How much are property purchase costs?

Portugal › Buying, Moving, Owning & Living Overseas › How much are property purchase costs?

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  • 17/03/2022 at 6:23 PM #120565
    Archee

      Newbies!

      I need get some idea of what the buying costs will be on top of the cost of the property. We have just started looking at properties in the Algarve and are on a tight budget, so need to make sure we’ve allowed for these extra costs.

      Thanks

       

      21/03/2022 at 10:57 PM #120578
      Fanrage

        Hi Newbies!

        As a rough guide you should budget for around 10% of the purchase price to cover your costs, although I would say in most cases it will be lower than this.

        Here are the fees payable when buying a property in Portugal. The costs will vary depending on the purhcases price, type of property and whether the property will be your primary or secondary residence in Portugal.

        – Transfer tax – IMT (notary and land registration fees are not applicable when buying a property which is held off shore)
        – Stamp duty
        – Notary fees
        – Lawyer fees
        – Land registry
        – Mortgage fees – if applicable
        – Surveyor fees – optional

        29/03/2022 at 5:54 PM #120687
        Archee

          Really helpful. Many thanks for the info.

          Is there anyway to reduce the costs?

           

          04/07/2022 at 5:38 PM #121132
          Saanvi

            There is not much you can legally to reduce the taxes etc. A tax / lawyer can provide some guidance on how your long term costs can be reduced.

            Not getting the property surveyed or other checks done can save a lot of potential grief later on.

            Saan

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