Buying a Home in Portugal | 9 Mistakes Foreigners Always Make

[@OurRichJourney]

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[@kaziaminulkarim9194]

Hello, good evening! Thank you for your good advice. I have a question: In which part of the city have you bought your house? (I don't need the actual address. You can only mention the name of the place.) How can I get your help, if I buy a house? Actually, I want to buy a house with a very big garden. Because my mum loves gardening. Have fun with your family. Best regards from Kazi. (Germany)

[@BreadTherian666]

As a Portuguese, ill add a mistakes you might make: 1. Focus on Lisbon/algarve. Look, this is a small country, and what i dont think is mentioned is that we actually have very good infrastructure (roads). Meaning its easy to get around, so buy a house outside of Lisbon/algarve. They are much much cheaper.

[@KalvinSmithWarriorsPathSystema]

Thank you! 😘👍🏾

[@Kitabkahani538]

How much a house cost outside?? Need your guidance?

[@anthonysmuzic]

@@Kitabkahani538check on idealista, they have lots of houses in different price ranges

[@faisalhussain9746]

❤❤❤

[@financegrowthjourney9002]

Me: never considered living in Portugal in my life. Also Me: studying these tips as if they were my final exams

[@OurRichJourney]

Me: Love, love, LOVING your comment!!!! P.S. - Is it weird that I totally have a very vivid picture of you studying for final exams?! LOL!

[@bluntlyspeaking8289]

I know, right?!

[@tracyburton3458]

Some great tips here. We rented in different places before we finally bought. An important tip our Portuguese Algarve lettings agent gave us was: don't buy too remote. He told us he'd witnessed couple after couple being swayed by the large amount of land you get for your money in remote areas and then regretting it when they realised there were no facilities nearby. We bought just over a mile from the nearest town/beach, which suits us perfectly.

[@towhitby1]

I’m doing it....Golden Visa process started, attorney hire, Portuguese tax number acquired...see you in 3 months!

[@OurRichJourney]

YEEEEESSSSSSS!!!

[@NilDreams]

Jealous!! I would have loved to be out of here (USA) already but my daughter wants to finish high school (one more year!) I was planning to start the process last year but Covid hit and threw me off track.

[@jojobobo7715]

Are you going to buy real estate in Portugal?

[@NilDreams]

@@jojobobo7715 I will be purchasing, yes. If you can recommend where to start looking that would be great.

[@MrJoaoTraquete]

Depends where you wnat to live or do business. hey i'm portuguese and it's pretty fuckin cool to see all these people hyped to come here. We went trough a lot but now his country is it. The guys failed to talk about the food properly tho, you'll be amazed

[@pbohearn]

Here’s my experience of real estate shopping in Portugal. I moved here 15 months ago and for the first year I lived in the north south and central each trimester. I then settled into Lisbon with a three-year lease that I can extricated myself from without cost after 18 months. I’m about six months into it. I’ve started to definitely Determine where I would want to buy a residence as a primary property; I’m also looking at investment/2nd home properties in the Algarve. Be aware if the property is being sold as a touristic license or as in more flexible residence. Also beware of great opportunities to invest in a building that is still being built because one never knows whether it’s going to be completed or not. My feeling is if you can’t move into it or rent it within 90 days of buying it you shouldn’t buy it. You definitely have to work with a number of different agents. You definitely need a lawyer. But even with those things things can happen. I have not found that my all cash offers have done much for me in either the Algarve or Lisbon, and I’ve consistently come in with a lower offers than what they were selling for, and every seller has stubbornly held onto the original sale price and then I walked away from them. I’ve been looking for over a year and have not found a place yet. I was ready to make an offer on a couple of places, and with one as soon as I made the offer they said that a good friend of theirs got right of first refusal and then they took it off the market. Another guy was Perhaps willing to lower the price, but he wanted to do a shady transaction such that the sale price would be €100,000 lower than I actually paid for it which is illegal for both of us to do because it’s tax fraud. So I walked away from that one. I also made an offer on a vacation/investment property in Costa Del Sol in Spain and dealt with a lawyer that I’m probably going to refer to their ethics committee possibly will be in a lawsuit with who in my mind was really working more for the seller than for me even though he was my lawyer; a very difficult process and it also involved withholding information from me regarding the history of the unit. So buyer beware. I find these people play it fast and loose and they aren’t going to disclose things unless you specifically ask and even then. Get an inspector; that’s how I discovered things about the one property. they’ll tell you that Portuguese people don’t use inspectors, and just tell them that you do. There’s also two current situations going on that I think will really influence property values in the future. One is the whole country is going through a multi year drought, but particularly the Algarve is in a pretty dire state because they did not install the desalination plant as Spain has done and without any rain they won’t have any water a year’s time. And you know what that will do the property values. Secondly, certain markets are certainly overheated including Lisbon and the Algarve. We all know the whole world is going through a recession , there’s inflation, interest rates are going up and all of those things are going to affect how many houses get sold and for how much. I’m certain that prices are going to go down relatively soon and will continue a downward trend for quite some time. As they say, don’t buy any primary residence unless you know you’re going to live there at least seven years. And and in this kind of market, if you buy high you’re gonna have to sit on that thing for a long time before you can sell it even for what you bought it for. I know. I was in that situation in Sacramento and ended up having to rent the house because I couldn’t sell it even for what I bought it for having put $100,000 into it to improve it. Buyer beware.

