Thinking of buying property in either Spain or Portugal? If you do not trust US realtors or English estate agents, you really should be very careful about Spanish Inmobiliaria and Portuguese Imobiliário agencies!In general you will find more horror stories and pay more taxes for Spanish real estate, just do a search for Spanish Real Estate Warnings on Google. For an excellent side-by side comparison between Portugal and Spain regarding real estate taxes, visit Spain Vs Portugal Property Taxes.
Be warned, they have an expression in Portugal: "Everyone has trouble with their neighbours", though this is probably true in any country, it is prudent to do your research first. In Spain the saying is "Everyone has trouble with their developers"! Buying off-plan is an extremely risky business. It is far better to buy an existing property which has its neighbourhood sorted out already. Horror stories of huge lumps of concrete appearing outside people's windows is common. Be aware of the thousands of horror stories in Spain where people have bought and paid only to see the developer go bust before their home is built, or where developments right outside people's homes stop and remain ugly, unfinished concrete eyesores.
A good alternative to jumping in the deep end is to rent a property in the general area first and get to know local reactions to foreigners first hand. If you are planning to work, especially conduct your own business, it is vital you enquire before buying property with the relevant authorities to make sure there are no nasty surprises down the line. Get everything in writing.
Check for the essentials, how good they are; food supply, water supply, electricity supply, sewerage, telephone access, health care, schools (quality and availability), fire risk, risks from global warming, corruption risk, road access, etc. Do not take these things for granted.
Make sure any property and land you buy has been fully approved and licensed. If the land title for the house is not Urbano, do not buy it, it is too great a risk; houses bought on agricultural title land with the correct building permits have been torn down afterwards, leaving the new owners homeless and penniless, because the building permit was obtained unlawfully.
Check you are not buying in a former river bed. Check to see what the local flood levels are. Check to see what the crime rates are. Check to see if there is any possible charge / lien on the property or land. Check and make sure of your access rights. Both Spain and Portugal have a nasty habit of catching out unwary foreigners.
Be warned, they have an expression in Portugal: "Everyone has trouble with their neighbours", though this is probably true in any country, it is prudent to do your research first. In Spain the saying is "Everyone has trouble with their developers"! Buying off-plan is an extremely risky business. It is far better to buy an existing property which has its neighbourhood sorted out already. Horror stories of huge lumps of concrete appearing outside people's windows is common. Be aware of the thousands of horror stories in Spain where people have bought and paid only to see the developer go bust before their home is built, or where developments right outside people's homes stop and remain ugly, unfinished concrete eyesores.
A good alternative to jumping in the deep end is to rent a property in the general area first and get to know local reactions to foreigners first hand. If you are planning to work, especially conduct your own business, it is vital you enquire before buying property with the relevant authorities to make sure there are no nasty surprises down the line. Get everything in writing.
Check for the essentials, how good they are; food supply, water supply, electricity supply, sewerage, telephone access, health care, schools (quality and availability), fire risk, risks from global warming, corruption risk, road access, etc. Do not take these things for granted.
Make sure any property and land you buy has been fully approved and licensed. If the land title for the house is not Urbano, do not buy it, it is too great a risk; houses bought on agricultural title land with the correct building permits have been torn down afterwards, leaving the new owners homeless and penniless, because the building permit was obtained unlawfully.
Check you are not buying in a former river bed. Check to see what the local flood levels are. Check to see what the crime rates are. Check to see if there is any possible charge / lien on the property or land. Check and make sure of your access rights. Both Spain and Portugal have a nasty habit of catching out unwary foreigners.
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