Buying costs on top of the selling price
#1
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Joined: Jul 2017
Location: Algarve
Posts: 569
Buying costs on top of the selling price
We just bought a house and it can be handy to see the costs directly related to the purchase of a house. In fact we did not know exactly, because it is not easy to find it on internet.
Here we go for a house bought in December 2017 (selling price EUR 115.000)
So these addional costs directly related to the purchase (without a mortgage) is (only) 2.3% of the purchase price.
*The IMT is easy to calculate yourself. You can find "tables" on internet.
Here we go for a house bought in December 2017 (selling price EUR 115.000)
- Notary: EUR 500
- Lawyer EUR 800
So these addional costs directly related to the purchase (without a mortgage) is (only) 2.3% of the purchase price.
*The IMT is easy to calculate yourself. You can find "tables" on internet.
#2
Banned
Joined: Oct 2012
Posts: 26,724
Re: Buying costs on top of the selling price
We just bought a house and it can be handy to see the costs directly related to the purchase of a house. In fact we did not know exactly, because it is not easy to find it on internet.
Here we go for a house bought in December 2017 (selling price EUR 115.000)
So these addional costs directly related to the purchase (without a mortgage) is (only) 2.3% of the purchase price.
*The IMT is easy to calculate yourself. You can find "tables" on internet.
Here we go for a house bought in December 2017 (selling price EUR 115.000)
- Notary: EUR 500
- Lawyer EUR 800
So these addional costs directly related to the purchase (without a mortgage) is (only) 2.3% of the purchase price.
*The IMT is easy to calculate yourself. You can find "tables" on internet.
A Portuguese friend showed us two small houses he has overlooking the river at Portimao in a semi rural location.
're sale as a development project under 90,000 for both.
As we are finding out almost daily, local knowledge and contacts are everything when looking into the property market.
#3
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Thread Starter
Joined: Jul 2017
Location: Algarve
Posts: 569
Re: Buying costs on top of the selling price
I was thinking of you today and your property search saga.
A Portuguese friend showed us two small houses he has overlooking the river at Portimao in a semi rural location.
're sale as a development project under 90,000 for both.
As we are finding out almost daily, local knowledge and contacts are everything when looking into the property market.
A Portuguese friend showed us two small houses he has overlooking the river at Portimao in a semi rural location.
're sale as a development project under 90,000 for both.
As we are finding out almost daily, local knowledge and contacts are everything when looking into the property market.
We now bought a beautiful 180m² house (30 years old) with a nice architecture at only 10 meters from the shopping street with a garage for 3 cars. No traffic : dead end street! For us a garage is a must when living in a city! 3 balconies and 50m² terrace and a small outside space next to the kitchen at only 500 meters from the ribeirinha.
Love at first sight!
.
#4
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Joined: May 2014
Location: Burgau Portugal
Posts: 462
Re: Buying costs on top of the selling price
I was thinking of you today and your property search saga.
A Portuguese friend showed us two small houses he has overlooking the river at Portimao in a semi rural location.
're sale as a development project under 90,000 for both.
As we are finding out almost daily, local knowledge and contacts are everything when looking into the property market.
A Portuguese friend showed us two small houses he has overlooking the river at Portimao in a semi rural location.
're sale as a development project under 90,000 for both.
As we are finding out almost daily, local knowledge and contacts are everything when looking into the property market.
Last edited by AliceCaroline; Dec 24th 2017 at 6:21 pm.
#5
Re: Buying costs on top of the selling price
I presume all viewings of riverside properties are at high tide.
#6
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Joined: Oct 2012
Posts: 26,724
Re: Buying costs on top of the selling price
The infamous Portimao lpong downstream of the bridges It is hope will be less of a problem when the new water treatment plant opens.
It is not just about the mud flats but the discharges of poorly treated sewage from old plants.
Locals must be immune to it judging by the number of riverside properties on both banks.
It is not just about the mud flats but the discharges of poorly treated sewage from old plants.
Locals must be immune to it judging by the number of riverside properties on both banks.
#7
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Joined: Nov 2017
Posts: 866
Re: Buying costs on top of the selling price
Is it necessary to have a property surveyed before purchase, and how would you organise this finding an impartial service,make it a condition of deposit? or is there a procedure already set up for this?
We have looked at many houses in Portugal and I don't feel confident in being able to discriminate between defects we have seen.
Any help grateful.
We have looked at many houses in Portugal and I don't feel confident in being able to discriminate between defects we have seen.
Any help grateful.
Last edited by Rambling archer; Jan 4th 2018 at 10:50 am.
#8
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Joined: Feb 2016
Posts: 257
Re: Buying costs on top of the selling price
From my own experience, I don't think 'survey' in UK sense is common concept in Portugal and it's quite difficult to put it down as deposit condition. Usually if you are buying for renovating, you can go view the house with an engineer or builder, although there's a website of chartered surveyor online but I don't think it's much use (at least for me) to pick a surveyor at random. However there are quite a few property surveyor based in Algarve who can do British style survey, that's what I've done. I think it did give some sort of confidence in purchasing. Hope it helps.
#9
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Joined: Nov 2017
Posts: 866
Re: Buying costs on top of the selling price
From my own experience, I don't think 'survey' in UK sense is common concept in Portugal and it's quite difficult to put it down as deposit condition. Usually if you are buying for renovating, you can go view the house with an engineer or builder, although there's a website of chartered surveyor online but I don't think it's much use (at least for me) to pick a surveyor at random. However there are quite a few property surveyor based in Algarve who can do British style survey, that's what I've done. I think it did give some sort of confidence in purchasing. Hope it helps.
#10
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Joined: Jan 2018
Posts: 37
Re: Buying costs on top of the selling price
Is it true that IMT (paid to local councils) is being scrapped this year and replaced by stamp duty (paid directly to central government) ? I have just read an article about it online but can't find any other sources that back this up !?
#11
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Joined: Oct 2012
Posts: 26,724
Re: Buying costs on top of the selling price
There was talk about it years ago in the English language press but that was when a different government was in charge.
#12
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Joined: Jan 2018
Posts: 37
Re: Buying costs on top of the selling price
Ah ok, thanks. So why has the OP paid stamp duty as well?
Last edited by In love with forests; Jan 7th 2018 at 9:12 pm.