Thanks for sharing!
Hehehe, I love it! You should get a prize Martijn.
Thank you Martijn
Question: is it common for buyers to let a professional do a quality check of the property before purchasing? I've been looking at several properties and found quality varies widely. Some properties already have cracks even before they are sold to the first buyer but have problems finding a good surveyor. 🤔
Nick, another cool video. Seems to be centered around property that will be for vacation rentals. I agree with ogator, it would be cool to see something around rentals. Or even purchasing a home for retirement to live in and not a rental. Maybe some of the things to look for in a property and some of the things to look out for in a property. For example: When looking at land be sure you can get a permit to build a home, etc.....Just an idea, stay safe........
Thank you and I would like to make another video and I would like to do this on location in places like Silves (where you can pick up older properties for around the 80,000 euros with land) most require refurbishment but it’s also a great retirement location.
Also check out a place called alte in the algarve it’s amazing
Yes Alte is cool, I have already recorded some footage of it and neighbouring villages so I just need time to edit it.
Here's a separate thought on approaching these real estate videos. Would you consider separating out investment purchases from home purchases? They are different things.
Absolutely, good point. Thanks Forge 👍🏼
That’s a great idea 💡 we could do a video on homes purchase, what to look for etc and then an investment purchase , how to look for the perfect investment etc and if you would like to talk please let me know
Great video SA living in NZ looking to move to Portugal 🇵🇹
Thanks for watching 👍🏼
Great content!
Thanks Edward 👍🏼
Thank you Edward if you need anything let me know
In the US there is MLS. Multi Listing Services for Realestate.
Is that like an online platform?
I’m sorry but no we don’t have this, the best sites to look at would be ideal lister, a place in the sun and we have 800 listings
The overview of the Algarve real estate market is very helpful. I'm curious about some aspects of home buying, without going into details. For example, when one buys an apartment (or condo) in the Algarve or Portugal, are there monthly maintenance fees in addition to the mortgage? The real estate listings in, say idealists.pt, don't list extra fees. If no extra fees, who pays for maintenance of the common areas and utilities?
Yes there are monthly condominium fees. It naturally all depends on the block you're in and who is managing it. Generally there is an owners group and they meet and decide on how well the condominium management company are doing. We used to have those meetings when I lived in an apartment block in Loulé. Most boring meetings ever. 😳
Hi forge, the fees can range from 20 euros a month for a 2 bed apartment in Cabannas (the eastern algarve) this would be a property without a swimming pool and no elevator, to 600 euros a year for an apartment on a golf course in vilamoura with 3 swimming pools and security, the average would be the property’s we look after in Lagos the fees there are 80 euros a month for a 2 bedroom apartment with a swimming pool and a sea view.
Great contents 👍🙏❤💯
Thank you Sam
Thank you 🙏
Great idea to hear chris thanks
Can you tell about golden visa
Thanks Hanan, and yes we can help with the golden visa and the first point to make is that most of the algarve has been classified as a low density area so for an older property you can arrange the visa for 280,000 and a newer property it’s 400,000 euros if you want like to have a call or an Email today I’m free after lunch
Thanks. I mean I wanted to know in general about golden visa which I have heard in the last video you posted
I thought I heard it has a deadline?
Yes they are going to make changes to it in July this year and my opinion is that they will increase the amounts to over 600,000 but this is just my opinion they could keep it the same or they could scrap it, so if your interested in it I would get the the information you can and then you can make an informed decision
Perhaps an acknowledgement to the fact that "there is no US-style MLS for comprehensive RE shopping" would
help a lot of viewers understand why multiple RE agents would list the same property. You have mentioned the
great mortgage financing currently available....what is a typical timeline from start to finish for loan approval and
funding? Are there "points" and other large fees too? Also, is there an age limit for being eligible for a bank mortgage?
Would the bank require a life insurance policy on the borrower? Thanks for all your insights and help!!
Hi Mollie, I suggest you follow the link www.algarveaddicts.com/chris and get in touch with Chris' team for answers to all your questions. They're above my pay grade 😂
Hi mollie, your right there’s no multi listing system in portugal (it would be great if there was) and with mortgages here some banks will limit the time scales to 75 and some banks 80 years old and the same for life insurance, if you would like me to introduce you to my mortgage broker her name is cristina
Hi nice informational videos. I am interested in understanding which Algarve town offers the most cultural, creative and artistic living experience? Is there a mini cultural Lisbon in the sunny Algarve where one can indulge in the music, the arts and the authentic nature of Portugal ? Cheers
Hi Kevin, I would take a look at faro, Silves and Lagos there my favorite thanks Chris
Cheers Chris. I’ll investigate online and feedback although your on the ground experience and critique of what I find would be invaluable 🙂
Yes definitely Faro, check out www.teatrodasfiguras.pt/pt/Default.aspx for a taste, but there is tons of local culture all over. Loulé has a wonderful Cineteatro as well.
