Is 2022 your year to finally buy a property in the stunning Algarve?

Do you dream of lying on your favourite beach, playing your favourite round of golf, or enjoying chicken Piri Piri in your favourite restaurant this summer as a brand new property owner in the Algarve? Now that COVID restrictions are lifting your dreams are finally that bit easier to realise. The days are getting warmer and long summer evenings are only a couple of months away so this is the perfect time to get everything in place to find, buy and enjoy your own slice of paradise in the Algarve in time for summer 2022.

However, before you hop on that plane there are a few important things you need to think about and put into place to give you, and us, the best possible start to find that perfect property.

Show me the money!

We don’t mean this literally! But it is important to know what budget you are working with, realistically what can you afford to spend on a property in 2022? We do speak to clients who haven’t finalised their budget or say they don’t really have one or ask us to send them all the 4-bedroom villas we have as the budget doesn’t really matter. Realistically, we can find the best 4-bedroom villa in the Algarve but if it costs 10 times more than what you can afford then we aren’t helping you find that perfect property. And remember we are in euros over here, make sure you know how much your funds are worth in both your home currency as well as in euros to really know your true buying power.

How are you planning on paying?

100% cash or are you planning on financing all or part of your purchase using a mortgage? We see a good mixture of both kinds of buyers. If you are in a position to buy the property with cash then things should run super smooth and, don’t tell the others, but you are a dream to work with! Don’t worry, mortgage clients are also fantastic, as long as you start looking into viable options sooner rather than later. If you are planning to buy with a mortgage start talking to a mortgage broker or bank here in Portugal as soon as you can so that you can find out what options are available to you so that you can start the ball rolling.

By doing so you become as attractive as a cash buyer and puts you in just as credible a position as a buyer in the eyes of vendors. It also means you can move quickly when you find the right property and don’t run the risk of missing out on your dream home.

Window shopping

Who doesn’t love a bit of window shopping? This is probably THE most fun part of the process – apart from meeting us of course 😉. Once you know the area where you’d like to buy, and you have a ballpark figure for your budget the fun begins. As you are reading this you have taken the step from just thinking about buying to browsing online and seeing what properties and agencies are out there. We guess you have put together a pretty good picture of the kind of properties that are within budget and have earmarked a number as favourites on different sites. The next step is to pick up the phone or drop us an email to start talking about these options in more detail and pick our brains about what it is really like living, working and owning property in Portugal – this is where we really start to work for you. Our on-the-ground knowledge and experience make our guidance, at this stage, invaluable. Not only will we suggest other properties that match your wish-list, but we can also give you more information about those that you have chosen, we give you an insight into the area you have looked into and can offer some alternatives to think about, if you need information about schools, health care, restaurants, golf just ask. Choosing a property, be it overseas or at home, is a big investment and it needs to be right. You need to be able to work alongside your real estate agent throughout the process to ensure everything is done correctly and that you don’t get stressed out and reach for the vino as a stress reliever rather than as a celebration. Speak to a number of agents and see who the right fit for you is. Nobody can be right for everybody. We try our hardest to accommodate every client, but we know from past experience that we can’t help everyone. When we are unable to help somebody, we will tell them. We want the buying process to be an enjoyable and exciting one for our clients and if we are trying to fit a square peg into a round hole then, as hard as we try, things just won’t work.

Visas and residency

Having just gone through Faro airport to fly to the UK passport control as a British national was a little different. Instead of just handing over your passport and going through, the attendant checked to see if I had a visa stamped in my passport, not finding one he asked me if I was a resident. I had to produce my Portuguese residency to be able to go any further. And so, if you’re planning to move to the Algarve permanently, or certainly spending a large chunk of your time here then now is the time to start thinking about how you will obtain residency status in Portugal or investigate what visa options are available to you. In Portugal, there are two main ways to gain residency – the Golden Visa and the D7 visa. We go into more details about which one will be right for you on our website here. Also due to Brexit, the UK has lost its freedom of movement within the EU so as a non-resident Brit, or those without suitable visas you are limited to only spending 90 days within a rolling 180-day period within the Schengen Area, and yes, Portugal is in there. Be sure to consider this when planning your viewing trips and how this could affect how often you want to visit your new property.

Concentrate on currency

Gone are the days when you just used a high-street bank to deal with your currency conversion. Today there are a wealth of currency companies online and on the ground that will get you fantastic rates to convert your money into euros. We work with Lumon who always does a great job with our clients explaining the ins and outs of currency exchange and also advising when is the best time to move money. They keep their eyes on the market and the exchange rate fluctuations so that you don’t have to.

Come and see us!

Now is the time to stop worrying about Covid concerns and travel restrictions, make a viewing trip the next thing you pop into your 2022 calendar! Travel is now easier and flights are pretty cheap right now so we are gearing up for a busy year, make sure you get your appointment booked with us while there are still spots available!