We have included some helpful things to consider before thinking of buying a property here in the Algarve so please read this.
PRICED TO SELL:
Most of the properties featured on our website are priced to sell, this means that the owners have already reduced the selling cost to almost their lowest acceptable figure, this is so that the properties appear in the search results, because most website search facilities, search by price range, and if a vendor has a property priced at 325,000 but would realistically accept 295,000, a person searching for a property from 200k-300k will not see the property in the results despite being a property that the buyer could afford, so we have asked our vendors to price their properties to a more realistic value, so please bear this in mind.
We are aware that most, if not all buyers like to get a deal, but the old days of dropping prices drastically, are failing to achieve a sale. Please be aware of this when sending us your property brief, asking to see properties that are priced considerably over your maximum budget is really not advised. Keep a rough figure of about 5-10% over your maximum budget as being the upper limit of your price range when searching for properties.
Another thing to consider is, if you are not in a position to purchase a property on your visit to the Algarve you should really consider postponing your trip until you are able to go through with the whole process.
HAVE YOUR FINANCES IN PLACE:
Many clients have come over and found their ideal property only to realise that then when they are finally in a position to buy the property it has either been sold, or has even gone up in price. The confidence in the Algarve has increased, and we are now beginning to see a slight increase in property prices, especially as the GBP-EUR exchange rates have improved.
We strongly recommend that buyers have all their finances in place so that you are effectively a cash buyer, this will increase your buying position considerable and might even allow for a slightly better purchase offer being accepted as you are able to complete quickly without delay.
We have heard from our clients many times that they think that the buying costs are about 10% of the purchase price, this is wrong. For most cases its more like 4-6%, but to help with this, each property featured on our website has now got a breakdown of all the buying costs at the bottom of each property page. There is also a Buying Cost Calculator which can be found in the top menu “Buying Tools” this allows you to add your figure and see what the buying costs work out too, as well as a Euro to Sterling conversion on the total cost for those of you that would like to see it in Sterling.