[@10mejo]

You had me when you said it’s really cold at -1 degrees Celsius *laughs in canadian*

[@mesidye]

🤣🤣🤣🤣😂

[@vanessaandreia17]

- 1C in PT is tricky. Comparing it to other European countries, it is the same as -10 to -15C in Poland or in Slovenia.

[@OurRichJourney]

@MichelMaginzi - LOL! 😂😂😂 So not everyone has the California perspective that we have? Hehe! - You laughing in Canadian versus us laughing in "Californian"! Hehe! LOVE your comment!

[@Alowolodu]

Yeah, same thought.

[@joelmendes4506]

im a portuguese living in norway, -1 in portugal (special close to the coast line) equals -10 in norway at least...

[@lindenchasteen]

Great advice! The renting before buying is so important. You need to make sure you actually like the area before making that commitment.

[@OurRichJourney]

Yes! It would be horrible to buy first only to find out later that you wished you bought somewhere else!

[@treyj4007]

Just want to say you and Graham Stephen have been so helpful in my financial journey!

[@parthsharmabala]

True that

[@OurRichJourney]

So awesome! Thank you Trevor!

[@OurRichJourney]

Thank you Parth!!!

[@miladylaughalot]

We live in Ohio but living in another country is not out of the question nowadays! I've been watching your entire channel for the past 2 weeks and I've learned so much. We finally were debt free in 2017 and started investing, or intentionally learning and doing wise investing! I turn 50 in a month and I'm gonna do my best to make my 50's the wealthiest of our lives!! Thank you so much!! XOXO

[@OurRichJourney]

I LOVE your comment Andi!!! You WILL make your 50s the wealthiest (so far)!!!! :)

[@hootowl6354]

Better hope the unnaturally strong stock market continues up because index funds depend on that. When will the party end? That's the big question. A lot of people are thinking it never will. A lot of people thought our Capitol would never come under attack either.

[@Allen216.]

I live in Ohio as well I’m 34 and I plan on retiring to Portugal when I’m 43

[@fionahunterjohnston]

Amazing job guys. I have just sold my first house in the south of Portugal (Loulé) and currently renting to look for my second here to renovate. In the meantime I have used some of the money from the first sale to put into the stock market and I am so glad I did. I can definitely vouch for the illegal structures - I would say 50% of the houses I have viewed in the last 4 months have had illegal buildings/extensions/floors. And many owners haven't been pro active in getting the paperwork sorted prior to listing it with an estate agent. The estate agents are not supposed to list properties without the correct paperwork but it happens all the time! Be sure to check this, and don't be fooled by an estate agent that brushes these legalities under the carpet. Getting a good lawyer is money saved in the long run! Keep the updates coming :)

[@moitavide6652]

century 21

[@jofad8095]

What harm will happen to me if I buy a house with illegal structures? Does the meaning of illegal structures mean that they are liable to fall? Or just build more rooms, for example?

[@victorianeto6341]

I purchased homes in Portugal and never experienced the issues you have indicated. Also, the rules applicable to purchasing lands and homes would be the same as to many other parts of the world. Common sense is key!

[@minimalmillionairemom]

Although I’m not planning on moving to Portugal, I still find these videos fascinating. Thanks for sharing!

[@OurRichJourney]

Haha! We LOVE that you still watch these videos!!! Thank you so much!!!

[@Gwen-joyful-light]

@@OurRichJourney Same here, I live in West Palm Beach Florida and would love to move there but it's not in the cards for me but I still love watching your video's.

[@andrepinto7895]

Portugal really is a phenomenal retirement destination. Only if it was also as good for career development, I would never had to leave it.

