Financing your new home

 

There are numerous ways you can finance your purchase. Whether you are buying brand new, off plan, re-sale or a plot of land, the choice is yours. Depending on your own financial circumstances consider the various options and seek professional advice.

 

Mortgages in Portugal are usually up to 75% of the value of the property and for a maximum of 15 years and will not normally extend beyond the retirement age of 65 years.

 

There is a one-off tax known as IMT. This is payable whenever possession of a property is deemed to have changed hands, which usually occurs on the date of signing the Escritura (Title Transfer). The rate applicable is dependent on the type of property purchased but can ber up to 6% of the purchase price.

 

Whilst some homes are ready furnished you may also need to set a budget for items such as: