J
Jim92
New Member
Hi,
I’m hoping I may be able to get some advice on these aspects of buying in the Algarve (most likely Albufeira ). I’ve been doing quite a bit of research the past few weeks but haven’t yet found answers to these questions.
BACKGROUND:
Looking to buy a 1 or 2 bed apartment or smaller town house to use as a holiday home and to rent out the rest of the time. We’re realistic and don’t imagine we’re going to make a vast profit doing this but would hope to cover the mortgage on the property, with anything above that – after tax etc. - being a bonus.
MORTGAGE:
Do mortgages work the same way as the UK in terms of how long they last before you can renegotiate/switch? On our UK home we usually go for 5 years fixed rate then renegotiate for the next period after that 5 years is up, often reducing the number of years each time (i.e. after the first 5 years was up we had 20 left but decided to cut that down to 17 as the payments weren’t significantly higher and it meant knocking 3 years off the term, we did the same at 12 years and now we only have just over 2 years to go). Ideally we’d like to get a 30 year mortgage in Portugal to keep our initial mortgage payments on the property low (we’re obviously not going to be renting it out the day we buy it so we don’t want to overstretch ourselves in this initial period) but then, after the first period see if we can reduce the number of years, as above. We also don’t want to be hooked into a mortgage for the full 30 years if the above is not how it works in Portugal!
Sorry if this seems a daft question but in all the mortgage info I’ve found online thus far this isn’t made clear!
PROPERTY MANAGEMENT:
Does anyone have any first-hand recommendations for a company that can look after the property while we’re not in it? The usual stuff…paying utilities, checking in to ensure everything’s OK, meeting the people renting it out at the start and end of their holiday etc.
A rough idea - and I realise it will be rough as it will differ depending on exaclty what service are required - of prices would also be useful. If anyone is able to list the services they have and the price they pay for them that would be ideal.
I’ve found quite a number of companies offering these services but some first-hand experience/recommendations would be extremely welcome.
SHARED POOL:
Initially we were dead set on getting a place with a pool. Our budget clearly won’t stretch to a private pool, so shared would be the only option. However, in my searching around online I have come across one or two warnings about shared pools/facilities to the effect that you can end up with a lot of hassle if the people in the sharing properties don’t pay their share of the communal charges. Really don't want to end up with unmaintained communal areas/pool on our property if others aren't paying (not good for us or thise that may rent the proprty out),or extra, unforseen, costs.
Does anyone here have any experience they’d be able to share?
Any advice on the above would be very much appreciated. We're aiming to be back in Portugal in September but the more info I can get together beforehand the happier I’ll be!
Thanks in advance.
I’m hoping I may be able to get some advice on these aspects of buying in the Algarve (most likely Albufeira ). I’ve been doing quite a bit of research the past few weeks but haven’t yet found answers to these questions.
BACKGROUND:
Looking to buy a 1 or 2 bed apartment or smaller town house to use as a holiday home and to rent out the rest of the time. We’re realistic and don’t imagine we’re going to make a vast profit doing this but would hope to cover the mortgage on the property, with anything above that – after tax etc. - being a bonus.
MORTGAGE:
Do mortgages work the same way as the UK in terms of how long they last before you can renegotiate/switch? On our UK home we usually go for 5 years fixed rate then renegotiate for the next period after that 5 years is up, often reducing the number of years each time (i.e. after the first 5 years was up we had 20 left but decided to cut that down to 17 as the payments weren’t significantly higher and it meant knocking 3 years off the term, we did the same at 12 years and now we only have just over 2 years to go). Ideally we’d like to get a 30 year mortgage in Portugal to keep our initial mortgage payments on the property low (we’re obviously not going to be renting it out the day we buy it so we don’t want to overstretch ourselves in this initial period) but then, after the first period see if we can reduce the number of years, as above. We also don’t want to be hooked into a mortgage for the full 30 years if the above is not how it works in Portugal!
Sorry if this seems a daft question but in all the mortgage info I’ve found online thus far this isn’t made clear!
PROPERTY MANAGEMENT:
Does anyone have any first-hand recommendations for a company that can look after the property while we’re not in it? The usual stuff…paying utilities, checking in to ensure everything’s OK, meeting the people renting it out at the start and end of their holiday etc.
A rough idea - and I realise it will be rough as it will differ depending on exaclty what service are required - of prices would also be useful. If anyone is able to list the services they have and the price they pay for them that would be ideal.
I’ve found quite a number of companies offering these services but some first-hand experience/recommendations would be extremely welcome.
SHARED POOL:
Initially we were dead set on getting a place with a pool. Our budget clearly won’t stretch to a private pool, so shared would be the only option. However, in my searching around online I have come across one or two warnings about shared pools/facilities to the effect that you can end up with a lot of hassle if the people in the sharing properties don’t pay their share of the communal charges. Really don't want to end up with unmaintained communal areas/pool on our property if others aren't paying (not good for us or thise that may rent the proprty out),or extra, unforseen, costs.
Does anyone here have any experience they’d be able to share?
Any advice on the above would be very much appreciated. We're aiming to be back in Portugal in September but the more info I can get together beforehand the happier I’ll be!
Thanks in advance.