[@Fr1nc3sc41]

Maybe with all the influx of new residents you could go back to earn a living there. The economy grows when new residents come in. In the US, Miami was a sleepy seasonal city with little economic activity before the Castro dictatorship in Cuba forced a migration of Cuban entrepreneurs to grow the economic activity that turned Miami into the metropolis it became after 1960. Maybe so many expats will make Portugal great again!

[@LivingSwedish]

Whoever wants to move to Portugal (maybe me one day?!), these videos are gold ✨ Thanks for sharing your learnings! 👌🏻

[@jj-bu6yb]

Come to Italy :) we have better food and better quality life aha

[@nelsonpacheco9895]

@@jj-bu6yb I dont think so

[@OurRichJourney]

@Uli - Making, Saving & Investing Money - too kind! Thank you so much!!!

[@jj-bu6yb]

@@nelsonpacheco9895 just joking bro :)

[@eduardoserrao7372]

@@jj-bu6yb also humility.

[@theluxuryvagabond]

This video is right on time. I was just talking to my husband today about the whole 'buying property in Portugal' process. Can't wait to share this with him!

[@OurRichJourney]

That's perfect Jay! Tell your husband we said hi!!! :)

[@JohnWDavisMedia]

That's a really good point to be aware of your neighbors and overall neighborhood. -John W.

[@OurRichJourney]

Thank you John! I think that point is universal!!! :)

[@JohnWDavisMedia]

@@OurRichJourney I agree. A walkable neighborhood is of the utmost importance for me. I've always enjoy my housing better when I can walk to the grocery store, restaurants and the beach or at the very least a lake. -John W.

[@Roosmarijn035]

Agreed. My sister rented an appartment once and she was only allowed to view it on Monday through Thursday night. Turned out the nightclub on the ground floor had poor insulation and it was awful on Friday- and Saturdaynight. She moved out two weeks after.

[@kennethjonesphotography]

My wife is from along the coast just south of the City of Aveiro in Portugal. With much of her family still there, we've spent large blocks of time there since my first trip there in 1997. I've been a real estate broker, appraiser, and analyst in the U.S. since 1971 and have dealt with various property owners in Portugal over the years, as well. I was very impressed with the accuracy of the information you provided in this video and I strongly suggest it's a "must see" for anyone thinking about buying real estate in Portugal. Thanks and as a new subscriber to your channel, I look forward to viewing more of your videos. 👍

[@sergiofreitas9368]

A tip for ANY purchase in Portugal is to be a stickler with negotiation and to always buy cash. Especially with cars. A person selling a car for 25k might be tempted to give it away for 20 if you hit them with the "I've got 20 in bills right here right now I'll drive it off into the sunset". This works in any country but I found that in Portugal the effects of this are kind of exacerbated. If you haven't negotiated, you're likely to have been ripped off.

[@sarahdeshay1394]

You can not legally buy a car (of any real value) for cash, must use a bank transfer.

[@fabiomerlin8820]

Trash burning, loud music, parties every weekend and sometimes during the week, etc Some of the things to evaluate before buying a house.Been there, done that too. Thank you for the info.

[@ny3683syr]

I once had a very nice neighbor who kept a ton of junk in her carport. Yech.

[@thierrysf]

These are words of wisdom (from someone who purchased 3 homes in 3 different countries).

[@Roar.]

Obviously, negotiating the price depends on how 'hot' the place is you're buying, some houses in Lisbon get overbid due to the scarcity in some top locations. And cash only makes sense to the seller if people really want to get rid of the house or if a part of the sum can be paid 'on the side', as the seller needs to pay tax over the received sum. Other than that, 'Casa Pronta' is a government 'helpdesk' that deals with most of the paperwork/taxes etc, (reducing the cost and burden to get these services separately) and I found buying a house in Portugal relatively simple. But indeed, if you want to change your house in any way, be careful. THIS can be a daunting process! Great video! :-)

[@gracielapereda1663]

Thank you so much guys for all these tips, my husband is Portuguese and I keep telling him to move to Portugal, and of course the videos help a lot :D

[@jamesspitzercashout]

Sunday, aa we enjoy this amazing couple Amon and Christina. Who I look so forward to seeing here every week. Such a treat for all of us. With all the happenings going in our lives, remember to use Kindness and Togetherness as our guide as we move forward. We, Us, Together. Have the best day you can today! James

[@OurRichJourney]

Hello there James!!! We look forward to your positive comment every week - so kind and encouraging! Hope you're ready for a great week!!! :)

[@Bigboss-xe6lm]

You guys got guts, ill give you that (and your videos keep getting better and better)!

