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Buying an apartment in Carvoeiro
Buying an apartment in Carvoeiro
Hi everybody.
After some 15 years of visiting the Algarve to help out my old pal Bobby Stardust in the Jailhouse and having recently taken early retirement from full time employment I am considering buying an apartment in Carvoeiro and would welcome any advice, tips, things to avoid from any of your contributors. I am hoping to buy with a view to letting it out for most of the year to cover the cost of buying it but realise this is not as simple as it appears, especially if I am still based in the UK. Is this realistic?
1. Should I register it with an agency to manage it?
2. I understand I need a licence to rent it out - how do I get one?
3. What are the chances of covering the cost of buying a property at, say, 160k Euros over 10 years?
4. Would I have to take a mortgage out in Portugal to buy it?
Thanks in advance for any tips. Hope to see you soon!
After some 15 years of visiting the Algarve to help out my old pal Bobby Stardust in the Jailhouse and having recently taken early retirement from full time employment I am considering buying an apartment in Carvoeiro and would welcome any advice, tips, things to avoid from any of your contributors. I am hoping to buy with a view to letting it out for most of the year to cover the cost of buying it but realise this is not as simple as it appears, especially if I am still based in the UK. Is this realistic?
1. Should I register it with an agency to manage it?
2. I understand I need a licence to rent it out - how do I get one?
3. What are the chances of covering the cost of buying a property at, say, 160k Euros over 10 years?
4. Would I have to take a mortgage out in Portugal to buy it?
Thanks in advance for any tips. Hope to see you soon!
If your apartment is on a tourst complex then it should already have a liscence.
You best value management option is to advertise on one of the many owner rental sites and find a reliable local manager. ( budget then on 20-25% of income ) rather than 40% charged by some letting/managing agents.
You also have control of to who you rent and when.
Don,t expect to cover ALL your costs from rental income. ( if using a mortgage to finance it. )
Apart from costs of finance, there will be condo charges, electricity, water , rates, local taxes, repairs and maintainence, replacement of furniture, towels linen etc.
Why do it , because apart from your own place in the sun, you will always get some capital apreciation
You best value management option is to advertise on one of the many owner rental sites and find a reliable local manager. ( budget then on 20-25% of income ) rather than 40% charged by some letting/managing agents.
You also have control of to who you rent and when.
Don,t expect to cover ALL your costs from rental income. ( if using a mortgage to finance it. )
Apart from costs of finance, there will be condo charges, electricity, water , rates, local taxes, repairs and maintainence, replacement of furniture, towels linen etc.
Why do it , because apart from your own place in the sun, you will always get some capital apreciation
Do still check if your appartment is on a tourist complex. Our was built about 20 years ago and some of the properties have licenses because they intended to rent out whilst others were used for residential use only.
We have still had to apply for a licence for ours. As yes it does take ages and I have still not got one, even after applying last year.
Tricky
We have still had to apply for a licence for ours. As yes it does take ages and I have still not got one, even after applying last year.
Tricky
Buying property in Carvoeiro
Thanks for the info everyone. Much Appreciated. 
We do not rent our Apartment out, but have heard a few things that we warned about if we ever decided to rent.
Make sure you can trust whoever looks after, as a Friend of ours kept a record of the Elec, Gas etc and where told the Apartment was not being used but they were able to prove it was by the bills, for that reason they stopped renting, and only let family and friends use.
Make sure you can trust whoever looks after, as a Friend of ours kept a record of the Elec, Gas etc and where told the Apartment was not being used but they were able to prove it was by the bills, for that reason they stopped renting, and only let family and friends use.