It’s no big secret that Portugal has recently become a haven for buying Property for all the good reasons we’ve written about so far on this site.
However, there is no better way to buy property in Portugal than to have a professional working with you side by side.
Other professionals understand the power of leverage and this is the main reason why financial planners work closely with us when looking for investment properties that stack up for their clients. They also know that by using our services they automatically reduce the risk.
Just ask a Mortgage Broker how many pre-approvals for investor’s lapse and have to be re applied for because the investor has not bought a property. We see this all the time and is one noticeable area where property investors fail. They don’t buy because they don’t have the confidence to say ‘YES” and they don’t have the confidence because they don’t have the right research, they don’t have the right local knowledge, they don’t have the time, or more often than not they lack the confidence and experience to negotiate with real estate agents.
Let Portugal Real Estate Investments guide you through the entire process, as your investment property Buyers Agent, providing you with the most up-to-date local market knowledge, detailed ‘Property & Market Research Reports’ and the confidence to build a strong investment portfolio if that is your objective.
We will develop your detailed requirements, your goals, discuss varied strategic options, and arrive at a plan designed to maximize your investment dollars.
10 Most common mistakes property investors make
1. Don’t buy a property too close to where you live because you think the only way to manage it is if you can see and touch it. Buy where you will get the best yield and growth.
2. Don’t buy a property that you think you may live in one day. Your requirements for a home will not necessarily make a good investment.
3. Unless your friends and family buy property every day all year round, don’t listen to them. Seek independent professional advice first.
4. Don’t buy a property to FLIP, which is to sell in the short term for a large profit. Property investment is a long-term solution focused on improving your wealth at retirement.
5. If you are going to buy an older property, do your due diligence to make sure it is not going cause you financial hardship through constant unexpected maintenance costs.
6. Make sure you are getting the best home loan tailored to your investment. Having the wrong loan can affect your cash flow and exit fees are still quite costly. If you are not sure what to go for let us help you find the right loan.
7. Check with the local City Council for approved building applications to assess the possibility of an over-supply of homes or units in the area you are looking to invest. Also to see if something huge is being planned nearby that would devalue the property and your capital growth negatively.
8. Don’t try and manage the property yourself if you don’t plan on living in it. In the long term it will actually cost you a lot more money, time and lots of aggravation. As part of our service we assist all buyers in finding the best managing agent for the property.
9. Yes, the 3 words that always come up in Real Estate: Location, Location and yes once again location. If you are an overseas buyer, you need to use a professional to find the best location for your investment property.
10. Underestimating all the likely expenses that you will incur, whether it is a free standing house or a unit. This is a common and major mistake for the individual buyer. They are unable to foresee the associated costs, especially when buying abroad.
Don’t let these common — and expensive — pitfalls affect your future. With Portugal Real Estate Investments assisting you, rest assured you can have the confidence that your time and money will be well invested.