[@OurRichJourney]

Wow! Thank you so much!!!

[@DansieTravels]

I've heard that one needs to be quite careful about poor construction (for example walls not being sealed before plastering over) which contributes to mold forming in many Portuguese homes. I wonder if you have seen a problem and how you avoided buying a home with a mold problem.

[@OurRichJourney]

Good point Allison! We looked at some homes and could smell the mold in them (some we could even see the mold)! You definitely want to be on the look out for that!

[@DansieTravels]

@@OurRichJourney Thanks for the reply! Really appreciate your videos and insights.

[@fluffie6568]

@@OurRichJourney is there a house inspector that you can hire like here in the US to check things such as mold, structure, etc?

[@lzrd8460]

Your vids are so informative. I retired in Greece two years ago but my sister & husband want to take an early retirement & move to Portugal. After watching your vids, I’m thinking of relocating with them to Portugal. The cost of living is much higher here. Less than America but more than Portugal. Thank you so much for your vids.

[@OurRichJourney]

Thank you! So glad you're interested in Portugal from our videos! :)

[@tominfoengnet]

I've been retired now for 13 years and plan on moving to Portugal as soon as both of my children are off to college in 7-8 years, so we're glad to have discovered this channel. We are currently in Portugal investigating Lisbon, which makes downtown Manhattan look like "the countryside". Never in a million years would we live here in this nightmare and I can't imagine what is was like here during covid. As Floridians and former San Diegans, our next trip will be to the Algarve region, which will almost 100% our final destination, given the climate and direct access to Spain. I totally agree on paying cash, which I've been doing since retiring 13 years ago, for all the reasons you mentioned, but mainly to know I'll never lose anything I have. Yes you can make more money paying a 3% mortgage and getting 7% return, along with anything else you buy on credit. However, "investments" can take dramatic turns, as well as the fact I'm more likely to buy more expensive toys if I see I have tons of cash on hand. That's why 2008 and covid were "no big thing", nor will any other future financial disaster, because my actual living expenses are next to nothing.

[@thepeacefulpack]

My husband and I just bought your program and thank you so much for such an easy to follow and very well informed package. We'll be relocating to Portugal within the next three months and thank you for making the process that much easier. ps. cute new puppy on your instagram :)

[@OurRichJourney]

Thank you so much - so glad you're enjoying the course! And thank you for following us on Instagram! You'll get to see Luna/puppy getting bigger and bigger!!! :)

[@cann9155]

SO good 👍🏽This video coupled with your Step by Step How to Move to Portugal training is a set of keys.😊❤️❤️❤️ Research + A Plan = No Regrets👌🏾 Muito Obrigada Amon&Christina❤️❤️

[@OurRichJourney]

Hello there C Ann!!! Great to hear from you and thank you for the kind words!!!! Hope you're having a great week! 😃

[@laikatravels]

Good advice. You can always mortgage/finance the property after you’ve purchased it if you want to.

[@singlemomlove5465]

These are great tips. I would apply them to purchasing anywhere. My added one is - go meet the neighbors when you’re buying. If you don’t like their vibe, move along. Worst is bad neighbors. Also if it’s farm land - you have to see if they use pesticides or even the smell of some fertilizer can become something you don’t want to live with long term. Illegal dwellings - I wonder if they have grandfather rules there too?

[@TheDrramirez]

Hi guys, Just to share our price negociating in Charneca da Caparica. Prices are crazy, and not going down more than 10%. We have lost 2 houses in 1 week, because someone gave higher offers. 🙃 But we will not give up! We just have to keep trying. But just to remember each region has different sale price negociations.

[@wiliakt7169]

You two rock! Thanks for sharing your knowledge and experiences. We're very grateful to learn so much through your videos. The future looks bright!

[@tammytee6179]

I've heard a lot of horror stories about drafty, cold homes in Portugal. Thanks for mentioning that key point in your video!

[@shawnwright5332]

@@Carolinapetroska Sophie make sure you buy a electric blanket and sleep on top of it that way you can stay warm while sleeping letting you turn off your heaters at night time works miracles Lolo cheers

[@brianjohnson8967]

Just bought an apartment in Porto.... on-line via golden visa.... this is all good advise here. thanks

[@brotherumarj3370]

This channel is perfect for me, I'm on a similar life path. I hope to leave the us permanently in three years. See you guys when i get there.