Hello Nick, amazing videos! I was wondering if you have any experience helping Americans moving to Portugal, specifically with connecting us with attorneys fo the visas. I also heard in another video from an American expat that she recommends hiring a real estate lawyer when buying in Portugal. Is this something that you would also recommend? If so, do you know any?
Again, great videos and keep the hard work.
Hi there, I sure do. The best thing is to sign up for my welcome series of emails from www.algarveaddicts.com You'll get a ton of info.
Nick
My son who lives in Europe is suggesting that we find a town in the Algarve where we can walk everywhere and walk to the beach. Lagos looks like it’s all cliffs. Does it have a beach that you can walk out on? We are pretty old for climbing down cliffs. Also he suggested not Moulaye where we would have to drive a car to the beach. But it looks like you live in a country area and probably drive to the beach. Is that true? With the cost of petrol does it make it difficult to get to the beaches by car? Which town do you think fits the bill? Especially now that he’s having me rule out Lule. We are planning a trip and trying to zero in on which towns to look at real estate in
Hi Janis, it's best to get on a paid video call with me www.algarveaddicts.com/chat
In the US you have MLS. Any agent can show and sell the house.
Yes, Portugal operates a little differently.
Hi guys , thank you for the great video, it is very helpful. I am interested in relocating to the Algarve region in Portugal and am looking for a land/ruins that are close to local amenities and surf beaches but also away from noisy crowds. Would you recommend a particular area and perhaps a specific plot of land for sale? I l live in rainy Wales and would appreciate your reply. Many Thanks!
Hi Peter, I made a video about ruins, have a look in my channel for it 👍🏼 Good ruins are tough to find.
We are a married couple - a builder and a landscape designer. Would love info on vacant land and what it might be like to build your own small home and garden? Love all your videos. Thank you for doing them :)
You're welcome, thanks for watching 👍🏼 Generally you can't build on any free land unless there is a ruin on it or its classified as urban. Normally you'll have to build on the layout of the ruin. There are exceptions but that's normally the rule. Beware of land that doesn't have a ruin, i.e. double check the papers.
Hi
Hi yes we can help you I know plots for sale from about 30,000 euros if you can reach out we can send you details
Thanks for the info. How much Portuguese does an English speaker need to know to get by in Algarve?
How do you quantify that... It's polite to know the basics. 👍🏼
I really want to find out about 2 bedroom condos to buy in the algarve
Hi Kathleen, drop me an email and I can definitely point you in the right direction nick@algarveaddicts.com
A great video. Thanks.
May I say , I was shocked to hear of the “demand” in Lagos.
I have friends who live in Luz. They are moving to the central Algarve.
Why ? Lagos and the “West” can be bloody cold in the winter. Also, the drive to the airport isnt 45 minutes as your guest Chris suggested. It’s a minimum of 1 hour. Most of us still travel extensively and add in the journeys to the airport to collect guests ... it’s hassle ! Central Algarve is arguably a safer bet for your investment.
Hi max im pleased you enjoyed the video and let me know if you need anything I live in the central algarve, in the countryside quite close to faro
two things to bear in mind , 1 when you come to sell including tax the agents will charge 5%, 2 if you buy a home in an offshore company which is not uncommon you inherit all of the previous owners capital gains tax liability
Great points Mark, thanks for sharing. I'm not sure if you were here but I remember a few years ago, there was a massive shift in people buying houses with offshore companies due to a government crackdown. Do you know anything about that?
@@AlgarveAddicts yes a little . The primary reason houses are sold in offshore companies is to avoid cesar tax which is if I recall 6% of the purchase price and to avoid capital gains tax . I think there may also have been an inheritance tax benefit but now there is no inheritance tax for immediate family members in Portugal. Anyway the government wanted to stop this and introduced a law that required offshore properties to pay 10% per year but this was quickly scrapped because many elderly people that had owned properties in the Algarve for a long time had unaffordable tax bills., instead many offshore jurisdictions were and still are blacklisted preventing further such arrangements in future.
The point is that if a house in an offshore company was purchased for 1,000,000 euros but the seller had originally paid 200,000 euros for it then the new buyer is liable for CGT on 800,000. Now whist the buyer would not have to meet that liability now, if the law changed it could become so, or if the property was bought onshore.
That’s a great point the commission is 5 percent and for exclusive listings it’s 3 or 4 percent and is the sales price is higher the commission is normally lower, most off shore properties are above a million but I have seen properties below this but I would add that the buying costs are between 6 and they can reach 8 percent, thanks chris
Is the 185days stay rule mandatory also after purchasing the flat to get tax residency in Portugal? Or this is valid only when I’m renting the flat. Thx
If you have the NHR you need to be seen to spend 183 days per year in Portugal (but it's difficult to prove exactly).
This is great! What is Chris' estate agency called? Not sure of if that was mentioned in the video and I might have missed it...
