13 min read
The property purchase process can be quite involved and quite often produces a mixed bag of emotions. Therefore, it is important to be prepared not only for the positive experience that it is, but also for the challenges that you might have to face.
You will need to keep your emotions in check and ensure you don’t get too carried away with ideas and romantic notions – after all, buying a house is an investment that requires a lot of thought and consideration.
When buying a home with Your Luxury Property, you are not only buying real estate, you are buying a complete service. All our properties are of the highest standard and the information provided to you by our qualified specialists is as transparent as possible.
With us, there are no hidden unpleasant surprises. However, when buying real estate on the open market, this may not always be the case.
We all hear stories of estate agents that are not always as open as they could be, that they are only interested in making a sale and that you often need to play a psychological game of poker.
Although there may be some truth to these stories, it is worth remembering that it is in the best interests of the agent to give the buyer the tools to make the best decision and put in an offer. They want to sell and in order to do this, they need to answer all the buyer’s questions as accurately as possible – even if they feel that the answer is not what the buyer wants to hear.
With this in mind, we have prepared a checklist of questions you should ask that will help you to get more specific details, therefore helping you make the most informed decision when it comes to your property purchase, and to spot property with potential.
If you are armed with the correct information and know what to check when visiting the house, you will know how to spot property with potential, and hopefully be more confident when putting in an offer.
1 – How long has the property been on the market?
Before you start your search for a property, check what the market conditions are like. Is it a buoyant market? Have prices been on the rise in your preferred area or have they stagnated? This will help if you find yourself in a situation of liking a property that has been on the market for a while.
If market conditions aren’t very good, maybe the seller is being too ambitious with their asking price. Sometimes, the seller may have simply followed the estate agent’s advice when setting a price in which case, you may wish to ask how the sale price was decided upon.
If all of this seems in order, look for any other reasons that may be contributing to a property not being successfully sold. Is the property lacking in any particular area (e.g. limited natural light, small garden, etc).
Does the house have an extension? If so, does it have planning permission? Not having appropriate planning permission for modifications is a serious problem that mustn’t be ignored so, make sure you ask.
2 – Why is the owner selling?
Asking this question will give you a better idea in terms of timescale as well as allowing you to decide if their reasons for leaving are reasons that would prevent you from wanting to move there.
Most of the time, the sellers’ motivations for moving are quite simple. They may need more space for a growing family, fancy a change of scenery or need to be closer to work – reasons that would probably not affect your decision to buy.
However, if they are moving because the property demands too much upkeep or there is a problem with the area (e.g. planning has been approved for a new development that will compromise the property in some way), these are reasons that you might want to investigate and that may affect your overall decision.
3 – How long have the owners lived there?
If the owners have only lived there for a short period of time and are now moving on, this could be a sign that there is an issue.
Did they find something out after they moved in that they didn’t like? If so, you will need to find out what this is. Sometimes, it may be something that is a deal-breaker for them but not for you.
However, until you know what the issue is, you will not be able to make that decision.
4 – Has the property repeatedly changed hands?
As a follow-on to the last question, it is worth asking about the length of the previous ownership.
If the previous owners lived there for a short period of time and the current owners are also looking to move in similar circumstances, this should ring alarm bells.
Although short ownerships can have quite innocent and reasonable explanations, you should still dig a little deeper to see if there is a pattern – just to be on the safe side.
5 – When do the sellers have to move out?
If the sellers are still living in the property, knowing their sense of urgency can not only help determine the value of an offer you may want to make, it will also tell you if you are likely to be involved in a chain and how long you will have to wait before you can move in.
Although being part of a chain is not always a difficult process, it can delay the completion of the purchase. However, if sellers have already found another home and there is no onward chain, or maybe want to move abroad, this not only simplifies matters, it also tells you that they may be keen to sell so that they can finalise their own plans.
6 – What are the neighbours like?
Everybody needs good neighbours – even if we are not the chatty type. Good neighbours look out for one another and can be a real asset to a homeowner.
Ask if there have been any boundary disputes or historical issues relating to the people rather than the property. By getting an idea of what your potential neighbours are like, you will also be able to build a picture in your mind as to whether you are likely to get on with them.
If there are many young couples with no children living in the neighbouring houses, you may be walking into a party zone. However, don’t be quick to assume this as they could also be young professional couples who are looking to start a family.