[@ronti2492]

Thankyou for your helpful, well written, and excellently produced videos! Even without ever having met you, I can clearly see why you are prosperous- it is so bloody obvious from your videos. I believe it is because you are generous hearted people who give before you get- and it is returned back to you in the spirit in which you gave it away. I hope that does not sound too airy fairy, but its the real secret of all success. ( in my humble opinion). Many thanks for your inspiration from an expat Australian living in Poland- I reckon your video is the final push we ( wife and I ) need to go back to Portugal and check it out seriously. God bless you !

[@OurRichJourney]

Aww, thank you for your incredible kind words Ron! :) Many thanks to you for the kind comment AND for watching out videos!!! 💗

[@ronti2492]

@@OurRichJourney Actually, no, you are too kind, it is more like : ' thank YOU'

[@malen_de_magalhaes]

More power to both of you, Iman and Cristina! My family and I will be moving to Portugal in 12-24 months and this particular video is extremely helpful for us. Because of this video, we'll be changing our migration strategy for the better. Thanks again for the massive value that you guys bring! You guys are legends! :)

[@creativeliberdade]

The advice you give is invaluable for a novice needing guidance, thank you so much. I watched this video last year & subscribed, but I wasn't ready to appreciate everything your were saying. If I end up buying a property in Portugal I know I'll have you to thank for steering me in the right direction with all the other videos you've produced. Thanks again X.

[@aldinardian4691]

Every time I watch your video, feels like 1 step ahead of my early retirement plan. No matter which country I choose, the mindset should be the same. Thanks!

[@thelolguy007]

Great video guys. The best tip was the ‘renting first’. Great tip 👏👏👏. The amount of times I see People (mostly from America it seems) asking online ‘what’s the best area to move to?’ 🤦‍♂️🤦‍♂️🤦‍♂️. You gotta research for yourself and make the decision for yourself - not asking strangers on fb 🤦‍♂️

[@Mosern1977]

Coming from Norway and seeing (and having experienced) how the property market and banks operate in southern Europe, I feel like I'm traveling 50 years back in time. Not having one central web-site for all properties on the market in the country is maybe the worst part. And the fact that you even need a lawyer or notaries to do the paperwork, and finally that getting a mortgage from a bank takes more than a few minutes online.

[@adamcartmell6763]

Nothing is simple in Portugal. An English friend of mine came here from Denmark to live and work, and he couldn't believe the difference in the complexity of the bureaucracy. This is a great video.

[@lafandenuel5605]

It is very common, in Portugal, and here in Spain, to avoid paying high cuantities in countless different taxes, that buyer and seller tell notary the transaction price is lower than it actually is. For instance, you make the official document of the purchase with the price of 800k, but the real price is 1M, only you gave the seller the other 200k in actual cash, like a briefcase full of 200 euro bills (500 euro bills are ending their life as banknotes in circulation and nobody wants them anymore, so "yellow is the new black"). If you're caught, it means an economic penalty or even a criminal one when high amounts of money. And you could find yourself unpleasant effects, such as seized accounts for many months. But almost everybody buys real state here that way. Even when they're financing. Also, and changing subject completly, the fees of notaries and Public Real Estate Property Registration (Registro de la Propiedad Inmobiliaria) are expensive as h.......

[@OurRichJourney]

Wow, we've never heard of that! Glad you point out the economic and criminal penalties on that!

[@ricardomartins1783]

To be fair, the property laws in Portugal changed in mid 2000's and the taxes are now higher on a yearly basis rather than being taxed for the transaction itself. The property value calculation is made by the state and has nothing to do with transaction value. Before that was not the case; you could artificial report a low price (lower tax), but when you had to make the sale, your profit would also be taxebly huge, unless the new buyer would make the same too.

[@KTMFerr]

Yes, this is very common. However, if you later sell the same property you will get a capital gain tax calculated to the buy price. So, probably not the best tactic unless you count to keep it for a few years, or have to find someone willing to buy it in the same condition.

[@johncunningham9094]

There may not be an equivalent data list of available property here, but Pure Portugal is a very close approximation Anyone looking to move here should start by looking there.

