Apartment, duplex, townhouse, mansion, semi-detached house, villa, studio, chalet, loft, farm! In Portimão? Albufeira, Faro, Lagos, Loulé, Olhão, Tavira or Vila do Bispo? There are so many options that you might have a hard time finding the right house in Algarve. But if you follow this simple step-by-step guide, you will reach the home of your dreams and join thousands of Portuguese and foreigners who have already discovered that the south of Portugal is the best region in the world to live in!
Villa or apartment? It is always a good investment, but the right house in Algarve depends on several variables, and price does not always come first! It is necessary to evaluate the family's priorities, the location, and the accessibility of the property, among other tips that we will provide right now!
1. Set your priorities
First and foremost, to get to the right house in Algarve for you and your family, you need to set priorities and, in that sense, answer some questions, namely: how many bedrooms and bathrooms? Would you like to have suites for bedrooms? What is the ideal size of the living room? Do you need a fireplace? Do you want a modern, fully equipped kitchen? Office space and a basement to install a game room are mandatory? You can't do without a two-car garage, a garden, or a swimming pool? In short, you should thoroughly evaluate your needs, wishes, and preferences before you start searching for houses in Algarve. Afterward, and depending on your financial availability, reduce the list to the fundamental topics or keep it as it is. The important thing is to have a plan with goals that speed up the purchase.
2. Choose the property type
Once you have defined your needs, it is natural that you already have in mind the type of property in Algarve that you want to buy. But if you don't, you should answer these two questions before you go any further:
Regardless of the type and number of rooms, it is necessary to investigate the quality and reputation of the builder if you prefer a new house. Or find out about the state of conservation of the property, if you prefer a used one. And in this case, calculate the price of the property plus the cost of renovation work to see if it is worth it compared to buying a brand new property.
A classic like "dog or cat," isn't it? But you have to make up your mind! Although there are apartments as spacious as villas, there are also villas as small as some apartments. So you should evaluate the advantages and disadvantages of each option. For instances:
A villa in Algarve offers more privacy within the boundaries of your plot, includes a garden and often a pool, has no condominium rules, but implies that you have to bear the expenses for all kinds of maintenance of the property.
An apartment in Algarve offers greater security, especially if it is part of a private development. You only have to worry about the interior and pay a condominium fee, and you still have the chance to bond with your neighbors and enjoy the shared pool and garden (at least in some apartments for sale in Algarve).
3. Find the best location
Considering that Algarve is beautiful from one end to the other, choosing a location is not easy. However, since the area of the property will help in the selection, the tip is to choose an area with good accessibility, security, services, and facilities. So, it's not only important to define the criteria "house 200 meters from the beach" or "house 10 minutes drive from Portimão", but also to research about:
IMI (Municipal Property Tax) and water cost, which vary from municipality to municipality.
Increase in value of the properties in that area.
Level of security.
Accessibility, services, and facilities that you can benefit from: health, education, shopping, public transportation network, roads, etc.
4. Control distances
During your internet searches and visits to find the right house in Algarve, it is necessary to keep track of distances to understand how long it will take you to get to work or take your child to school. Or to go to the nearest supermarket, meet up with friends at the golf course, take a dip in the sea or attend an appointment at the health center.
5. Log all visits
Villa with pool in Alvor visited on October 13, 2021? That's not it! Besides taking notes of the day you visited the property, you should record everything because, at some point, you won't know if the kitchen with the island was in the villa with pool in Alvor or the apartment in Ferragudo! So take your time to make notes (and take pictures) and then mark the met and unmet requirements to make the decision easier — yes, because you are getting closer and closer to finding the right house in Algarve!
6. Think in the long-term
How many years can you live in that house in Algarve? This question is relevant when buying a property so that you do not risk investing in an apartment or villa, which you will soon have to sell. Either because the family has grown or because you have been left in charge of your parents or in-laws, for example, always think ahead and make smart investments.
7. Check the property documents
Avoid setbacks and future problems by requesting the property documents from the seller or owner, to make sure of all the data at the Finance Department, Registry, and Land Registry.
8. Do the math
Check if your financial availability supports the investment, and remember that the right house in Algarve is always the one that will not put your livelihood at risk.
9. Take it easy
Buying the right house in Algarve is not the same thing as buying the right shirt to wear to your best friend's wedding! You have to remember that the real estate market in Algarve, although booming, is still recovering due to the pandemic. What looks like a good deal can turn into a nightmare, and what looks like a bad deal can be the opportunity of a lifetime! So, our last advice is this: analyze all options with time and tranquility and, if possible, with the help of experts on the Algarve property market, which brings us to our next and last question!
Want to find the right house in Algarve faster? Then look for a reliable partner like Engel & Völkers Portimão!