PROPERTY SPOTLIGHT: PORTUGAL
Are you really clear about the true costs of buying a property in Portugal? Well to provide a helping hand with your budgeting, we’ve picked a home and itemized the typical costs that come with buying it – and other ongoing costs. This is a new-build four-bed villa on the Silver Coast.
THE PROPERTY
Newly-built three-storey villa located near Peniche on the beautiful Silver Coast of Portugal. The house overlooks the Atlantic Ocean and Berlenga Islands and is in close reach to the beaches. The golf courses of Praia d’El Rey, Bom Sucesso and Royal Obidos are just fi ve minutes away. And it’s only 45 minutes drive to Lisbon International Airport. The 343m2
property is located on its own walled plot with a patio/barbeque area
and a swimming pool. The rear garden and the terraces of the house face south which gives plenty of natural sunlight and perfect protection for the swimming pool to enjoy it all day long. The edge of the property borders a nature reserve. The property could be a great holiday house and has excellent rental opportunities. Also available off-plan.
PURCHASE PRICE MORTGAGE OPTION
Capital and interest repayment mortgage of 70 per cent LTV (€234,500) with a variable interest rate of 3.5 per cent and a 25-year term.
ONE-OFF PURCHASE COSTS Deposit (30 per cent of €335,000)
Lender’s arrangement fee, contract, survey Mortgage registry fees
Purchase tax (IMT) - if second home
One-off buildings insurance (for mortgage term) Mortgage tax (0.6 per cent of mortgage) Independent legal fees (optional, 1-2 per cent) Notarial fees (Stamp Duty; 0.8 per cent) TOTAL ONE-OFF PURCHASE COSTS
€100,500 (£83,750) €760 (£633) €866 (£738)
€15,765 (£13,138) €1,760 (£1,467) €1,407 (£1,173) €4,120 (£3,433) €2,680 (£2,233) £106,565
ONGOING COSTS (NOT TAKING INTO ACCOUNT ANY RENTAL INCOME) Monthly mortgage repayment
Annual household building and contents insurance Annual IMI(property tax), 0.3-0.5 per cent
(Excludes utilities bills, which will vary according to usage) TOTAL ANNUAL OUTGOINGS TOTAL MONTHLY OUTGOING
RENTAL INCOME
This detached villa should rent for up to €1,200 per week in high season and €800 per week in low season - a gross annual income on 60 per cent occupancy of £24,020.
THE REAL DEAL
Budget to have £107k in the bank to take ownership of this property with a 70 per cent LTV mortgage. This would make the property’s annual running costs around £12,370 (excluding utilities). If you let the property you’d need to factor in management costs and potential income tax on rentals.
Property provided by Astramar: call +351 962 018 051 or email:
astramar@sapo.pt or visit
www.astramarproperties.com The above is a guide only. Exchange rate used: £1=€1.20
€1,137 (£948) €350 (£292) €850 (£708)
£12,370 £1,031
€335,000 (£279,586) PORTUGAL
PENICHE
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