[@dougdemonde]

Hi Amon and Christina, Nice video and great advice. Admire, your ability to get great deals. We paid top price for our ocean view silver coast location (grade A energy cert house) that we really wanted and took a loan - cash down would not have helped but agree there are many places it would have helped. We came back from Sweden on 9 January and realized when we entered house at midnight that next time we will keep the heat on at min level (15C) while we are away :-). It was cold but our central heating had bedrooms and kitchen/Living Room at 22C within hour. But it did take a few days for non-heated hallways, floors and other spaces to warm up. Look forward to your next video on buying an investment property. Best Doug

[@OurRichJourney]

Thanks Doug! That's a great point to share about going on vacation and coming back to a cold house! Stay warm!!! :)

[@cmbooks2000]

This is valuable information no matter where you live, USA included. Your channel is great.

[@justcallmebon2684]

Another strategy could be to use cash to purchase the home (thus getting the benefits of the negotiating advantage and quicker closing) but mortgage your property later to take advantage of the low interest rates and leverage your cash to make more money for your own bottom line. My husband and I use this strategy for our real estate holdings.

[@Kanakatak83]

Thank you so much fir confirming our theories for when we move to Portugal. We're a few steps away, except we have ground work here in the States that we must lay before making "the move." It's always great to see your videos!

[@OurRichJourney]

Thank you! So glad you're enjoying the videos!

[@shawnwatsondavistv5202]

Great Teachers 👊🏾💕

[@OurRichJourney]

Aww, thank you so much Shawn!!! 👊🏾💕

[@Elena-tb6sr]

Thanks guys! Please share more about those agresive negotiation techniques that you master 😈🤓 All the best to you!

[@OurRichJourney]

Thank you Elena - more to share in upcoming videos! :)

[@moitavide6652]

07.02 if you work with unqualified seller properties etc, you get that exactly.

[@OurRichJourney]

✈Want to move to Portugal? Enroll in our Moving to Portugal Course: www.ourrichjourney.com/movingtoportugal 🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: www.ourrichjourney.com/firemasterclass 📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire

[@karenkuwahara7606]

Do you have any advice on how to find a good real estate lawyer? I would also appreciate any recommendations.

[@euniceliu665]

Thank you so much for sharing those common mistakes with people who are considering buying a house in Portugal, and I find it very useful! Thanks!

[@joysilas4724]

Negotiation strategies for cars, home rentals and buying home please!!!

[@sofiamello]

If you choose a big agency , like one of the big international franshisings, for sure they will not show you other properties than theirs.Some agents of these agencies are sensitive to this, and they work differently, you have to have luck. But smaller agencies , that has less listings, they will look for all properties known in market, and have partnerships with other agencies to find properties. Other thing is that the market is so fast that the sellers do not allow negociations. There are so much buyers on the market , than i had clients that lost 2, 3, 4 deals just because they were trying to be hard negociators, and the seller just said: whatever, i have another 3 offers higher than yours. So this may work in other parts of Portugal, but for example, in regions like Algarve, Lisbon and Porto, will not work. But all info on this video is very useful, and thank you for that!

[@RichMotivation_Official]

Great video! i have just bought my 3th house in portugal finally the house of my dreams. i am original from portugal but i lived whole my life in the netherlands. got bored here took all my cash and started to invest in portugal it was my best choise of my life. but these tips are good for a friend of mine that is coming too! if u need a typical type of constructors feel free to message me i work with an great company out there just saying in case u guy's need it! bless you guy's and your family and never forget Enjoy Portugal! Bem-Vindo

[@dr.suezettealoysiaandcarla1664]

“Love is stronger than any addiction.” “Are you living or just existing?” -Tyler Perry “Walking distance to the Riverwalk “ 😘Dr Suez & Dr Carl 🌱

[@vc6036]

Great advice. After what's going on in our Country, Portugal is looking pretty tempting. Stay safe and thank you for the information.

[@OurRichJourney]

Thank you! Stay safe as well!!!

[@theodorearaujo971]

Thank you for these common sense pointers, but especially for the anticipated negotiation on price! Realtors don't tend to highlight this cultural artifact!

[@Alowolodu]

Great video as always. Welldone Christy and Amon. Thanks for sharing your experience. Much love from Canada

[@OurRichJourney]

Hello there Marcus in Canada!!! Thank you for watching!!!

[@paulrussell6291]

Another amazing video! Also about a church across the street, there will mostly likely be weddings and the associated traffic with that.

[@mundieolughist5350]

Last tips all come down to IN-SU-LA-TION. A good insulation and you can forget most thermal and acoustic problems.

[@MobileCinematics]

Portugal looks great. And thanks for your tutorial on opening an account with Fidelity and investing in their Fortune 500 index. I've been putting $ into that account and it feels fantastic!

