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- 17/03/2022 at 6:23 PM #120565Archee
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.
Thanks21/03/2022 at 10:57 PM #120578Fanrage
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 – optional29/03/2022 at 5:54 PM #120687Archee
Really helpful. Many thanks for the info.
Is there anyway to reduce the costs?04/07/2022 at 5:38 PM #121132Saanvi
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.