PROPERTY SPOTLIGHT: PORTUGAL Are you really clear about the true costs of buying a property in Portugal? To provide a helping hand
with your budgeting, we’ve picked a home and itemised the typical costs that come with buying it – and the ongoing costs. This is a new luxury villa on the Silver Coast near Lisbon.
THE PROPERTY
‘Villa Lagoa’ a newly built luxury villa located in the beautiful area of Foz do Arelho on the Silver Coast, within a 1 hour drive of Lisbon airport and a short drive to world class golf courses like Praia d’el Rey, Bom Sucesso and the new Royal Obidos course designed by Seve Ballesteros. A spacious villa of 460 square metres with a large sun terrace and infi nity swimming pool boasting a magnifi cent view over Obidos lagoon. This individually designed property would be perfect as a permanent residence or holiday home, with 4 bedrooms, 4 bathrooms and underfl oor heating. It is located close to the beach providing excellent rental opportunities. Originally priced at €750,000 this is now offered for sale at €595,000 for July and August only.
PURCHASE PRICE MORTGAGE OPTION
Repayment mortgage of 60% LTV (€357,000) with a variable interest rate of 5.80% and a 25-year term
ONE OFF PURCHASE COSTS Deposit (40% of €595,000) €238,000
ONGOING COSTS Monthly mortgage repayment
Buildings & contents insurance - annual Property tax - annual
Utilities per month (rough guideline as usage will vary) TOTAL MONTHLY COSTS TOTAL ANNUAL COSTS
RENTAL INCOME
This villa is in a prime location and should achieve up to €2,000 per week in high season and €1,000 in low season, a total of 20 weeks per year is a fair estimate, bringing in around €32,000 (£25,806).
THE REAL DEAL
Budget to have £225,000 in the bank to take ownership with a 60 per cent LTV mortgage. This would make the property’s annual running costs of around £22,437. If you let the property, you’d need to factor in management costs and potential income tax on rentals.
Property provided by Buy Portugal: Call 01925 414422 or email:
enquiries@buyportugal.com or visit
www.buyportugal.com. The above is a guide only. Exchange rate used: £1 = €1.24
£191,935
Closing costs (notary, lawyer, purchase tax, land registry) €40,000 (£32,258) TOTAL ONE OFF PURCHASE COSTS
€278,000 (£224,193)
€2,161 (£1,742) €250 (£201) €700 (£564) €80 (£64.51) £1,869
£22,437 €595,000 (£479,838)
www.buyportugal.com 52
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