[@glicmathan1771]

Excellent advice! I’ve learned a lot from your videos. I also realized the problem of no MLS system in Portugal after seeing multiple properties with multiple realtors the last time I was there. Though it makes more work for a buyer, I think it must help to keep prices lower. I remember all the great deals I used to get via print classified ads in local newspapers before eBay. Out of sight, out of competition! Best wishes!

[@edesouza2279]

Thanks Armon and Christina for sharing such valuable information. I hope that every person who is thinking of buying Real Estate in Portugal gets to see this video. I am always interested in learning about Real Estate. During a 20 year period I have purchased four Condos and a single family Bungalow. I was my own agent when I sold the Bungalow and saved 5% on fees. If it wasn't for the issues around inheritance, my next purchase would have been Portugal. I feel it's best to keep all my assets close to home🤔

[@OurRichJourney]

Yes - sometimes it makes more sense to have assets close to home and sometimes people find more opportunities by searching further out. It just depends on each person's unique situation. LOVE that you were able to save on fees by acting as your own agent!

[@akustik_prog1601]

Good video. A few comments though. While it is true that all over the world there is a real estate bubble ready to burst, the one in Portugal is one the biggest across Western countries: 1. House-price-to-income ratio ranking shows Portugal at N.1 spot (excluding the tiny Luxembourg market). 2. Golden Visa program is over now, which means less and less residential private investors coming in and fueling the buying side at least in the area where golden visa were formerly applicable; 3. Also the practice to buy as an investment in order to rent short-term holiday properties will be hit because change in legislation. Such practice of short-term rental holidays has made in fact very difficult (if no impossible) to find long-term rentals for both local (whose annual income is lower than other EU countries) and foreigners. I was planning to retire in Portugal but I have temporarily frozen such decision.

[@Je.rone_]

Buying real estate in a foreign country and then living their would be so surreal to me😄

[@OurRichJourney]

It can happen! :)

[@addo-hillpropertymanagemen2604]

I agree to pay cash for all the benefits it provides. You can still always finance the property once all the work is done if a great invest opportunity comes up. Paying 1-2% on the property and getting 10% on an investment makes sense 👍

[@OurRichJourney]

Yes! Made sense for us, too! Thanks for watching!!!

[@dolorlux4612]

This is an incredibly intuitive video, we were planning on RVing around the US for another 3 years while working part-time. And we planned to get a flat or a duplex to get our foot in the door for Europe in Portugal due to the ease of citizenship and low cost of living. Seriously considering selling the RV and renting for a year in portugal. Planning on purchasing another 2 or 3 rental properties in TX before the move to travel all of Europe.

[@mekia02]

I have heard that some portugues real estate agents get mad when the purchaser uses multiple agents, they say it is not common. Others don't want to work with purchasers who have a buyer's agent because they do not want to share commission. Have you experienced any of that?

[@OurRichJourney]

We didn't have any problems working with multiple agents. We were upfront with all our agents - letting them know we were seeing multiple properties with multiple agents. :)

[@fernandabrandao7846]

I would like to add a bit more to the last point you gave. Owners also love if you can pay a large chunk in cash ( if you can't buy it all) When saying you have 30+k in cash, ready to give if they allow to buy the home for a cheaper, they will normally accept! It will also decrease the amount to pay each month and the duration of the payment. Another strategy is paying the house in a much shorter time span as in not in 30 years but in 5 years. Just some tips for the people that may not know about it

[@urifash3318]

Hi we're planning to move to Pt from Poland and live in a house some 25km away from a major city, like Porto. Qsts: 1) Did you check yr house for molds, which are very common in older previously uninhabited buildings? 2)Did you do the repairs? How was it with the materials, workers and terms? 3) Did u work with a Pt lawyer or expat lawyer?4) Did u retire TO Pt or IN Pt?

[@KoriMiller]

I love your content! Thank you for giving the nitty gritty side of being in Portugal. Side note: -1C is only 30F. That's not so bad if you're coming from the middle of the US. Of course, the breeze from the water could make it *feel* colder. Where I'm from, people might be out in shorts when it's 30 degrees!

[@JamConcerned]

Wow you guys are getting it done. I hope it will be an AirBnb.

[@investingwiththeraufbros7884]

Thank you for sharing this. I am looking at Montenegro to buy my next property so your advice was equally useful.

[@duartemonteiro7463]

Whaw Amon, and Cristina! These are the topest information about how to purchase properties. This is like a cherry on top of the cake!

[@soverby5]

I've been watching videos for months as we make our plans to relocate and I must say this video is solid gold information. Thank you for sharing!