It's called Ideal Homes.👍🏼 Tell them you loved the video :)
Hi let me know if you need anything 😀
I started looking for a property in the Algarve and had a realisation about using a buyers agent... I would like to hear Chris's thought on this. The real estate agents commission is paid by the seller and goes to the sellers agent, or must be split between the buyers and sellers agents. Splitting the commission will not be popular with the sellers agent, meaning that he will first show a property to interested people not using a buying agent. So, by using a buying agent you are putting yourself in 2nd place ... ?
I'm not an expert but it's pretty common for them to share the commission.
@@AlgarveAddicts exactly, and this why I would say a buyer without estate agent has an advantage. The sellers estate agent does not need to share the commission, and therefore preferes buyers without an estate agent, giving them first dibs
I’m just wondering if it’s possible to get a mortgage in Portugal or do you need to be a cash buyer? The bank in our own country (Ireland) wouldn’t give one as if you were to default for example they couldn’t take over a property in a foreign country...interested to know about finance from Chris we have a sizeable deposit but would need to finance the remainder
Hi Dara, yes you can get a mortgage it’s an easy process here are some examples
Purchase price : 300 000€
Finance: 240 000€
Deposit:60 000€
Term:40 years
Interest rate : 1.1%
Monthly payment: 618.27€
Purchase price : 400 000€
Finance: 320 000€
Deposit: 80 000€
Term: 40 years
Interest rate : 1.1%
Monthly payment: 824,35€
Purchase price : 500 000€
Finance: 400 000€
Deposit: 100 000€
Term: 40 years
Interest rate : 1.1%
Monthly payment: 1030,44€
The rates are very good at the moment and you can get a fixed rate for up to 15 years
If you need any help we can send you a over a mortgage pack that lets you know all the information
Great Information thank you. Just one question where I live on a well kept condominium 4 houses for sale with hardly any interest and have been on the market for at least 3 years why? Is this the. Norm in The Algarve?
Hi Karen, thank you for watching, could I ask where the condominium is ? And then I can do some research and come back to you, if you would like to send this over this is the form
@@IdealHomesPortugal Hi the Condiminium is in Paderne.
Would it be ok to get the name of the development please
Is it better to employ a lawyer for applying for visa.ie obtaining rental property.obtaining a NIF,and opening a bank account.
It's not necessary for getting a NIF (Just got to www.bordr.io and put in the coupon "nick" also for a bank account). If you want someone to help you with a visa go to www.algarveaddicts.com/d7
@@AlgarveAddicts thank you so much,it all seems a little complicated, but this is a great start,oh one more thing is there a good amount to open a bank account? thank you again it's great to have access to your knowledge.
Thank you Nick. You are great so does your style ..easy and straight forward. Your guest though is no value added.
what is the commission for realtors?
Hi Brendan, generally it's 5% here in Portugal.
Where is Chris' property website please?
You can get in touch with Chris, Sandy and the team at www.algarveaddicts.com/sandy Thanks!
Really enjoyed your videos, but unfortunately the audio of the realtor was impossible to understand. Too bad. You, on the other hand, completely easy to understand.
Thanks Essie, we'll definitely consider it next time and ensure that won't happen again. It's not his fault, I take the blame on the audio levels 😯
I’m sorry Essie, I have a new 🎤
Why is it so difficult to find some properties on RUclips like in Usa or in Brazil? It would help a lot who is looking for some place to buy in Portugal. All the sites that I know are not informative and it is really difficult to see what you want to buy and not waist time of the real state agent and my time.
Maybe different country, different culture?
I do not believe is only this, maybe the market is selling a lot and they do not need to invest in tecnology. But it is complicated for someone whonis looking for a property.
We put properties on you tube and we offer virtual tours if that helps thanks chris
Nice video bro
Cheers RV👍🏼
@@AlgarveAddicts This is my optional mail id bro...I think you understand who am I ?
Thanks Ric 😀
Nope, sorry... I need more hints 😳
@@AlgarveAddicts you were hire me for your this video promotion. Thank you
You're obviously loving living in the Algarve but there are negatives for ex-pats. Nick, be honest, first and foremost. Ask your viewers for their honest opinions and devote a few videos to them e.g. do all banks charge fees irrespective of types of accounts? ; what are ALL the additional fees involved in buying property?: where do travellers go to get bus timetables?; when viewing properties on the Net why do auctioneers not devote more information and time indicating the exact location of the particular property, ideally a spot on a map of Portugal?
There are negatives and positives wherever you live. I can help you with your questions if you need answers: www.algarveaddicts.com/chat
Realtor voice coming thru echo chambers, unclear
I’m sorry I bought a 🎤 today 😀
You want everyone to move to Portugal 😂
Haha, no not really, I just want to help those that are thinking about it. 👍🏼
Haha your right but only because I have lived in 7 different countries and portugal is my favorite 🤩
This guy is knowledgeable, but hard to listen. He is chewing words.
I could have edited the audio better. Schoolboy error, sorry guys.
I’m sorry I have a new 🎤 😀
watching this real estate guy talk is like watching paint literally dry. Sheesh I can't.
hard to hear this bloke
Gotcha Fuzzy 👍🏼 Apologies