Maybe the neighbours are retired and spend most of their time at home pottering around. It really does depend on what you are looking for in a neighbour.
7 – How is the neighbourhood (is it safe, etc)?
This is a very important aspect that you really do need to ask questions about and even do some independent research.
In 2019, Portugal was classified by the Global Peace Index as the third safest country to live in and generally speaking, most areas within the Algarve do adhere to this classification.
However, there are always exceptions to every rule, so it is worth asking. You may also want to ask about schools in the area, what it is like at rush hour, at the weekends, etc.
All of these factors will have an impact on your daily life when moving around in the neighbourhood so you should ensure that the answers to these questions fit in with your lifestyle.
8 – What is included in the sale?
Never assume that things are included in the sale – always check. What is standard in other countries may not be in Portugal.
If the fixtures and fittings are particularly appealing to you and swaying you towards making an offer, check if they are part of the sale.
Check the boundaries of the property so that you know exactly how much land will belong to you. Ask for plans if unsure as sometimes, hearsay is not as accurate as it could be.
9 – How long is the walk to…?
If you are intending on walking somewhere regularly, find out the distances to these places so that you can factor this into your daily routines.
Although the Algarve enjoys over 300 days of sunshine every year, we do also have some rain and cold weather during the winter months. Therefore, a long walk to the train station every day during the occasional rainy week may not be a very appealing addition to your daily commute.
Equally, if you’re looking for a vehicle-free school run, you will need to ensure this is what you will get. If unsure, consider testing these routes out for yourself to see if the estate agent’s perception of distance is as accurate as it should be.
10 – Have there been any major renovations done recently?
Many properties have some lovely features which have been added on at various stages over the years. Although these may seem like excellent ideas, do they have the relevant planning consent? If not, you risk having to tear it all down at a later date – an unpleasant situation that is best avoided.
Does any recently carried out building work come with receipts or guarantees? Also, be aware that recently painted rooms can sometimes be concealing damp or cracks so check for any signs (e.g. mouldy smells).
11 – Are there any problems with the house?
Do all the taps work well? Is the water pressure adequate? Don’t be afraid to test taps out and ask questions if unsure. Are the electrics all up to date and certified? Have the gas fittings been recently tested and certified too? Is the property well insulated and double glazed?
Check for condensation between the double glazing as this could be a sign that they need to be repaired or replaced. Look for hairline cracks and suspect drains. Ask questions about any of these tell-tale signs as these can prove costly to fix later.
12 – How old is the property?
We often fall in love with the idea of an older property with many original features, bursting with character. However, these same properties do have a downside – expensive upkeep.
Quite often, these properties can suffer from rising damp, poor insulation, old piping, loose or damaged roof tiles, etc. These problems are not only an additional expense when it comes to repair costs and energy efficiency, they are also often an ongoing challenge and require a lot of time and attention.
13 – How many viewings have there been?
This valuable insight can help you to establish if you have a lot of competition as well as what price point to pitch any potential offers at. Ask if there have been any second viewings and if so, how many there have been recently.
14 – Have you had any offers?
If the estate agent has received offers but not yet secured a sale, one can assume that these have been rejected by the seller. This could be an indicator that there is little room for negotiation in which case, you will need to consider if the price is fair and realistic.
The answer to this question will also give you an idea as to how many other buyers you could potentially be competing with. The estate agent may not wish to divulge the values of other offers put forward, but they could give you a general idea which may help with your decision making.
Ask about the minimum price the seller will accept. The agent will generally know the answer to this question and should be willing to put you in the picture as, after all, they want to sell the property – even if it is at a slightly lower price than it is being marketed at.
As well as asking all the above, consider other key points such as which way the property faces. If you are looking for a relaxing evening drink on the terrace at sunset, a north-facing house is not for you.
Equally, think about which rooms you will be using the most and if they will be making the most of the beautiful Algarvian sunlight. Waking up in the morning to a beautiful sunrise demands a house that faces south-east.
Another key point that was briefly mentioned earlier is whether there are plans to build nearby.
For more information about buying a property, see our blog article which contains a useful checklist that will help with your new purchase in the Algarve.
Would you like to know more about our properties? Feel free to contact us. Or check the properties that are available. We will be more than happy to help you!
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