[@ayesaac]

Debt attached to property should be listed on the deed. Yes, hiring a lawyer is a good idea, but most Portuguese people do NOT hire a lawyer when purchasing property. If you can read Portuguese, or can someone to translate for you, all the legalities of the property, including debt, MUST be presented to you. The job of the notary is to verify this, too. If you want to stress the importance of hiring a professional in any step of the buying process, a FAR more important one, in my opinion, is a survey. Lots of older construction in Portugal is pretty bad, and it is not always immediately obvious. I skipped the survey on my property because I intended to basically completely rebuild the place piece by piece, but there were STILL some nasty surprises which, were I not capable of doing everything myself, could have been very expensive to resolve.

[@bonitahill5239]

Oh boy I hope you guys buy a rental in Porto 😊.... and yes cash talks I totally agree... so much great information love the cutaway shots 🤓😊 Thank you !!

[@OurRichJourney]

Thank you Bonita!!!

[@railwaymechanicalengineer4587]

A NOTAR is the Portugese/Spanish Government representative in the legal process of buying a house. They also collect the purchase tax, and of course ensure you have the legal Deeds (papers of ownership) for the property you are buying. A Lawyer should not be necessary, as they have no standing in the house buying process. Although a Surveyer might be handy to ensure the place isn't about to fall down. Because in Spain/Portugal you "buy what you see" !!

[@myrajuju02]

Thank you for getting to the points quickly and making sense. US love :)

[@OurRichJourney]

❤️Thank you!

[@mrsiz218]

You rock stars!! Thank you for this information!! Thank you for being so generous with your time! I really look forward to your videos! *still don’t know who these thumbs down folks are* How do you down thumb good information that is free? 🤦🏾‍♀️

[@OurRichJourney]

Haha Angelia - You are too kind!!! Thanks so much for the positivity!!!

[@kitfoxworth5461]

Would you be able to make a video about people looking to move to Portugal to work who are still in the early stages of the FI journey? I'm in my late 20s and the more I watch the more I want to come out but I'm not financially independent and I'm certainly not ready to give up my job (maths teacher!). It's a few years away for me but just something I keep thinking of!

[@OurRichJourney]

Thanks for the video suggestion Kate!

[@odoido]

concordo em tudo, what you said is really true. After 23 years living here i can say this. I saw several strangers and they did not followed good advices.

[@jaypaladin-havesmartswilll5508]

Very helpful advice, the kind of advice that I can grasp and execute.

[@OurRichJourney]

That's fantastic Jay! We love the "execute" part!!! :)

[@thelolguy007]

Some really really good points guys. Especially the negotiation process 👍

[@john4226]

At about 2 minutes it is stated that agents only show you their own properties. True for some, but not all.

[@MariE-go7ol]

It’s the opposite in California. There’s multiple bids for higher then what you put the house up for.

[@OurRichJourney]

Wow!!! 😳

[@mattwernecke2342]

I'm all cash in everything that I do. Looking in both portugal and Spain. Definitely need to be there a while.

[@harrytaylor5389]

I expect that there will be a huge housing bubble here in the USA in many parts of the country after forbearance. I would like to get your opinion on your expectations concerning Portugal Thank you you are two very centered and intelligent individuals

[@zannazen_fitness]

Portugal become my favourite county and I'm from the EU. Amazing tips!

[@cousteaufan]

I understand the advantage of offering cash to buy the house. I'm not sure why you would not consider refinancing with a cheap mortgage afterwards as is possible today, and get a way better return on your investments with the cash at your disposal again that way.

[@collegewrestlingvideos7629]

Thank you for the very good information!! Appreciated!

[@Jakob19thmmm]

Thank you! You’ve made a complicated process much easier to wrap my head around.

[@OurRichJourney]

Thank you! So glad it helped Rebecca!

[@MillennialonFIRE]

We primarily have stocks in our portfolio, but videos like this one really gets me thinking 🤔

[@nelsonpacheco9895]

Real estate is the fastest way

[@OurRichJourney]

Very cool! So glad the video gets you thinking! :)

[@anaa9496]

It is so great to see how you continue to do well and be a light for the rest of us! AA

[@thepassionfruitdiariessuzi6978]

Thank you very much for your info. We are looking at moving to Madeira island, Portugal. This is very helpful

[@tropicalvampire]

Good solid adivce for any new home buyer! Cheers

[@austintao6194]

Thx for your direct, clear, simple , well prepared presentation! Will use your tips in buying a home in Algarve. Thx!