Building or Renovating
Portugal has many beautiful properties ranging from small apartments to large villas worth investing in. In addition these numerous properties, Investors will also be able to choose whether he or she would like a newly built home, an older home that needs renovations, or to buy a plot of land and build a home themselves. Though the demands for newly constructed houses are relatively higher, renovating or building from scratch have both recently become common.
It’s is quite advantageous to build your house from your own plot of land as you will be able to personalize the design to perfectly match your style, having the opportunity to select all the finishes and accessories, and being able to inspect and supervise the work being performed every step of the way. Also the buyer will live in a more rural, authentically Portuguese environment, as the newly built homes are generally in densely populated tourist locations. Setting up a custom built home is a luxury that many can only dream of, and it can only be achieved by purchasing your property in Portugal.
With the advantages always come a few downsides. Setting up a custom built home in Portugal has a number of disadvantages too some of which are the challenge of adhering to any sort of time schedule. The reasons for this are many and include bureaucratic delays as well as the accepted regional methods of working on and completing a construction project. When embarking on a building project, the homeowner must first obtain approval for their home from the Camara Municipal, more commonly referred to as the Council. Once the authorities have discussed the project and decide to grant a license, which can itself take several months, the builders you have chosen to work on the project, must each present their licenses and proof of insurance; The council will send a representative later on when the project is complete to ensure that what actually has been set is what was initially proposed by the investor.
Adding to these municipal delays, the expectations for construction workers and building professionals are different in Portugal than a person from another country might be familiar with. Trying to determine when exactly they will begin and end work each day is nearly impossible, as is establishing a certain amount of time allocated to lunch in the afternoon. And although the work will be thorough and the men will be honest, there will be some days when they don’t even come to the job site at all. Unfortunately, this is the norm in that particular industry, so the property owner who attempts to be a little aggressive about his or her expectations regarding the timing and amount of work performed will seem unreasonable and may then have a difficult time securing any capable construction professionals to finish the job.
Those who don’t feel comfortable building scratch and don’t like living in someone’s property for months, or sometimes even years, they may choose instead to purchase an older, historic home and renovate it according to their needs. Still, the council will need to approve any major changes or upgrades to a structure however in the case of a remodel, many of the concerns that the council is faced with when approving a new build are obsolete. Therefore, a remodel can generally commence in a much speedier fashion than a full build from the ground up. Older properties also will have more of an authentic Portuguese character than those newly built by a professional development company, and this appeal has definite worked on certain segment of the buyers.
It is quite important however to evaluate the building before embarking on renovation plans to ensure the costs to improve the property doesn’t exceed the property itself. Items to inspect include the roof, the window frames, the electric and plumbing systems, heating elements flooring, home insulation, and drainage around the house. Any one of these items might be reparable, but if none of them is in usable condition, the renovation will probably cost considerably more to complete than first anticipated. In addition, doing a remodel versus a custom build usually means that the homeowner is residing in the house during the renovation process.
Regardless of whether an investor chooses to build or renovate, He should be prepared to hire a builder, architect, bricklayer, plumber, electrician, foreman, engineer, painter, carpenter, and several laborers there are a certain number of professionals and craftsmen who will help in completing the job to its full potential.
With Portugal’s present robust economy, beautiful scenery, and relatively affordable real estate, owning a home in Portugal is an excellent investment for any buyer. Also they can flawlessly build a brand new home on their own plot of land or customize the existing property to fit their taste.